Many people may not realize that the "core assistance components" of oil coolers and intercoolers of internationally renowned automobile engine manufacturers such as Cummins of the United States, Perkins of the United Kingdom, Deutz of Germany, etc., all come from Zhejiang Taizhou, a private enterprise in Taizhou, Zhejiang. Machinery Products Co., Ltd. (hereinafter referred to as "Silver Wheel") products.
The company mainly develops, manufactures and sells heat exchangers such as oil coolers (also called oil coolers) and intercoolers. Its annual production capacity reaches 5.05 million sets, ranking first among professional heat exchanger manufacturers in China. Nearly 50% of exports.
Today, Yinlun shares (002126) are listed on the Shenzhen Stock Exchange. Chen Youfei, director of Yinlun shares, said recently that by leveraging the capital market, the company plans to achieve a sales income of more than 1 billion yuan by 2009, becoming China's first-class and world-leading heat exchanger supplier.
Holding more than 30 global heavyweight customers
At present, Yinlun has developed and produced more than 1,400 types of oil coolers and more than 700 types of intercoolers, with an annual capacity of producing oil coolers and intercoolers of up to 5.05 million units, ranking among domestic counterparts. Forefront. In the domestic market, Silver Wheel has become a leading manufacturer of oil coolers and intercoolers. According to the comprehensive data of "China Automotive Industry Yearbook" and "China Internal Combustion Engine Industry Almanac", the domestic market share of Yinlun shares of oil coolers and intercoolers in 2005 was 48.3% and 50.5%, respectively. At present, the company has a large number of oil coolers for diesel engine manufacturers, such as Yuchai, Yunnei, Dongfeng, and FAW, and the intercoolers are supporting commercial vehicles such as Dongfeng commercial vehicles, Yutong buses, and Jinlong passenger cars.
In foreign markets, boosted by the global procurement of spare parts, the company exported $37 million last year, accounting for 47% of its main business, compared with 40% in 2001.
It is worth noting that the company's newly-developed key customers such as Caterpillar, Valeo, and American Thermal Power Company in 2004 and 2005 are more growth and will become one of the major sources of growth in their main business in the coming years. "The company currently has more than 30 major customers at home and abroad, and the abundant customer resources will provide guarantee for future growth," said Chen Feifei.
Three-year compound annual growth rate of 20%
Chen Feifei revealed that the funds raised by the company's listing will be invested in three major projects: auto EGR car coolers, aluminum seal intercoolers, and shell-and-tube water-cooled segment oil coolers, totaling RMB 225.77 million.
Among them, EGR automobile cooler is a kind of emerging environmental protection product, the automobile tail gas discharge reaches the European IV, V standard, at present domestic still has no other manufacturer to be able to produce. The total investment of the project is 90.41 million yuan. It will be completed and put into production in 2008. It is estimated that the annual production capacity will be 500,000 units and the annual sales income will be about 150 million yuan.
At present, the company's EGR car cooler has been produced and sold in small batches, and OEM suppliers such as Cummins, Perkins, Deutz, and other major diesel companies have also submitted orders for automotive EGR coolers to the company. Chen Feifei believes that with the gradual implementation of new emission regulations, it is expected that the demand for EGR products in domestic and foreign markets will increase substantially.
In recent years, the overall decline in China's auto prices, while the auto parts industry is increasingly competitive, there is a risk of price declines, while there are product raw material prices, RMB appreciation and other unfavorable factors. He believes that the gradual commencement of the three major projects such as EGR automobile coolers will change the company’s existing product structure and solve the worries of falling product prices.
Chen Feifei stated that based on the three major investment projects, the company plans to achieve a sales income of more than 1 billion yuan in 2009, realize a net profit of 50 million yuan or more, and achieve an annual compound growth rate of 20% in three years, slightly higher than that in the past eight years. The compound production growth rate of auto production was 17.4%.
"Industrial Optimization" Receives Policy Support
As of the end of 2005, the domestic car ownership has reached 34 million. It is estimated that by 2010, China's automobile production will reach more than 9 million vehicles, and the vehicle ownership will be around 70 million.
Heat exchangers are an important component of automobiles. Each vehicle must have at least one oil cooler or intercooler. According to reports, one of the listed funds raised by Yinlun shares, the EGR cooler product, has been listed as a key development product of the National Development and Reform Commission's "Eleventh Five-Year Plan for Special Development of China Auto Parts" (appraisal draft).
Chen Feifei believes that the planning and guidance of the above-mentioned relevant policies and regulations are conducive to the rapid growth of the company's main business and stimulate the growth in the demand for leading products such as oil coolers and intercoolers.
According to the "Eleventh Five-Year Plan for Auto Parts" Development Plan (draft), the total export of auto parts in China will reach 50 billion U.S. dollars in 2010. In order to achieve sustained and healthy and rapid development of automotive product exports, the Ministry of Commerce has introduced 10 policy support, among which half of Silver Wheel's shares of export products meet the requirements of the policy.
â—‡ noun explanation
[Oil Oil Cooler] Also called oil cooler, it is used to cool the engine oil, automatic transmission oil, torque converter oil, or hydraulic oil of hydraulic equipment to reduce the temperature of these liquids and ensure reliable operation of the engine and other devices.
[Intercooler] A device used on a supercharged engine to cool high-temperature air coming from a supercharger to reduce the temperature of the air entering the engine.
Silver Wheel Shares Introduction
Listed companies: Silver Wheel shares
Listing code: 002126
Place of listing: Shenzhen Stock Exchange
Listing date: April 18
Distribution: 30 million A shares
Total share capital: 100 million shares
Issue price: 8.38 yuan / share
Pre-release net assets per share: 2.52 yuan
Lead Underwriter: Everbright Securities Co., Ltd.
Sponsor: Everbright Securities Co., Ltd.
Risk Warning
Demand from major customers declines year by year
The company's main customers are concentrated in Cummins, Yuchai, Bolins, Dongfeng Commercial Vehicles, JAC, Xichai, Caterpillar - Perkins and other domestic and foreign automotive engines, vehicle production companies and parts sales companies. In 2004, 2005 and 2006, the company’s sales to the top five customers accounted for 52.49%, 45.28%, and 40.76% of the total product sales, respectively, showing a year-on-year downward trend.
If the above major customer demand falls, it will have a negative impact on the company's production and operation. In addition, the company will also face the risk of intensified market competition, technological progress and product renewal, changes in export tax rebate policy, and raising funds into the market.
ç ” Institutional judgment
Galaxy Securities: Up to 13 yuan on the first day of listing
According to the company's plan, by 2009 sales revenue of more than 1 billion yuan, to achieve a net profit of more than 50 million yuan, which requires the company to achieve a compound annual growth rate of 20%. We believe this growth rate is feasible. It is expected that the company will achieve a net profit of about 35 million yuan in 2007, and realize an earnings per share of about 0.35 yuan. Based on the comparable company's 20-fold to 25-fold price-earnings ratio, the company's reasonable price is between 7 yuan and 8 yuan.
Southwest Securities: a reasonable price of 7 yuan to 8 yuan
It is estimated that the income of Yinlun shares in 2007, 2008 and 2009 increased by 14%, 14% and 25% respectively, and the net profit increased by 7%, 27% and 24% respectively, and the earnings per share were 0.342 yuan and 0.435 yuan respectively. 0.54 yuan. In accordance with 25 times to 30 times the price-earnings ratio and the silver round of 2008 estimated earnings per share of 0.435 yuan, the company's listing price range of 10.88 yuan to 13 yuan.
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