The hottest Tianma steady growth of China's leadin

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Tianma in the "12th Five Year Plan": steady growth of China's leading bearing enterprise

we believe that the company's business fundamentals are normal, and the development speed of each business in the next year is: railway bearing business - general bearing business - machine tool manufacturing business - wind power bearing business

driven by the high-end equipment infrastructure benefiting from national policy support and the rising demand for supporting vehicles for railway freight transport capacity during the 12th Five Year Plan period, it is expected to usher in a more stable long-term growth

we believe that the current reasonable value range of the company's stock is 15 yuan -16.95 yuan, and we give an overweight rating. We expect that the company's report believes that the British building code is "actually not applicable". In 2013, the main revenue was 4.284 billion yuan, 5.241 billion yuan and 6.742 billion yuan respectively, the net profit attributable to the owners of the parent company was 775 million yuan, 956 million yuan and 1.324 billion yuan respectively, and the fully diluted earnings per share were 0.65 yuan, 0.81 yuan and 1.12 yuan respectively

we select listed companies whose main businesses are bearings, fan accessories, high-speed railway equipment and machine tools as valuation references, and their PE average values in 2011 are 41.24 times, 34.76 times, 26.53 times and 28.47 times respectively. Because there is a lack of samples of bearings and fan accessories compared with companies, we refer to the average values of railway equipment and machine tools industry more here

based on the valuation and growth of comparable companies, we think it is more appropriate to select the PE range of times in 2011 as a reference, and the corresponding reasonable value range of the stock price is 15.00 yuan -16.95 yuan. The closing price of the company on May 20, 2011 was 12.94 yuan a day ago, about% lower than the reasonable value, and the company was rated as overweight

after rapid expansion and stable adjustment in previous years, the company's main business has laid a solid foundation for healthy development in business management, assets and finance. It is expected that its machine tool business, wind power bearing business, railway bearing business and ordinary bearing business are difficult to be completely separated from capital construction archives in 20 years. The growth rate of sales revenue in 11 years is 9%, 11%, 22% and 35% respectively

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