subject: Air valve leading enterprises and industry to develop special air conditioning - central air conditioning, air-conditioning valve - HVAC Industry [print this page] Air valve leading enterprises and industry to develop special air conditioning - central air conditioning, air-conditioning valve - HVAC Industry
Is the domestic air-conditioning Valve One of the industry duopoly, Valve Market share of over 40%, industry ranked first, four-way Valve Market share of over 30%, industry ranked second, other, such as liquid storage, balancing blocks and other products sold in the domestic air-conditioning components in the leading level; Central air conditioning Business is rapidly expanding to the direction of special air-conditioning.
Air conditioning industry is expected to pick up or will lead to improvement in the valve industry. January-March 2009, China's production of air-conditioning 14,554,600 units, down 29.5%, a decline compared to the fourth quarter of last year, narrowed 9.52 percentage point, to stock-based, the air conditioner production has improved. The State frequently to stimulate Home Appliances Industry recovery policy measures, such as "TM" consumer subsidies, Energy Subsidies, policies, or will lead to a certain extent, the improvement of urban air-conditioning demand. With the advent of air conditioning season, as well as commercial housing sales rebound in the next few months, air-conditioning industry, increase the likelihood of bottoming out, the downstream warming is also expected to transfer to the valve industry.
Accelerate the development of special central air-conditioning business. The national increase in nuclear power input, pre-2020 target from 40 million kilowatts installed capacity increased to 75 million kilowatts. A million-kilowatt nuclear power project takes about 1.5-2.0 billion of refrigeration equipment, refrigeration equipment, nuclear power within the next decade, the total demand of about 112 billion yuan. If the goal of 30% according to the company's market share to estimate the future of nuclear power for air conditioning brings about 34 billion in revenue. As the first successful nuclear power Chiller Group of central air-conditioning business, the company currently only has a sub-contractor qualifications, the end of 2009 or next year will be eligible to obtain the general contractor, air conditioning will accelerate the development of nuclear power, the other companies are actively developing 3G base stations, central air-conditioning business.
2009 year results with strong certainty. In 2007, Shield Security Seiko Group and related parts into the air when the valve to make the following commitments: Seiko Group acquired the shield An Hetian other six companies in 2009 net profit of not less than 110 million yuan, in addition to free transfer of air-conditioning parts (liquid storage, etc.) assets in 2009 net profit of not less than 20 million yuan, the corresponding target is not met, the difference will be Seiko Group free cash to make up for the company. Gross assets in 2008 into the company's gross margin accounted for 68.3%, the majority shareholder commitment to enhance the company's 2009 performance warm certainty.
Profit forecasts and valuations. We forecast the company in 2009, 2010, earnings per share were 0.47 yuan, 0.51 yuan, to June 22 closing price of 12.70 yuan terms, respectively, corresponding to dynamic price-earnings ratio of 27 times, 25 times, the overall price-earnings ratio close to home appliances segment, However, small plates, and days with 31 times the 2009 price-earnings ratio is still lower than, given the strong growth performance of the company the certainty that we maintain the company "overweight" investment rating.
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