Mastery of shares (002,560) was 23, was released, the issue price of 28.80 yuan / share, corresponding to 42.35 times earnings. It is reported that the major share in the ACSR accessible research and development, production and marketing, has developed into the industry leader in the domestic steel core.
ACSR its leading products in 2009, 2010,glue stick used high-pressure, high pressure, the output of high voltage lines of the company's total output, respectively, 92.77% and 74.21%.
ACSR leading domestic market.
It is understood that representatives of the highest-level of the three transmission technology of UHV transmission lines are used products ACSR ,2008-2010, the company focused on products in the size of the State Grid Corporation won the bid in the amount of bidding and purchasing, respectively, in third place the first and second,glue gun high in 2010, accounting for EHV and UHV ACSR about 10%, ranking the industry forefront.
Wire and cable industry now has become China's national economy, one of the largest supporting industries, and its total industrial output in the electrical machinery and equipment manufacturing the highest proportion, so wire and cable has been hailed as the national economy, "vascular" and "nervous." Mastery of shares belong to traditional industries, although the 2007-2009 three-year average gross margin was 12.1% lead, but benefited from the steady growth of our network investment and cut into the railway electrification, the company is strong and stable client National Grid Company and Ministry of Railways, so 20 years of development along the slope is always a steady upward curve.
Product competitive advantage is obvious.
Mr. Shi Wanfu chairman of the company at the focus of the roadshow to institutional investors on the company's competitive advantage. First, the company has a strong R & D team and technical strength, the company has been involved in the development of national GB/T4909 "bare wire and test methods" and GB/T17048 "overhead wire aluminum with a hard" standard, the steel core technology in the country in leadership, large section, the design of high performance wire production technology is a world leader.
Secondly, China's wire and cable industry to implement a strict production license access management system, and the current strength of the strong market competition and the small number of potential market entrants to ensure a reasonable profit margins in this industry. Company back in 2005 focused on the scale of the State Grid Corporation of the pilot phase of bidding qualified through a review of the company by the National Electric Power Planning and Design, Department of State Power Company equipment designated as "330kV-500kV Transmission Line recommended manufacturers", the competition advantage becomes more apparent.
Again, the unique regional advantages to reduce procurement costs of raw materials and transportation costs, the company is located in Luoyang, Henan Yanshi, regional rail and highway transportation. Henan Province is the production of alumina and aluminum is the largest province, production capacity and output ranks first in the country, to ensure the company's products, raw materials supply. Sitting around a large aluminum company a number of processing enterprises, greatly saving the cost of procurement.
Finally, good cost control and excellent organization of production capacity to ensure the company above the industry average profitability. Companies to adopt a balanced procurement model, with major suppliers signed long-term supply contracts, in accordance with the "futures hedging operating procedure" to develop raw material hedging program, effectively avoiding the risk of price fluctuations of raw materials to ensure the company can stabilize, continued access to raw materials; company with many years of accumulated experience, form a strong organization of production capacity, after winning a bid to quickly and rational organization of production, reasonable control of inventory levels, improve operational efficiency of funds.
Dongfeng leveraging policies.
Explosive growth can be expected.
Analysis of the industry, wire and cable industry in the "second five" into the demand during the outbreak period. "Twelve Five" during the network investment of about 5.3 trillion, than the "Eleventh Five-Year" increased by 70%, while total investment is expected to UHV 5,000 million, representing the "Eleventh Five-Year" nearly 25 times; about to start a new round of investment in upgrading rural power less than 2000 billion, of which 2 / 3 of investment will be for the purchase of power transmission equipment; in the electrification of the railway market, large-scale construction of the railway network is entering the peak of history, to 2020 , the national railway mileage will reach 120,000 kilometers or more, double track and electrified rate reached 50% and 60%. This is undoubtedly the leading products for the company after the listing of ACSR and focus on the development of two new products, aluminum clad steel wire and aluminum power lines provide a huge market space.
Mastery of shares should be said that 20 years is facing the best opportunity for development, but the capacity bottleneck is in the way of the company's rapid development. Past three years the company reached 120% capacity utilization is about, and many orders are powerless. The listing, the company will open more room for growth, the company's operation scale and profitability of the higher level, with the country's macroeconomic policies more market share the cake.
Chairman Mr. Shi Wanfu shares for the future development of accessible within a decade to develop a breakthrough billion value of the target. His strategic vision is to use a brand that is accessible shares, two materials that aluminum and steel, the three major markets that power, railways and international markets four products for the steel core, aluminum clad steel wire, aluminum wire and anti-ice leads to build the brand internationally renowned conductors.