Company: Zhejiang Yongqiang (002 489) is a professional manufacturer of outdoor leisure furniture, sun umbrellas, tents and other products of large modern enterprise group with their own brand YOTRIO. Tourism has become a manufacturer of outdoor products in China, one of the backbone of the Chinese ritual supplies Industry Association. Mainly engaged in outdoor leisure furniture and supplies design and development, production and sales. The company has import and export right, the products sold in the United States, Germany, Australia, Hong Kong and other countries and regions. The company has been Linhai "strength enterprise", Taizhou, "fifth" period outstanding contribution to enterprise, Zhejiang Province, "a group of five" key enterprises, 50 enterprises in Zhejiang Province's exports, China Customs "A class of enterprise" Honor.
Everbright Securities (601,788): 65.07 yuan per -74.78
Company is the largest outdoor leisure furniture and supplies ODM manufacturer, main products are outdoor leisure furniture, umbrellas and tents three series, with outstanding marketing capabilities, a stable customer base, strong R & D capabilities and scale advantages in the domestic leisure furniture and supplies industry, has highlighted the competitive advantage. Raised up to the tender will add 3.45 million production capacity, and increase R & D and product demonstration capabilities. The company expects net profit compound annual growth rate for 2010-2012 was 38%, EPS was 1.13 yuan, 1.48 yuan and 1.96 yuan. Reasonable market price of 65.07-74.78 million is expected.
Shun Securities: 41.00 yuan per -44.00
2010-2012 the company expects revenue growth of 34.7% year on year, 29.2%, 26.0%; net profit growth rate was 51.3%, 30.9% and 32.8%, according to post-IPO share capital of 240,000,000 shares of the total fully diluted EPS for the 1.12 yuan, 1.47 yuan and 1.95 yuan. We give the company about 2011, 28-30 times PE valuations listed on the first day of the corresponding price range is 41-44 dollars.
Guotai Junan: 42.00 yuan per -47.00
Highlight the independent design firm R & D capability, with inside and outside the 240 R & D team composed of professionals design, new product categories growing rapidly, driven margin rising. The progressive development of OBM companies began business model, now has "Creador", "Yotrio", "Better Garden" three brands. After years of continuous development, the company established a Home Depot, Metro, OBI, Carrefour and other core customer base of 255 customers in system for the future and lay a solid foundation for sustained and stable development. 2010-2012 EPS forecasts the company were 1.24,1.62,2.00 element, reasonable price of 37.20-43.40 million.
