Positioning Analysis Of Gem Five New Shares On The 20 Day Listing

The 18 announcement of the Shenzhen Stock Exchange announced that five new shares will be landed on the gem in May 20th.

The total number of RMB ordinary shares of Henan new Daxin material Limited by Share Ltd is 140000000 shares, of which 28000000 shares of the first Internet Pricing public offering have been listed since the date of listing.

The securities are referred to as "new Daxin" and the securities code is "300080".

The total number of RMB ordinary shares of Hebei Hengxin mobile commerce Limited by Share Ltd is 67000000 shares, of which the first 13600000 shares of the Internet Pricing public offering are listed on the date of listing.

The securities are referred to as "Hengxin mobile" and the securities code is "300081".

The total number of RMB common stock of Liaoning oak chemical Limited by Share Ltd is 108000000 shares, of which 21600000 shares of the first Internet Pricing public offering have been listed since the date of listing.

The securities are referred to as "oak shares" and the securities code is "300082".

The total number of RMB ordinary shares of Limited by Share Ltd Dongguan Jinsheng precision component Limited by Share Ltd is 100000000 shares, of which the first time the Internet Pricing public offering of 20000000 shares has been listed since the date of listing.

The securities are referred to as "Jinsheng shares" and the securities code is "300083".

The total number of RMB ordinary shares of Lanzhou sea Polytron Technologies Inc is 64000000 shares, of which 12800000 shares of the first Internet Pricing public offering have been listed since the date of listing.

The securities are referred to as "Hai Mo science and technology" and the securities code is "300084".

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Positioning analysis of oak shares on Thursday

Company fundamentals analysis

Liaoning oak chemical group is a private fine chemical high and new technology enterprise group, which takes ethylene oxide as the main raw material, ethylene oxide derivative fine chemicals as the leading product, and research and development, production and application as the main body.

At present, the company has two main products, one is silicon crystal cutting fluid for solar photovoltaic cells, and two is polyether monomer for high-performance concrete water reducing agent. Among them, cutting fluid accounts for 70% market share in China. Polyether monomer accounts for 25% market share in China, and the main products occupy the forefront of the domestic market.

Two, first day positioning forecast

Bohai Securities: the reasonable value range of oak shares is 72.45-82.8 yuan.

As one of the three consumables for silicon wafer cutting (cutting fluid, silicon carbide and steel wire), the development of solar photovoltaic battery industry has led to the rapid development of crystalline silicon cutting fluid industry.

In 2009, domestic cutting liquid market capacity was 129 thousand tons, achieving a three year compound growth rate of 116.3% growth. In 2012, the output of domestic crystalline silicon chips will reach 7830MW, and 234 thousand and 900 tons of cutting fluid will be needed.

Optimistic about future layout.

The company's main products are used in the electrolytic aluminum industry.

The output of domestic electrolytic aluminum is increasing year by year. As of March 2010, the domestic electrolytic aluminum output grew 51% year on year, and the average growth rate in the first quarter of this year was 47%.

In the medium to long term, domestic demand for electrolytic aluminum is still strong.

Performance forecast:

According to our estimate, the EPS of the company in the past 10-12 years is 2.07 yuan, 2.92 yuan and 4.21 yuan respectively.

Pricing analysis;

Taking growth oriented fine chemical enterprises as a reference, combined with the company's future earnings growth, we give the company 35-40 times PE valuation level in 2010, corresponding to a reasonable value interval of 72.45-82.8 yuan.

CITIC Investment: reasonable valuation of oak stock 73.08-81.2 yuan

The leading company of ethylene oxide fine chemicals is the largest enterprise of new ethylene oxide fine chemicals in China.

The leading products of the fine chemicals are the polyethylene glycol based products, the crystalline silicon cutting fluid for solar photovoltaic cells and the two series of polyether monomers for high-performance concrete water reducer. The cutting fluid and polyether monomer account for 70% and 25% of the market share respectively.

Crystalline silicon cutting fluid and polycarboxylate superplasticizer industry is in the period of rapid development. As one of the three consumables of silicon wafer cutting (cutting fluid, silicon carbide, steel wire), the development of solar photovoltaic battery industry has led to the rapid development of crystalline silicon cutting fluid industry.

In 2009, domestic cutting liquid market capacity was 129 thousand tons, achieving a three year compound growth rate of 116.3% growth. In 2012, the output of domestic crystalline silicon chips will reach 7830MW, and 234 thousand and 900 tons of cutting fluid will be needed.

Polycarboxylate superplasticizer is a new type of water reducing agent with better performance than naphthalene.

In 2008, the market demand of polycarboxylic superplasticizer in China was 800 thousand tons, reaching 1 million 200 thousand tons in 2009, and the demand for polyether monomer will reach 192 thousand tons, and the market will increase rapidly.

Earnings forecast and valuation our Forecast Ltd's earnings per share for 2010-2012 years are 2.03 yuan, 2.96 yuan and 4.23 yuan respectively.

We believe that the company's reasonable valuation interval should be 73.08-81.2 yuan, corresponding to the dynamic PE in 2010 is 36-40 times.

Prediction unit: Yuan

Orient Securities 71.4-83.0

Shanghai securities 68.3-82.0

Societe Generale Securities 73.8-82.0

Three, company competitive advantage analysis

Oak shares attaches importance to technology research and development, and continuously consolidates the industry's dominant position through leading technology.

The company has an internationally advanced technology innovation team focusing on the field of new material of ethylene oxide derivative fine chemical industry. It has a series of independent intellectual property rights, such as technological achievements and patents, which have advanced international level and leading domestic level. Especially, it has reached the international leading level in the technology and application performance of crystalline silicon cutting technology and solar energy photovoltaic cells. It has reached the leading level in the development and application of high performance water reducer with polyether monomer and other high-end products. It has strong independent innovation ability in modern fine chemical technology innovation and development such as ethoxylated catalytic distillation, microstructural reaction technology and static mixing, and has formed the core competitive edge of the company in the same industry.

The hi-tech enterprises, including provincial-level enterprise technology centers, provincial ethylene oxide deep processing engineering technology centers, and state-level post doctoral research workstations, have a first-class domestic ethylene oxide deep processing technology innovation development and industrialization base, and have a large number of excellent scientific and technological workers with rich experience. They have leading domestic production technology, abundant technology backup resources, good technological innovation and R & D mechanism, and have strong technical strength. Ten scientific and technological achievements and new products have passed provincial appraisal, and have 11 national patent technologies and core technologies. Multi project products have become national key new products and have been included in the national Spark Program, Torch Program and key torch plan. Compared with the same industry enterprises in China, the technology advantage of the company is very obvious. The company is the first innovative enterprise jointly established by the Ministry of science and technology, the State Council SASAC and the National Federation of trade unions.

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Positioning analysis of hammer technology listed on Thursday

Company fundamentals analysis

300084.SZ is the leading provider of oil field multiphase metering solutions in the Asian market.

The main business is multi-phase flowmeter's R & D, production, sale and after sale technical service. Mobile multiphase flowmeter is used to provide oilfield production measurement, evaluation test and exploration test service, and drilling services matching with exploration test.

Two, first day positioning forecast

Tianxiang Investment: sea science and technology reasonable value interval is 30.7~33.5 yuan.

The first enterprise in China to provide commercialized multiphase flowmeters.

The company is the first domestic manufacturer that can provide commercialized multiphase flowmeters. The technology and products of the multiphase flowmeter independently developed by the company have been tested and evaluated by authoritative bodies at home and abroad, such as the National Engineering Laboratory (NEL).

In the 2007-2009 years, the average growth rate of the company's revenue was 16.76%, and the average growth rate of the net profit attributable to the parent company was 33.09%.

Fund-raising projects: three projects are expected to total investment of 134 million yuan.

(1) expand the scale of the existing mobile logging services: after the completion of the project, 28 new devices will completely change the shortcomings of the existing mobile testing equipment.

(2) based on the multiphase flowmeter, the complete set of oil test equipment: the project invested 24 million yuan, and the estimated time of production is 1 years. After the project reaches the post natal, it is estimated that the new business income will be 25 million 700 thousand yuan and the total profit will be 5 million 300 thousand yuan.

(3) expansion of multi-phase measurement product capacity technological pformation three projects: Project postpartum is expected to increase revenue in the first year of 34 million 500 thousand yuan, profit 11 million yuan.

The three project is expected to achieve full production in 2011. It is estimated that the new income will reach 113 million yuan and the new net profit will exceed 30 million yuan.

The main competitive advantage of the company is that the technology of the company has reached the international leading level, and the mobile logging service mode has been pioneered. The product has better cost performance advantages, and because of its small scale, the company focuses on developing individual markets, and has fast response ability and efficient operation ability.

The company's products and services have been widely recognized by mainstream oil companies both at home and abroad and have excellent customer resources.

Earnings forecasts and relative valuations: we expect the company's EPS for 2010-2012 years to be 0.56 yuan, 0.92 yuan and 1.33 yuan respectively.

At present, the price earnings ratio of drilling and mining equipment listed companies is 35-60 times in 2010.

Taking into account the company's better product demand prospects and the investment in post investment projects, the company will grow rapidly in the future.

We give the company 55-60 times the valuation, corresponding to 2010 diluted EPS0.56 yuan calculation, we think the company's two market reasonable value range is 30.7~33.5 yuan.

Herman technology is one of the 4 suppliers of the global competitive multiphase flow meter in petroleum drilling and production. Its main business is providing multi-phase flow metering system solutions in oil drilling production, including the sale of equipment produced by the company and the use of self-produced equipment to provide mobile logging services for oilfield customers.

The industry is a very professional field. Competition is mainly reflected in technical capability and service quality. Price and cost factors have little impact on business.

We estimate that the company's diluted EPS after 2010-2012 years is 0.56 yuan, 1 yuan, and 1.45 yuan respectively, and the valuation level of the oil drilling equipment production company in the two level market is 42 times PE in 2010. We think the company is in the gem with high price earnings ratio, taking into account some new share factors, giving the reasonable price of the two grade market company to be 24.

Prediction unit: Yuan

Shenyin Wanguo 20.8-26.0

Century securities 31.4-37.1

Xiangcai securities 22.8-25.7

Three, company competitive advantage analysis

Technological innovation brings all-around advantages

Herman technology is a well-known enterprise in the international oil field service industry. Its own research and development fist product multiphase flow meter represents the technology development level of the industry at present, the company's outstanding performance, growth can be expected, great potential for development.

Its competitive advantages are reflected in the following aspects:

1, high technology and low cost

The company's multi-phase metering technology belongs to original innovation technology, and the company has complete and independent intellectual property rights.

In 2008, the company won the "Tenth China Patent Award" Excellence Award jointly awarded by the State Intellectual Property Office and the world intellectual property organization.

The independent technological process, coupled with a foothold in China, makes the cost of the company obviously lower than that of the foreign competitors.

In addition, the company mainly uses the competitive human resources in China, India and other Asian regions to do well metering and testing services based on multiphase flow meters, so that the total cost of the company's services is also far lower than that of the main competitors abroad.

2, innovative business model and high quality management.

The company pioneered the mobile logging service mode, which not only made users get more oil well data with less expenditure, but also widened the application scope of the multiphase flowmeter and increased the company's revenue and profits.

The company can tailor products and solutions to different users' technical requirements and specific oilfield conditions, and can quickly put them on the market.

The company has a high-quality, professional management team with international vision and familiar with international market operation.

The cohesive force of the management team, the insight and expertise in the industry, and the experience in the international market are powerful guarantees for the company to achieve its vision and strategic goals.

3. Quality customer resources

In view of the above advantages, the company's products and services have been widely recognized by mainstream oil companies both at home and abroad.

The company has become Oman oil, Abu Dhabi petroleum, Shell, Kang Fei, Total, China National Offshore Oil Co., Ltd.

Positioning analysis of new Daxin materials listed on Thursday

Company fundamentals analysis

Henan new Daxin material Limited by Share Ltd is one of the earliest and largest silicon wafer cutting blade manufacturers in China.

In the past 2007~2009 years, the sales revenue of the main products of the company, the silicon wafer cutting edge materials, accounted for 97.50%, 99.44% and 96.10% of the main business revenue respectively.

The silicon wafer cutting edge material is mainly used for cutting silicon wafer and semiconductor wafer. It is an indispensable material in the production process of silicon wafer.

The company's domestic market share in 2009 was about 30%, ranking the top in the industry rankings.

Two, first day positioning forecast

State Securities: the target price of new Daxin material is 49.68~51.5 yuan.

The company is the main supplier of crystalline silicon cutting edge materials, benefiting from the rapid growth of the solar energy industry and the company's better industry position. It will continue to grow at a high speed in the future.

With the increase of polycrystalline silicon consumed by solar cells, the demand for cutting edge materials is also growing.

According to our estimate, by 2015, China's polysilicon production is expected to exceed one hundred thousand tons, and the demand for blade will exceed 300 thousand tons. The value will exceed 5 billion yuan, which is more than 4 yuan in 2009, and the compound growth rate is close to 80%. More importantly, with the continuous growth of solar power, the demand for blade materials will continue to grow. This is the company's biggest attraction.

The company is already a cutting edge supplier of domestic silicon wafer enterprises. Due to the high replacement cost of different manufacturers, there are natural barriers. At the same time, the company has begun to extend to the upstream silicon carbide industry, and the cost and raw materials are also better than the competitors. In terms of Technology, the accumulation of technology over the years has made the company more obvious than other new entrants. Three: circulation mortar project has a bright future.

The traditional mortar cutting will cause a lot of cutting waste liquid, which will cause pollution and waste.

With the continuous expansion of the solar energy industry, the recovery of mortar will form a huge new industry in the future.

The company has already been involved in this field, and its market space and profitability are worth looking forward to. In short, the rapid growth of the solar industry is the core of understanding the long-term investment value of the company; and the leading position and technological advantage established by the company for many years in the industry is the key to maintain market share and profitability; our Forecast Ltd in 2010 and 2011 EPS was 1.03 and 1.38 yuan respectively.

Give the company 45 times in 2010 and 35 times PE in 2011, corresponding to the target stock price of 49.68~51.5 yuan.

Heaven's attention: the reasonable price range of the new and new materials should be: 41.60-46.80 yuan.

Focus on silicon wafer cutting edge manufacturing industry leader.

The company's main business is the production and sale of silicon wafer cutting edge materials. The silicon wafer cutting edge manufacturing industry is a subdivision industry in the photovoltaic industry chain and semiconductor industry chain.

The company is the main supplier of many silicon wafer manufacturing enterprises. In 2008, the company had a market share of 27.31%, ranking first in the same industry in China.

The industry has broad prospects for development.

Blade material is an important consumable for silicon wafer production. Its market demand depends on the development of photovoltaic industry and semiconductor industry.

With the rapid development of photovoltaic industry, the supply of crystalline silicon cutting edge materials is in short supply, and the production and sales rate of the company is up to 100%.

It is estimated that the domestic market demand for silicon wafer cutting edge will reach 226 thousand tons in 2011. According to the company's current market share, the company's demand for products is about 60 thousand tons. Even if the company's total investment projects are fully completed, there will still be a large supply gap.

Earnings forecasts and relative valuations: we calculate the 2010-2011 year EPS of 1.04 shares and $1.41 respectively based on the total share capital of 140 million shares.

Taking into account the average valuation level of the industry and the latest listing of new shares and the prospects of the company's development, we think that the reasonable valuation interval of the company in 2010 is 40-45 times, and the corresponding reasonable price range should be: 41.60-46.80 yuan.

Prediction unit: Yuan

Ajian securities 57.2-65.4

Guotai Junan 42.5-46.3

Century securities 41.6-52.0

Three, company competitive advantage analysis

1, production technology and product quality advantages

The new Daxin material has the core technology superiority in the product development and production process of the silicon wafer cutting edge material, and the production process and product quality reach the international similar product level.

The company's core team members have more than 20 years of experience in silicon carbide powder preparation, production management, technology research and equipment maintenance in related industries.

The company has the advantages of high wear resistance, good cutting performance and stable product quality.

2, customer resource advantages

As an important supplier of domestic silicon wafer production enterprises, the new Daxin material has a high reputation in the industry.

The company's main customers include Jiangxi LDK LDK, Yingli new energy, Yuhui sunshine, crystal dragon group and other leading enterprises in the photovoltaic industry, covering the main silicon wafer production enterprises in China.

3, raw material procurement advantages

In order to ensure sufficient supply of raw materials, the company has established a long-term and stable cooperative relationship with the main domestic silicon carbide production enterprises, and has participated in the main supplier, Kuitun Longhai science and Technology Development Co., Ltd., in order to further maintain and expand the company's raw material procurement advantages.

4, economies of scale

There are few enterprises that can produce silicon wafer cutting blades in large scale in China, which is far from meeting the cutting production needs of solar cell silicon wafers and semiconductor wafers.

The company has a sales volume of more than 23000 tons of silicon wafer cutting blades, with a continuous and stable supply capability, and the advantage of scale economy is obvious.

In addition, the new Daxin material also has advantages such as industrial location and so on. The company is located in Henan Province, which is one of the largest silicon carbide granulation and powder production bases in China, with convenient pportation and low production cost.

At the same time, Zhengzhou University, Henan University and other famous universities provide sufficient technical and personnel support for the company's subsequent technological pformation and new product development.

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Hengxin mobile Thursday listing positioning analysis

Company fundamentals analysis

North Hengxin mobile commerce Limited by Share Ltd is mainly engaged in the sales and service of mobile information products, including: Sales and service of personal mobile information products, sales and services of mobile information products in the industry.

The fund will be invested in the mobile information business platform expansion project and mobile commerce information service platform. The total investment will be 139 million yuan.

Two, first day positioning forecast

CITIC construction investment: Hengxin mobile reasonable valuation interval of 32.41-41.67 yuan

As a leading enterprise in Hebei province to provide mobile products and services, the company has strong competitive strength in Hebei province.

From the perspective of development strategy, the company is developing its online business related to mobile products and services on the basis of maintaining the regional advantages of its ground retail chain business.

We predict that the company's EPS will be 0.93 yuan, 1.19 yuan and 1.54 yuan in 2010-2012 years.

Considering the industry and company situation, we believe that the company's reasonable valuation range is 32.41-41.67 yuan, which is dynamic PE35-45 times for 2010.

GF Securities (000776): Hengxin mobile is expected to debut on the first day at 40 yuan.

Hengxin Mobile has benefited from larger mobile user space. The demand for 3G users is obvious. The demand for mobile phone replacement increases with the increase in stock. China's mobile phone market will continue to maintain a good momentum in the future. In 2012, the demand for mobile phone terminals in China was 243 million; the growth rate of mobile phone market revenue in the future will be faster than that of mobile phone shipments.

The company integration, consultant, multi touch marketing advantages and foreign market expansion will bring the growth of mobile terminal revenue faster than industry growth.

With the high bandwidth of 3G and the improvement of wireless data pmission, the voice value-added service of operators will usher in a new growth point. The company will expand the access capability of personal information service platform through the collection project.

Voice and music personal information value-added services have larger room for expansion.

Industry group customers and rural markets are the focus of China Mobile's future development. As a cooperative operator of mobile switchboard, agricultural administration and timely language mobile cooperative office platform, the company has huge room for expansion later.

GF Securities expects that the net profit attributable to the parent company in 2010-2012 years is 63 million yuan, 85 million yuan and 113 million yuan, the growth rates are 47.31%, 38.29% and 32.18% respectively.

Earnings per share were 0.919 yuan, 1.271 yuan and 1.680 yuan respectively.

Combined with the valuation of similar listed companies, the reasonable price of the company is 36.33 yuan, and the price is expected to be 40 yuan on the first day of listing.

Prediction unit: Yuan

Century Securities: 36.98~44.72 yuan

Guotai Junan: 47.5~54.1 yuan

Three, company competitive advantage analysis

With the gradual promotion of 3G will bring the growth of the demand for mobile communication terminals, and at the same time, the 3G era is paying more attention to the era of mobile services. The trend of demand for "customized mobile phones" will become more obvious. The mode of sales terminals of agent operators will gradually become a replacement for mobile phone retailing.

At present, the company uses agent operators to sell the "customizing" mode, complying with this trend and gaining the growth rate of mobile phone sales over the market average level.

Compared with comparable gross profit margins of comparable listed companies, the company's agency sales mode and additional technical services make the gross profit margin of this business a certain advantage among its peers.

The company's efforts to pform the mobile information service bring about the expected increase in profitability.

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Positioning analysis of Jinsheng shares on Thursday

Company fundamentals analysis

The number of shares issued by Jinsheng shares is 25 million shares, of which 5 million shares are issued under the net, accounting for 20% of the number of shares issued. The number of online issuance is 20 million shares, accounting for 80% of the number of the issue.

Dongguan Jinsheng precision component Limited by Share Ltd is domestic.

Two, first day positioning forecast

Donghai Securities: Jinsheng shares are valued at a reasonable valuation of 25-30 yuan.

Jin Sheng shares: manufacturing enterprises focusing on consumer electronics components.

The company is a manufacturing enterprise focusing on consumer electronics components.

All "Dongguan" focuses on the production of consumer electronic components, such as mobile phone shells.

The main products are mobile phone structural parts, that is, mobile phone shell, 3G network card structure, medical electronics, car phone and other structural parts.

The company has enjoyed steady growth in revenue in the past three years.

In 07-09, the company's revenue was 252 million, 537 million, 719 million, an increase of 112.85%, 33.97%, and 08 years. The revenue of Samsung Corp increased significantly. The net profit was 37 million 720 thousand yuan, 40 million 540 thousand yuan, 69 million 880 thousand yuan, the increase was 7.47%, 72.37%. In the year of 2013, the profit increase was lower than the income growth due to the excessive increase in product quality requirements.

Mobile phone shell products are the leading products of the company.

In the 07 and 08 years, mobile phone shell products accounted for more than 80% of revenue, and nearly 80% in 09 years.

In the 08 year, the company became the core strategic supplier of the world's second largest mobile phone Samsung Corp. In 08,09, the total income of Samsung Corp customers accounted for 50.93% and 69.61% of the total revenue.

3G network card products are important products of the company.

The company actively deepened strategic cooperation with customers such as HUAWEI, Haier and ZTE. In the 09 year, the proportion of HUAWEI's sales revenue to the company's revenue increased from 4.66% in 2007 to 18.87% in 2009, thanks to HUAWEI's 3G card structure.

Recruitment projects.

The 25 million shares are issued and 100 million shares are issued after the issue.

The collection mainly focuses on the upgrading and upgrading of consumer electronics precision structural parts.

Thanks to the revival of the consumer electronics industry, the demand for consumer electronics structures is strong in the next few years. The investment and delivery projects will reach 40 million units in the current capacity of the 55 million structural units, which will significantly improve the company's current capacity bottlenecks.

Earnings forecasts and valuations.

The company benefits from the recovery of the consumer electronics industry. We predict that EPS will be 1 yuan, 1.27 yuan and 1.65 yuan in 2010-2012 years, giving 25-30 times earnings in 2010 and a reasonable valuation of 25-30 yuan.

Risk factors.

Rising raw material and labor costs and fierce competition in the industry are challenges for the company to maintain gross margin.

Haitong Securities: Jinsheng stock (300083) corresponds to the stock price roughly 35 yuan.

Main products.

The company's products include mobile phone shell, MP3/MP4 shell, precision mold and 3G data network card shell.

In 2009, the income of the company's precision structural parts and precision moulds was 96.32% and 3.68% respectively. In the precision structural parts, the proportion of mobile phone shell was 79.43%, and other shells were 16.89%.

Therefore, the company's products are mainly mobile phone shell, supplemented by MP3/MP4 shell, less precision mold.

Demand.

The overall demand for downstream electronics is an upward trend, although there are quarterly fluctuations.

Industry competition.

Foxconn, BYD, green dot, Bell Ross, Heby and Jinsheng share are the important suppliers of mobile phone shell and structural parts of the top five mobile phone brands in the world.

Among them, Foxconn, BYD and other large suppliers take orders in the form of overall packaging, with Jinsheng shares as representatives of suppliers, focusing on the field of mobile phone shell.

Company customers.

The company is an injection molded precision structure, mainly for downstream consumer electronics such as mobile phones, MP3/MP4 and other consumer terminal electronic products, downstream customers according to the matching products, Samsung, Haier, Lenovo, Yinghua and other mobile phones; Samsung, PHILPS and other MP3/MP4 manufacturers, including HUAWEI, ZTE and other communications equipment manufacturers.

Gross profit margin.

In the past three years, consolidated gross margins were 29.80%, 23.31% and 23.84% respectively.

Even in less demanding 2008 and 2009, it can still be maintained at a relatively good level, reflecting the company's competitiveness.

Analysis of recruitment projects.

The net amount of actual fund-raising is 847 million 210 thousand yuan, and the funds required for the project are about 24 million 500 thousand yuan, which are invested in consumer electronics precision structural project and R & D center project, and 603 million 110 thousand yuan supplementary working capital.

Earnings forecasts and investment proposals.

According to the calculation of capital stock after IPO, we expect the company's 2010~2012 EPS to be 0.99 yuan, 1.39 yuan and 1.68 yuan respectively. We gave the company 35 times PE in 2010, corresponding to the stock price roughly 35 yuan.

The main uncertainties.

Customers actually expand the progress and the expected gap.

Prediction unit: Yuan

Century securities 35.4-45.5

Capital Securities 31.81-38.50

Three, company competitive advantage analysis

The consumer electronics space is huge, and the mobile phone market is the champion.

Consumer electronic structure is an important part of consumer electronics. Its design and manufacture account for about 1/2 of the development cycle of consumer electronics, and it is the key link of consumer electronics manufacturing.

The 60-80% of consumer electronics is a precision structural part. It needs to be made of mold. For example, a mobile phone needs 30-40 sets of molds. A 3G data network card needs about 15-25 sets of molds, and MP3/MP4 needs about 20-30 sets of moulds.

The advanced technology level of precision structural parts is an important support for consumer electronics manufacturing.

In recent years, influenced by new technologies such as video, mobile and wireless technology, and the integration of 3C, the emerging field of consumer electronics industry has grown rapidly.

According to CCID's prediction, in the 2009-2013 years, the global consumer electronics market will maintain a compound growth rate of 4.7%. By 2013, the global consumer electronics market will be more than 110000 billion yuan.

Precision structure is an integral part of consumer electronics and constitutes part of the 60-80% of consumer electronic products.

With the upgrading of consumer electronics and the increasing demand for color, handle, accuracy and wall thickness of product shell, the market of precision structural parts is huge.

Sai Di predicts that China's consumer electronics products, a large number of precision structural components of the phone, MP3, PMP, shaver output scale compound growth of 8.8% in 2009-2016.

The global mobile phone and 3G network card precision structural parts market capacity is about 20 billion, more than 80% of the company's revenue components are mobile phones and other structural parts, and the rest less than 20% are for mold manufacturing.

Jinsheng shares focus on the field of mobile phone shell. In 2008 and 2009, the market share of mobile phone structural parts in China was 4.29% and 6.64% respectively.

Precision plastic structure manufacturing technology industry leading

The company has developed primer /UV one-off hybrid coating technology, environmental water soluble coating construction technology, Pi Jiqi automation mixed coating technology, the same product multi color progressive spraying technology, aluminum magnesium alloy spraying technology, vacuum non-conductive decoration technology, vacuum non-conductive pearlescent effect processing technology, etc., among which vacuum non-conductive technology, metal embedding technology, mobile phone slide technology and rubber leather paint technology are in the leading level in the industry.

With these technological advantages, Jinsheng shares became a tier one supplier of Samsung in Huizhou in the second half of 2007 with Foxconn and BYD.

The company already owns 23 utility models and is applying for 15 patents, 8 of which are invention patents and 7 utility models.

The company is working with the National Engineering Research Center of polymer molding equipment, South China University of Technology, to study the new plastic forming technology.

Cooperating with the vacuum and process equipment department of the school of mechanical and automotive engineering, HeFei University of Technology, the vacuum coating technology, which is an important base for vacuum film technology and equipment in China, has been developed.

Raise investment projects to escort Enterprises

The fund-raising has been invested in two projects: the consumer electronics precision structural pformation and expansion project and the R & D center's technical renovation and expansion project, which invested a total of 244 million 105 thousand yuan.

Among them, the "consumer electronics precision structural pformation and expansion project" will increase the capacity of 40 million units, an increase of 73% compared with the 2009 capacity, and the construction of investment projects will be completed for 5 years at most. The expected revenue will be 560 million yuan after the completion of the project, effectively reducing the bottleneck of capacity constraints, improving the production technology level of the company, enhancing the market response capability and enhancing the core competitiveness of the company.

The completion of the R & D center's technical renovation and expansion project will effectively enhance the company's R & D strength, improve the sales revenue of small batch trial products and reduce the cost of R & D costs, and further strengthen the company's ability to provide precise structural solutions for customers.