129836519593437500_265Grand technology: stable domestic export-led growth
Steady growth in the domestic market of 1 tire mold industry) decline in growth in car production, but the number of huge, ensure the tire output steady growth. 2011 China's car output reached 18.42 million units
view my site here, an increase of 0.84%, 2012-April car production by about 6.3 million units, an increase of 0.47%, overall, the current car production in ChinaThan the growth rates at historically low levels. Although vehicle output growth is low, but the rapid increase in car ownership in China, car ownership in China by the end of 2011 93.563 million, keep 20% more than 3 years in a row, and keep car tire replacement needs have tires about half of total demand, 2011 radial tire production reached 393 million per cent increaseLong 5.6%, 2012 1 radial tire production of about 130 million, an increase of 6.8%, great car ownership to ensure domestic demand for tires and steady growth. 2) automotive and tyre industries increased competition lead to tread the update frequency. Intense competition in the automotive industry, auto update cycle from the previous 5-6 year, reduced to 2 yearsAround. Auto update, will speed up the update of the tread and tire model eliminated under this influence, tire mold industry will grow faster than growth in tire industry, tire mold industry growth in China this year is expected between in-10%. 3) tire mold industry competition structure and stability in China, the company will maintain its leading position. Current domestic production of radial tire moldAbout two dozen of the enterprise. Major competitors include humane science and technology, Guangdong julun, Tianyang mold, Shenyang radial, Shandong wantong several. Company's independent research and development of electrical discharge machining technology in terms of accuracy, cost, complexity, pattern and his technique has obvious advantages over. By self-made equipment, reducing investment in fixed assets of the company, only the depreciation6~8% cost savings. From production, production capacity of the company is about Guangdong wheels day mold and the capacity of
diablo iii power leveling, the current domestic market share between in-30%, the competitive landscape has been basically stable over the next few years will be essential to maintain the current market share of the company. Stock up 33% early in the late in the first quarter, advance accounts 36%, stock company mainRaw materials and products, because the mold is a standard product, must be to order production, inventory and advance accounts can reflect company orders faster than adequate, is the company's revenue growth in the first quarter is expected, revenue for the year is expected to grow around 15%. Distribution reducing the proportion of international tyre giant die, the company exports are expected to continue to grow high speed 1) Bridgestone, riceThe giant forest, international tires such as Goodyear subsidiary mould suppliers of basic has its own, these companies are major causes of tire mould-made before is to tread privacy needs, and second, in order to guarantee the quality of mould. Current professional supplier die technology continues to improve, heroic mould quality technology company has been able to meet demand for low-end and cost homemadeHigher than the buy humane science and technology companies such as 30% per cent. National tire manufacturer through worldwide purchase price/performance and die products. 2) certification of the company by a number of international tyre giant, as its core suppliers. Because of mold production enterprises is a long-term cooperation relationship with the tire manufacturer, so international customers open up take a longTime trials and certifications. Companies start around 2008-related certification and customer outreach, at present the company for two consecutive years to maintain United States Goodyear status of the world's largest supplier of external tire mold, 2011 Japan Bridgestone tyre mould suppliers of the world's largest, and won the United States by Goodyear, and Germany mainland China and United States companies such as solid-Cooper 2011 title of best tooling suppliers. Upon the approval of the international tire giant, other international brands of certification has gradually accelerated, companies entering a foreign market harvest, is expected to maintain its high growth for years to come. Company offering investment projects are going well, progress made in the further expansion of production capacity raise investment and investment company between in-30%, but precise radial tire moldA project has begun to produce effective, cast aluminum mould technology and quality of these highly recognized by the international high-end clients, current capacity has been the basic release; high grade precision casting and forging has entered the production stage, capacity will be released in 2012. Company tire mould production capacity from 4,500 sets of 2010 expanded to 6,000 sets of 2011, enabling33% growth. Profit forecasts and ratings we believe tire mold industry domestic market benefited from demand for car ownership market update, its growth rate fluctuations in volatility is less than the growth in car production, will grow steadily in the future; transfer of benefits from international tyre giant purchasing on the international market and customers of the company to expand into the harvest period, company exports are expected to continue to grow rapidly in the future. We expect the publicEPS Secretary 2012-2014 1.24, $ 1.46, respectively, to June 4 closing price corresponds to 2012 PE15.33 times, PB1.9 times, give the company "overweight" rating. Risk international economic recovery is slow, affecting the export market; short-term fluctuations in prices of raw materials affect the company's gross profit margin company offering investmentProject risk of progressing more slowly than expected.
