Hang teeth product structure tends to decline in the second half of the high-end gearbox

The core technology of Hangzhou Dental and its recent production and management and investment project progress.

The main points:

Product structure tends to high-end. Hangfang maintains an international level in technology through independent research and development, digestion, and absorption. While leading the mainstream technologies of domestic marine gearboxes and construction machinery transmissions, it has advantages in the following technologies, including: Adjustable propeller technology (increased efficiency) Energy-saving products) Marine gearbox technology for tilt transmission (High-speed boat accessory products), Marine gearbox technology with micro-motion control function (dynamic positioning products for scientific vessels, yachts, etc.), 2MW wind speed increaser technology, etc. It is believed that these technologies can bring new performance growth points for Hangto.

The marine gearbox market has benefited from the development of the inland river transport and yacht industry. Marine gearboxes account for approximately 50% of sales revenue and gross profit of Zhanqin. In recent years, the product structure has undergone major adjustments. Small and medium-power marine gearboxes have become the main growth point. This is mainly due to rising logistics costs and upgrading of inland waterways. The superimposed factors such as replacement and reduction of shipbuilding cost have prompted the inland rivers and offshore shipping industry to usher in a new period of development; due to the upgrading of the consumer market, the prospects of the domestic yacht market are promising. The advanced pitch screw propeller and accessory gear box, light high speed gear box, special ship gear box and marine gearbox technology with fretting control function (for yacht power positioning) developed by Hangfang have benefited from these new market changes. While maintaining market share, gross margins have also increased.

The sales of construction machinery gearboxes will smoothly decline in the second half of the year. Construction machinery gearbox accounted for approximately 30% to 40% of the operating income and gross profit of Hangqin, and the market share of the Hangzhou Tooth loader transmission was 14.07%. With the loader entering the off-season in the second half of the year, the sales of construction machinery transmission will drop steadily.

The investment project will be put into production half a year earlier. The annual production capacity of Hangtou, which was scheduled to be put into production at the end of 2012, includes 100 sets of advanced ship propulsion systems and 800 high-precision marine gearbox expansion projects; an annual output capacity of 12,000 sets of electro-hydraulic control engineering machinery transmissions; annual output The production capacity expansion project for 2,000 sets of wind power speed increaser key parts will be expected to be put into production in mid-2012. After reaching production capacity, the annual new operating income will reach 1.55 billion yuan, and the total annual new profit will reach 170 million yuan, which is a total of 180 million yuan in profit in 2010. Some time.

Earnings forecast: We forecast that the earnings per share of Hangzhou Dental in 2011, 2012, and 2013 were 0.41 yuan, 0.54 yuan, and 0.72 yuan respectively, and the corresponding P/E was 38, 28, and 21 times, respectively, not yet rated.