The stock of this company is called Zaisheng Technology, and the stock code is (60360 1). From the analysis of the investment value of the company;
Judging from the winning rate, the certainty of the five-year long-term growth of renewable technology companies is above 80%, which mainly depends on the following reasons:
1), the growth is very good: when 20 15 was first listed, the scale was very small, the revenue was only 2 10/00000, and the net profit was 30 million. In just five years, it has surpassed the revenue120,000, and the profit scale1690,000, which has quintupled in five years and achieved operating income every year.
2) The industry space is vast, the application scenarios are constantly expanding, and the track is excellent.
3) The competition pattern is good, the national enterprises are replaced, and the market share is expanded.
4) The only industrial company in the micro-glass fiber industry that realizes the integration of upstream and downstream of the industrial chain has obvious cost and synergy advantages.
5) Excellent corporate governance: the major shareholder has a good reputation in the capital market, maintains a high degree of consistency with the small and medium shareholders, and has outstanding management ability. The stock option incentive was implemented for the second time.
6) Advantages of technological innovation. The company has two research institutes, Chongqing Fiber Research and Design Institute and Chongqing Paper Industry Research and Design Institute, and has established the "National Enterprise Technology Center". It has a professional R&D design team, rich R&D experience and an independent R&D system. The performance of filter paper has completely caught up with the level of HV company, the global industry leader.
7) The valuation is in a reasonable range: from the vertical comparison, the company's share price has increased by more than 1 times this year, which is already at a high level; From the horizontal comparison, the current TTM valuation is 35 times, and the company's valuation is at a reasonable level. At present, the market gives the valuation of manufacturing companies, which is low for growth stocks under a good track.
Judging from the odds, the rate of return of Company A will be higher in the next few years:
The company's current market value is 654.38+00 billion yuan.
1) It is estimated that the company's net profit after five years will be1200 million yuan. If PE is given 20-40 times, the cumulative yield after three years is 140%-320%.
2) This is a valuation based on medium PE, and there is some uncertainty.
Logical reasoning, relative valuation method (based on the market space after 5 years);
1, filter paper industry, space 10 billion. The market share of 18 is 22%, and the trend of replacing foreign capital is expected to continue. The market share of 16 and 17 is 25%, and the net interest rate is 20%. Profit =100 * 0.25 * 0.2 = 500 million.
2. The vacuum insulation board industry has a space of 654.38+000 billion (the final market size is reported to be 654.38+076 billion, according to the market forecast after 3-5 years). The market share of Saite new materials is about 35%, the recycling technology is calculated at 20%, and the net profit rate of competitor Saite new materials is calculated at 20%. Profit =100 * 0.20 * 0.2 = 400 million.
3, purification equipment (including fresh air system. Note: Re-liter classifies purification equipment as clean air), 60 billion. Market share 5%, net profit rate 10%. Profit = 600 * 0.05 * 0.10 = 300 million.
The above total is 65.438+0.2 billion, which is the chassis of science and technology business. Other businesses, including micro-glass fiber cotton, AGM separator, low-resistance melt-blown filter materials, masks and high-efficiency PTFE filter membranes, are temporarily small or unstable, and are not included in the valuation calculation for the time being. Considering that five years later, the clean air industry is still in its infancy, the company's early investment in aerospace sound insulation materials and building energy-saving insulation materials will detonate a larger market, with a PE of 30.
Market value =12 * 35 = 42 billion, 20 times conservative PE is 24 billion, and it is estimated that the market value will reach more than 30 billion in five years.
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