Hardware tools, large consumer markets, and superstar technology are expected to replicate the growth model of foreign giants. The global hand tools and hand-held power tools have a market capacity of more than 80 billion U.S. dollars. The consumption attributes of the hardware tools market in Europe and U.S. have created a number of globally renowned hardware tools listed companies. With the trend of consumption upgrades and manufacturing upgrades, China’s hardware tool market will also usher in a big development. Superstar Technology will preempt the distribution of its products through boutiques, hardware chain stores, distributors and other channels, and it is expected to become the next bright star.
The company deeply integrates upstream and downstream resources, and has strong channel advantages to create a one-stop platform for global procurement.
On the one hand, the company provides one-stop product services for international giants such as Lowe's, HomeDepot, and Kingfisher, with more than 20,000 terminal retail outlets. On the other hand, the company outsourced 60% of its products to 1,000 qualified external suppliers, and integrated supply chains through sales orders + R&D design + quality control to form a complete supply chain supporting system. The company's share of downstream customers is less than 1%, and the overseas market is still growing in the future.
To build a brand of hardware tools, multi-brand strategy to promote domestic and foreign markets. On the one hand, the company will still maintain its ODM-based strategy and continue to consolidate and deepen its long-term partnership with global retailers. With the expansion of the company’s own brand and the acquisition of new brands, it is expected that the company OBM in the coming years. The proportion is expected to exceed 30%. This will help to realize the downstream expansion of the company's value chain and provide long-term growth in corporate profits. On the other hand, the company will actively expand the domestic personal and industrial and mining enterprises' market. With the increase of people's income, the domestic hardware tool market is expected to flourish in the next 5-10 years.
The target price is 48 yuan, giving it an "overweight" rating for the first time. Without considering the extension of the acquisition, we forecast that the company will be fully diluted EPS of 1.11, 1.49, and 1.87 yuan in 2010-2012, corresponding to a 25-fold dynamic price-earnings ratio in 2011, which is obviously underestimated. Based on the company's unique channel and brand advantages, we give a target price of 48 yuan, corresponding to 32 times the dynamic price-earnings ratio in 2011, and there is still room for growth of 28% compared with the current stock price, giving the "overweight" rating for the first time.
The company deeply integrates upstream and downstream resources, and has strong channel advantages to create a one-stop platform for global procurement.
On the one hand, the company provides one-stop product services for international giants such as Lowe's, HomeDepot, and Kingfisher, with more than 20,000 terminal retail outlets. On the other hand, the company outsourced 60% of its products to 1,000 qualified external suppliers, and integrated supply chains through sales orders + R&D design + quality control to form a complete supply chain supporting system. The company's share of downstream customers is less than 1%, and the overseas market is still growing in the future.
To build a brand of hardware tools, multi-brand strategy to promote domestic and foreign markets. On the one hand, the company will still maintain its ODM-based strategy and continue to consolidate and deepen its long-term partnership with global retailers. With the expansion of the company’s own brand and the acquisition of new brands, it is expected that the company OBM in the coming years. The proportion is expected to exceed 30%. This will help to realize the downstream expansion of the company's value chain and provide long-term growth in corporate profits. On the other hand, the company will actively expand the domestic personal and industrial and mining enterprises' market. With the increase of people's income, the domestic hardware tool market is expected to flourish in the next 5-10 years.
The target price is 48 yuan, giving it an "overweight" rating for the first time. Without considering the extension of the acquisition, we forecast that the company will be fully diluted EPS of 1.11, 1.49, and 1.87 yuan in 2010-2012, corresponding to a 25-fold dynamic price-earnings ratio in 2011, which is obviously underestimated. Based on the company's unique channel and brand advantages, we give a target price of 48 yuan, corresponding to 32 times the dynamic price-earnings ratio in 2011, and there is still room for growth of 28% compared with the current stock price, giving the "overweight" rating for the first time.
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