Cosmetics packaging production giant tech-long successful ipo analysis

Tech-long leading beverage packaging machinery company import substitution big space belongs to the beverage packaging machinery packaging machinery industry, products include filling production line, Including automatic high-speed PET cosmetics packaging production filling line, PET/PC bottled water filling line) , automatic high-speed PET cosmetics packaging production of cosmetics packaging production machine and the secondary packaging equipment and other three series. Filling production line is the main source of revenue, accounts for more than 60% than keep in. All the product gross margin level is higher, in recent years are over 27%, the highest level of gross margin of cosmetics packaging production machine, has remained at more than 28%. Domestic packaging machinery industry in the high-end market almost monopolized by foreign manufacturers, the company is one of the few foothold in the high-end market, the development of import substitution of packaging machinery enterprises. Technical level of all kinds of products of the company are still in the leading domestic level, some products have even reached the international advanced level. The company's competitive advantage obviously, pay attention to independent innovation, product price advantage prominent, base broad, customers good quality, and the company is one of the few can provide a comprehensive solution for beverage packaging enterprises. Company in domestic beverage packaging machinery industry in a leading position, including fully automatic high-speed PET cosmetics packaging production filling production line and automatic high-speed PET cosmetics packaging production of cosmetics packaging production machine position more clearly, the leading market share in more than 8%. Packaging machinery industry barriers to entry because of difference of products and different, low-end products of low barriers to entry, there are many domestic packaging machinery in the production of low value-added, on the contrary, in the high-end market in terms of technology, research and development, technology, production management is high barriers to entry. Company the fund-raising project into three technological upgrading projects, and a new project, three technological upgrading projects is beneficial to the company get rid of the cosmetics packaging production neck existing capacity is insufficient, a new project for the company into the field of cosmetic packaging machinery. Plans to raise funds total 1. 7. 5 billion yuan, now the company has used its own funds in advance to raise the construction of the project, part is expected to raise the project in the second half of 08 will put into production in advance. 08 companies orders full, capacity to raise a project since 09 annual gradually released. 07 ~ 09, it is expected that the company's EPS respectively 0. 28, 0. 44 and 0. 59 yuan, according to 25 times the left and right sides of p/e ratio, on the basis of the prediction results in '07, we believe that the inquiry range of company is 6. 6 ~ 7. 2 yuan, the company's target price is 17. 5 yuan, first-day price range in the 15. 7 ~ 19. 2 yuan