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Hangzhou Hi-tech: a leading manufacturer of cable materials

release time:

2021-09-15

Hangzhou Hi-tech: a leading manufacturer of cable materials

[China] wire and cable network company is a leading manufacturer of cable materials. It has six series, more than 200 varieties, is a small number of production scale, product series, the high level of technological innovation cable materials production enterprises. Products with a special performance, technical content and high value-added special cables based materials, in 2014, the income share of the company special cable material was 75.2%.

Cable materials demand continues to grow, green is the trend. Benefit from the national urban and rural power grids and high voltage power grid construction, is expected to demand of wire and cable products will continue to grow. One of the key materials for the wire and cable cable, wire and cable also increases output while maintaining demand. 2013 cable market demand of 46.2 billion yuan in 2017 is expected to reach 60.5 billion yuan, an average annual growth rate of 7.0%.

As people of cables under fire safety requirements increase, the proportion of traditional PVC cable materials will gradually decline, the proportion of green cable material will gradually improve.

The company has a technology, product advantages and customer benefits. After long-term accumulation of technology and continuous R & D investment, formed a complete system of formula, and participated in the drafting of a number of national standards and industry standards.

Our products are rich in structure, full range, first in the industry to carry the halogen-free flame retardant polyolefin cable material and other green cable development and large-scale production. The company has a large number of good quality customers become Prysmian, Nexans, Leoni Changzhou, Changzhou nkt, Sun Cable, Hangzhou cable, ding photoelectric and a series of well-known suppliers of cable production companies, products widely used in product quality demanding major stadiums, tunnels, bridges, high-speed rail, scientific research base of national key projects among cable manufacturing.

Raise investment project will expand production capacity, will help enhance the company's core competitiveness and market share. The company issued number of shares 1667 shares, issue price of 14.84 yuan / share, total funds raised 247 million yuan for the & ldquo; annual output of 10,000 tons of plastic granules cable project & rdquo;, & ldquo; annual output of 25,000 tons of plastic cable material particles project & rdquo ;, construction period were 18 months. After the expansion project put into production, can solve the silane crosslinked cable capacity bottlenecks, optimize product structure, improve the proportion of halogen-free flame retardant cable material Flame Retardant is conducive to enhance the company's core competitiveness and market share .

Earnings forecasts and valuation analysis. We expect 2015-2017 EPS (diluted) were 0.78 yuan, 0.89 yuan, 1.02 yuan, considering the company's position in the industry, growth, profitability, valuation of comparable companies, giving the company 50-55 times 2015 valuation, corresponding to a reasonable valuation range 39.0-42.9 million.

Risk Warning: the risk of downstream demand fluctuations; the risk of increased competition in the market; lower than anticipated project schedule risk.。