Boshen Tools [16.33 42.00%] is one of the important enterprises of diamond tools in China. The company's main products include: diamond tools, small construction equipment, and carbide tools, of which diamond tools account for about 80% of the company's total sales revenue. The company's sales revenue in 2006-2008 was 283,519,900 yuan, 371,140,800 yuan, and 389,073,700 yuan. In the first half of 2009, the revenue was 164,433,300 yuan.
The main downstream market of the company's products is the decoration construction team, which is more affected by the construction and real estate industries. In 2009, due to the country's increased infrastructure and the recovery of the real estate industry, it supported the growth of the industry; in the medium and long term, with the improvement of national living standards, the downstream market will continue to expand.
The company has obvious competitive advantages. First, it has the advantage of sales network. The company has an intensive sales network both at home and abroad. The domestic business outlets cover 30 provinces, municipalities and autonomous regions. Second, the technical advantages, compared with domestic brands, the company The diamond tools are more inclined to the higher technical content of professional products, so they can obtain higher gross profit margins; the third is the international price advantage, compared with foreign brands, the company's product price advantage is very obvious, and the cost performance is higher.
The company issued 43.4 million shares, and the funds raised were mainly used for the following projects: 1. High-performance laser welding professional diamond tool technical transformation project; 2. Low-noise “drilling, cutting, grinding†small-scale construction machinery and equipment technical transformation project; 3. Technology Center Construction Project. According to the company's prospectus, the project will bring the company's revenue of 10,841,570 yuan per year after it is put into production. We believe that the key to achieving this goal depends on whether the market capacity can meet the company's expectations.
Since 2009, due to the financial crisis, the export business, which accounts for nearly 40% of the company's total revenue, has been significantly negatively affected. Therefore, we expect the company's full-year revenue in 2009 to be 331,798,600 yuan, down 14.7% year-on-year. Among them, the annual revenue of diamond tools decreased by 20%, the annual income of small construction machinery increased by 10%, and the annual income of alloy tools increased by 10%. The company's full-year net profit is expected to be 57.714 million yuan, an increase of 4.4%.
The company's 2009-2011 earnings per share are expected to be: 0.33, 0.43, 0.49 yuan, according to the absolute valuation, a reasonable valuation of 12.84 yuan. We believe that the reasonable valuation of the company after listing is not less than 13 yuan.
The main downstream market of the company's products is the decoration construction team, which is more affected by the construction and real estate industries. In 2009, due to the country's increased infrastructure and the recovery of the real estate industry, it supported the growth of the industry; in the medium and long term, with the improvement of national living standards, the downstream market will continue to expand.
The company has obvious competitive advantages. First, it has the advantage of sales network. The company has an intensive sales network both at home and abroad. The domestic business outlets cover 30 provinces, municipalities and autonomous regions. Second, the technical advantages, compared with domestic brands, the company The diamond tools are more inclined to the higher technical content of professional products, so they can obtain higher gross profit margins; the third is the international price advantage, compared with foreign brands, the company's product price advantage is very obvious, and the cost performance is higher.
The company issued 43.4 million shares, and the funds raised were mainly used for the following projects: 1. High-performance laser welding professional diamond tool technical transformation project; 2. Low-noise “drilling, cutting, grinding†small-scale construction machinery and equipment technical transformation project; 3. Technology Center Construction Project. According to the company's prospectus, the project will bring the company's revenue of 10,841,570 yuan per year after it is put into production. We believe that the key to achieving this goal depends on whether the market capacity can meet the company's expectations.
Since 2009, due to the financial crisis, the export business, which accounts for nearly 40% of the company's total revenue, has been significantly negatively affected. Therefore, we expect the company's full-year revenue in 2009 to be 331,798,600 yuan, down 14.7% year-on-year. Among them, the annual revenue of diamond tools decreased by 20%, the annual income of small construction machinery increased by 10%, and the annual income of alloy tools increased by 10%. The company's full-year net profit is expected to be 57.714 million yuan, an increase of 4.4%.
The company's 2009-2011 earnings per share are expected to be: 0.33, 0.43, 0.49 yuan, according to the absolute valuation, a reasonable valuation of 12.84 yuan. We believe that the reasonable valuation of the company after listing is not less than 13 yuan.
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