Ningbo Huaxiang: Focus On Automotive Interior Business, International Merger And Acquisition Period
Ningbo Huaxiang
It is a manufacturer of automobile interior decoration.
The main customers include Shanghai Volkswagen, Shanghai automobile, FAW Volkswagen, FAW car, Shanghai General Motors, Tianjin FAW TOYOTA, Dongfeng Nissan, Shenyang Brilliance Jinbei cup and other domestic car manufacturers.
The company's main business has become increasingly prominent, and the level of comprehensive gross margin has been rising.
After selling Lu Ping machinery factory, the company specializes in cars.
Spare parts
Business.
In the first half of 2010, the proportion of the interior decoration items reached 48.63%, the metal parts business income accounted for 21.96%, the automotive electronic and electrical accessories accounted for 11.14%, and the accessories accounted for 9.06%.
In the first half of 08, 09 and 10 years, the consolidated gross profit margin of the company was 18.29%.
21.62% and 21.97%.
It is mainly due to the continuous improvement of gross profit margin of interior parts and the increase of automobile electronic accessories.
International mergers and acquisitions
A breakthrough is expected.
In the first half of 2010, the annual report shows that the currency fund is 1 billion 140 million yuan, which is a solution for international mergers and acquisitions.
At present, the company is negotiating with several well-known international auto parts manufacturers, and is expected to make breakthroughs in 2010 or 2011.
Profit forecast
Our Forecast Ltd in 2010 and 2011 EPS were 0.77 yuan and 0.87 yuan respectively. According to the valuation level of auto parts companies at present, we gave the company 23 times PE, and its reasonable price was 17.71 yuan.
Therefore, we give the company "recommended" investment rating.
Risk warning
1, the company is auto parts manufacturers, will be driven by fluctuations in the automotive industry, resulting in a decline in profits.
2, there are great risks in overseas mergers and acquisitions.
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