Busen Shares And Other 4 New Shares Listed Today Positioning Analysis

Busen shares (002569 shares, market, information, main trading) positioning analysis today

Company fundamentals analysis

The company is subordinate to

Two, first day positioning forecast

China Securities 15-18

Haitong Securities 16.52-17.70

Huachang Securities: the reasonable value interval of Busen shares is 15-18 yuan.

Our Forecast Ltd diluted earnings per share for 11-13 years were 0.60, 0.77 and 1.01 yuan, an average annual growth of about 30%, taking into account the new factors, giving it 25-30X times earnings per 2011 valuation, the corresponding price of the two market should be: 15-18 yuan.

Haitong Securities:

We expect that the composite growth rate of revenue and net profit will be 24% and 23% in the next three years.

Referring to the current average valuation level of brand clothing companies, that is, 28-30 times in 2011 (see table 10), the company's corresponding reasonable value range is 16.52-17.70 yuan.

The company's bid price is 16.88 yuan, and it is suggested that the purchase price should be carefully bid.

Three, company competitive advantage analysis

The company's steady operation has grown with the development of men's clothing industry. After more than 10 years of operation, the company earned 537 million yuan in 2010 and a net profit of 42 million 160 thousand yuan. The first three years saw a weighted average of 8.8% in revenue growth and 16.3% in net profit. 10 years, the total number of shops was 763, and the annual weighted average growth rate was 9.8%.

The brand management mode of the company accords with the conventional standard of brand management, and has gained a certain brand position and brand advantage with the support of first mover advantage when the production advantage and brand management start earlier.

Company fundamentals analysis

The company is one of the few famous brands of milk powder that melamine has not been detected in melamine incident.

The company's main products include infant formula, nutritious rice noodles, other infant food and baby products.

Through continuous research and development, manufacturing and marketing of scientific and safe infant food, as well as providing warm, professional and cordial maternal and child services, distributors have become one of the leading brands in the field of infant food.

The company is evaluated by the China Quality Credit Evaluation Center as a AAA grade Chinese quality credit enterprise, and has been listed as a pilot enterprise in the national food safety credit system of the National Children's food industry. The company has been awarded the "China food industry quality and Efficiency Award" in 2007-2008 by the China Food Industry Association.

Two, first day positioning forecast

Founder Securities 38.1-44.4

CITIC Securities 37.50~43.75

Guo Yuan Securities 37.20-43.40

Founder Securities: Beingmate's reasonable value interval is 38.1-44.4 yuan.

It is estimated that the company's 2011-2013 - year diluted earnings per share will be 1.27, 1.52 and 1.95 yuan, giving it 30-35 times PE in 2011, corresponding to a reasonable value range of 38.1-44.45 yuan.

CITIC Securities: Beingmate's reasonable value interval is 37.50~43.75 yuan.

We expect the company to achieve earnings per share of 1.25 yuan, 1.58 yuan and 1.97 yuan per share in 2011~2013, respectively, referring to the price earnings ratio of comparable listed companies. According to the 40 times of this year and 30 times PE of 2011, the issue price is 39.60~37.50 yuan. According to 45 times this year and 11 times 35 times PE, the issue price is 44.55~ 43.75 yuan.

Reasonable price range 37.50~43.75 yuan.

Guo Yuan Securities: Beingmate's reasonable value interval is 37.20-43.40 yuan.

Forecast Ltd's EPS after 11-13 years of complete dilution is 1.24 yuan, 1.59 yuan and 1.95 yuan respectively.

Referring to the valuation of A shares and listed companies in the same industry and the competitive position of the company in the industry, the company's reasonable valuation should be 11 times 30-35 times PE, corresponding to the valuation range of 37.20-43.40 yuan.

According to the new inquiry mechanism, it is suggested that 31.62 yuan, 20% yuan and 34.26 yuan should be stall for 40%, 36.89 yuan and 40% yuan.

Three, company competitive advantage analysis

Since its inception, the company has always focused on R & D, production and sale of infant food, and has accumulated rich experience in the field of infant food.

The company takes the "baby care experts, mother and baby consultant" as the brand positioning, takes the "birth education, love unlimited" as the brand belief, with "life is born because of love, the world is beautiful because of love" is the brand proposition, has certain brand superiority.

The company has set up a marketing network nationwide. At present, the issuers have set up 26 branches in 23 provinces and cities nationwide, with more than 2200 distributors, covering more than 80 thousand retail terminals, and consumers can conveniently and quickly purchase the products of the company.

Delhi shares (002571 shares, market, information, main trading) listed today positioning analysis {page_break}

Company fundamentals analysis

The company is one of the national high and new technology enterprises, "one of the top ten China's daily glass industry" in 2009. The only "China glassware Jinding enterprise" winner in the industry is the unit of the vice chairman of China Daily Glass Association and the only director unit of China Daily Glass Association utensils Specialized Committee.

The company is engaged in R & D, production and sales of daily glassware, and the leading products can be divided into water utensils, wine utensils, food and Kitchenware and other utensils according to their uses.

The company has leading domestic production facilities and production processes, and has 137 patents and other core intellectual property rights.

The company has won the "famous brand in Anhui" and "the famous brand in Anhui" and has actively declared "China famous trademark".

Two, first day positioning forecast

Haitong Securities 26.50-31.80

Guo Yuan Securities 36.75-42

Haitong Securities: the reasonable value of Delhi shares is 26.50-31.80 yuan.

We expect the company's EPS for 2011-2013 years to be 1.06 yuan, 1.40 yuan and 1.69 yuan respectively.

Based on the valuation analysis of comparable listed companies and taking into account the company's competitive advantage and growth expectations, we give the company 25-30 times dynamic PE in 2011, corresponding to a reasonable value interval of 26.50-31.80 yuan.

The company's issue price is 28.80 yuan, and we recommend investors to "apply cautiously".

Guo Yuan Securities: the reasonable value interval of Delhi shares is 36.75-42 yuan.

Valuation and risk.

We give the company 11, 12, 13 years EPS of 1.05, 1.44, 1.88 yuan, referring to similar valuation of listed companies, we think that 11 years, the company's reasonable valuation interval 35-40 times, corresponding price range is 36.75-42 yuan.

The main risk comes from the rising price of raw materials and the risk of channel expansion.

Three, company competitive advantage analysis

The industry grew steadily, and the company took the lead in terms of scale, cost and sales advantage.

The demand for daily glass products in China has increased steadily, and the annual compound growth rate of demand in 07 years -09 is 13.4%.

The downstream hotels and restaurants are growing rapidly, and the process of urbanization is conducive to the popularization of household glassware.

Daily glassware production is a technology and capital intensive industry with economies of scale.

The company accounts for about 5% of the city's market share. It is the largest producer in the industry. It has the cost advantage of high-quality quartz sand in Fengyang, and has established stable cooperative relations with more than 40 categories of agents and "two Yue", IKEA, Carrefour, Metro and so on.

Ning Ji shares (002572 shares, market, information, main trading) positioning analysis today

Company fundamentals analysis

The company is one of the earliest professional manufacturer of custom wardrobe certified by ten rings.

The company's main business is: Custom wardrobe and its customized furniture R & D, production and sales.

The company has many direct stores, more than 300 distributors have been developed, and more than 500 dealers have invested in exclusive stores.

The company and its dealers have more than 2000 professional designers and service personnel, forming a sales network pattern covering the first tier, second tier cities and the three line and four line cities in the eastern coastal area. The sales network coverage and professional design service of the company occupy the leading position in the industry.

The company has a number of design patents, dozens of utility models patents, and a number of independent development, commissioned development and two development of design technology and production process software and other non patent core technology.

The "Sophia" brand custom-made wardrobe made by the company is the first brand of Chinese custom wardrobe industry.

The company was selected by Yi Ju, Sina and China real estate information group as "the most recommended home brand in 2010".

Two, first day positioning forecast

Haitong Securities 74.76-80.10

Everbright Securities 80.07-87.68

Orient Securities 69.53~86.91

Haitong Securities: Ningqi stock reasonable value interval is 74.76-80.10 yuan.

Referring to the valuation situation of the listed companies, the growth of the company and the valuation of the recent issuance of small and medium-sized boards, the valuation of Ningji's shares was 28-30 times in 2011, that is, the reasonable price was 74.76-80.10 yuan, corresponding to the PE of 2010 was 47.61-51.02 times.

The company's issue price is 86 yuan, and it is recommended that it be discreetly purchased.

Everbright Securities: Ningqi shares reasonable value interval of 80.07-87.68 yuan

The net profit CAGR for 2011-2013 years is 42%, and the reasonable value interval is 80.07-87.68 yuan. We expect that the compound annual growth rate of net profit for the 2011-2013 years is 42%, and that of EPS in 2011 is 2.51 yuan.

Through absolute valuation and relative valuation, we think that the reasonable price range is 80.07-87.68 yuan, corresponding to the PE interval in 2011 is 23-25 times.

Orient Securities: Ningqi group has a reasonable value interval of 69.53~86.91 yuan.

The reasonable price range is 69.53~86.91 yuan: we expect the company's EPS for 2011-13 years to be 2.61,3.48 and 4.36 yuan respectively. In view of the valuation level of the furniture industry listed companies, we give the company 2012 20~25 times earnings level, corresponding to a reasonable price range of 69.53~86.91 yuan.

Risk warning: we believe that the company is mainly facing the market competition, the real estate industry downturn and the risk of raw material price fluctuations.

Three, company competitive advantage analysis

The urbanization process coupled with the rigid demand of housing instead of investment demand, the wardrobe industry's overall growth rate is no less than 10%. The custom wardrobe has the advantages of standardized scale production compared with the traditional manual custom wardrobe. Compared with the advantages of high utilization rate, individualized design and versatility of the wardrobe, the market capacity in the next five years is expected to reach 09 yuan from 70-80 billion yuan to 20 billion yuan.

The company is expected to take advantage of brand advantages, first-class design and development capabilities in the industry, production technology and sales service network to achieve soaring performance.

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With capacity raising projects, production capacity has increased by more than 2.5 times.

The company plans a total investment of 228 million yuan, the main investment projects are mainly used to ease the bottleneck of production capacity, upgrade information system to further improve production efficiency.