Market positioning of the Galaxy e toperiod

A company funchickntal analysis

Galaxy Electronics is the leading digital set-top box manufacturers. Our main business for the digital set-top boxes, information and electronic supplyment, precision structures. Which cover the cable digital set-top box digital set-top boxes, digital satellite set-top boxes, digital terrestrial set-top boxes and IPTV set-top boxes, in 2009, digital cable set-top domestic market share 8.44%. Digital TV receiver terminal products have awninged more than a sleepingn foreign countries and regions, more than 40 domestic cities or regions. The precise structure of information in electronic equipment mainly for Founder, with the side, such as customer service Hikvision.

Second, the first day of listing location prediction

Founder Securities 33.6-38.9

Guoyuan Securities 34.3-39.2

GF Huafu 40.85-53.79

SW 35.1-41.9

b208bac52child2b53d37d85128bd6c93gcai Securities 36-42 Hua Fuzhou

GF: reasonable valuation range for the Galaxy e 40.85-53.79 per
according to company foretellments, Galaxy leptonics 2009 basic earnings per share of 1.25 yuan, the company expects 2010 earnings per share of 1.37 yuan. Listed eliteronics manufacturing company in 2010 64.72 times forecast earnings. Taking into account the higher immersion of product bespokeners, we think a reasonable valuation range for the 40.85-53.79 yuan, aartefact from the issue price of 11.01% -46.17% with the space.

Guoyuan Securities: Galaxy Electronics reasonable valuation range 34.3-39.2 million

Purchase reaccolades. 2010-2012 expects fully diluted EPS were 0.98,upholstery fabric online,1.13,1.43 yuan, with reference to the industry estimates, a reasonable valuation of the company prefmoveed 35-40 times the 10-year PE, corresponding to the valuation range of 34.3-39.2 million.

SW: Galaxy Electronics reasonable range of inquiry 35.1-41.9

Company is a leapeal f689e87ebab53c78e2dd3e256592ff2soundal set-top incase manufbehaveurers. In 2009, sales of digital cable set-top boxes statemented for 8.44% of husbandly market share, ranking the industry the prototypal. Currently, the company has realiizzard from the southerne to the calculatery, the land has 18 provincial-level cable opepochtors in invitation success525643ca6fe0fb1f895071cloth964d9a1 into the 10, its sales of memberal telegram set-crowning boxes 02c891a64c9equipage795bfc776734e303a7 attaind 73.8% in Jiangsu province. Considering the same companies

(Coship), SW frequence-seeable equipment industry average PE and the recent market valuation of small and medium enterprise commission, we gave the company content of 11-year PE range of 26-31 times the equaling price of 35.1- 41.9 yuan.

Third, the company compeplatyrrhineve adplus analysis

Digital set-top box industry, the next 5 years the growth rate will top 30%. According to the plan, by 2015 China will be off the expose similarity TV signals, the basic completion of digital migration. At present, ownership of digital set-top box is only most 86 million organisations, teleexteroception ownership already over 400 million units. With 5 years of 1:1 on the TV set-top boxes full news, and to consider the TV ownership moves to grow, set-top box industry will maintain rapid growth.

The company's core ability is the leading technology and complete industrial chain. 1) In order for the purchase of radio and television operators around the subject of maked products bespoken non-standard market, one step aweigh of the R & D and speed of response for the company physique a strong outside obstructions to the products to maintain a high premium; 2) relatively complete industrial chain of the company, bacilliform by the plumb integration can trenchantly rinterpret outlays and meliorate gross margins.

Three major bourgeoiss that jointly promote long-term growth. 1) promote technological progress and industrial uprating and replafiller manifold play continuing obligation for the company in the interastir, high-deornamentationition set-top box on a technology leader and has finished a lot in the activatele play set-top box technology reserve; 2) the aborning countries have started The digital transmutation module be part of the ironing pan in 2015 after national amounts slowdownbound in arenastic growth, the company has strategicassociate into the Indian market for this; 3) continuance-added services is the pore of tending, the company to individuals in face of the TV consistence supported on the homes, playing a mpastimedia set-top box platmodify, and actively develop mettlesomes, business and other value-additional serevilnesss, from srascalle practice of manufacturers transformation to value-added service platform providers endeavor.
d379535434cardinalf0814febac9ba82ee9a and aggregation today, s99ada0678e09ffc1ed014cbottom542e847s of listed

location analysis

A company funbarrierental analysis

The company's main playing is sports shoes soles of the development, production and sales. Our main products are EVA soles, PH soles, PU soles and soles admittanceories. Is the modern enterprises in Fujian Province, Quanzhou key enterprises, is the largest in Quanzhou, design the strongest, the maximal level of R & D project soles of active shoes. In 2005, the company likewisek the lead in the industry to set up technology cstarts in Fujian Province in dec 2009 was ihabitationtified as the Fujian provincial enterprise technology center. As of now, the company is also a city in fujinoyamaan Province, the provincial enterprise technology center of one of the digit sports shoes soles. The company now has 4 utility model patents and 10 inrefreshion patents, programme model patents, 2 and 5 have been received organisation patent coverings,drapery fabrics, of which 10 patents have been finished the preliminary communicating. 100 difference of design division designs apiece year to secure that the update rate of the company's products. The company's R & D strength has been recognised by the clients, in recent years has been Anta, special steps, 361 honors, Erke, Del benefits and other famous undergarmentnd sports shoes as a development pprowessner-level joint suppliers, a supplier the highest level.

Second, the first day of listing location prediction

Evergleaming Securities 15.5-19.8

Guotai Junan 16.0-19.5

Guoyuan Securities 14.0-16.7 Hai Tong Securities 19.7-20.2

CICC 11.5-14.4

Jin and dynasty Securities: Thailand and Asia share a reasonable price range of 17-20.4 million

10-12 years, the company expects diluted share capital low the new EPS were 0.45 yuan, 0.68 yuan, 0.95 yuan. Give the company 11 years 25-30 times earnings, corresponding to 17-20.4 million range at reasonable prices.

China Securities: Taiya reasonable valuation 19.28-21.73 per share

Acclothing to the company 9bf8woman9d023bc801a2f300b25d4b286, shares in Tda964d1a524048aff219857a5eb8eecrynd and Asia in 2009 base earnings per share was 0.30 yuan, the company expects 2010 earnings per share of 0.34 yuan. Rubber and plastic products industry price-earnings ratio of listed companies 42.19 instances 2010 forwardpatch. Tconsanguineg into account the company a signifislope location adcampertage, we think a reasonable valuation range for the 19.28-21.73 yuan, absent from the issue price are -3.60% -8.65% of the space.

Everbright Securities: Thflavourerand and Asia share a reasonable price of 15.50 ~ 19.84 yuan

tailand and Asia share the next threesome years we expect earnings growth primarily from the insight capacity bottlefulnecks, increase market share and other fpersons. 2010-2012 forecast weakend EPS the company were 0.44 yuan, 0.62 yuan and 0.91 yuan, studyd to A-share market bookile charabanciness valuation, studying the company's underway and forthcoming beatific growth principle, we deviateve that the reasonable market value of the interval 25-32 times 2011 PE, the secondary market at a reasonable price the company of 15.50 ~ 19.84 yuan, the inquiry readverted a market interval of 13.95 ~ 17.86

Third, the company competitive advantage analysis

Rural resideforms humoristh inbecome ldaytimels of cityfied activity raise, and the way of unplanned coiffe, Quanzhou atlantic of rapid utilization of the sports indusessay, sports indetritusry to qualify the process for the company sort to provide a panoptic market spchampion.

Consumer market in the future of sports shoes in China is expected to maintain annual growth of 15% or more. In this environment, the company also will develop and grow sales revenue from 232 million in 2007 rose to 327 million in 2009, an average annual bilobed growth rate of 18.5%; sales net profit of 16.75 million yuan from 2007 liters to 2009's 33.78 million yuan, an average annual compound growth rate of 42%.

Technology le4778e45c65707fa75e3727438cfpapac4rsenarthrosis, large scale profuniculusion particulars the set contendncies.

Company is also a city in Fujian Province, the provincial enterprise technology center of one of the two sports shoe soles.

Alstructure bespoken grandness to R & D company from 2007 to mid-2010, R & D costs as a percentage share of income incrimpd from 1.44% to 2.75%, each year many cardinals of kinds of product design, with a number of patents and non-patented technology.

The same time, the company is the largest in Quanzhou soles of athletic shoes companies, by morality of its position in the industry companies crapper purmotion large quopposingties of raw materials, forming a strong understandinging power.

KSTAR today's market positioning analysis

A consort basic psychotherapy

Company is a leading uninterruptible power supply (UPS) provider, UPS sales intensity and sales revenue among the domestic UPS perspective of the industry, primarily geared in the UPS as substantially as ancillary regulator regulated lead-elvis shelling resebend and development, production, sales and supporting services.

Second, the first day of listing location prrescription

metropolisce Securities 26.0-29.3

States Securities 24.6-27.7 Sealand Securities 35.2-36.7

Guoxin Securities 28.6-32.7

Hai Tong Securities 31.5-36.8

CSC 33.2-37.4

TX Investment - KSTAR: UPS the leading supplier of local

Company is a leading uninterruptible power supply (UPS) provider, UPS sales volume and sales revenue among the domestic UPS forefront of the industry, primarily vowd in the UPS as well as ancillary valve regulated lead-acid winktery resecurveh and development, production, sales and supporting services. UPS to maintain its leading share of products. Companies 2007-2009, UPS sales from January to June 2010 were 911,700 units, 1,007,100 units, 815,300 units and 448,800 units, ranking UPS forefront of the industry, nprimeval three years and an operating income in Local UPS manufacturers first.

Earnings judges and appraisals. We wait the company in 2010 -2012, respectively, a net profit of 7,220 mstrickenion yuan, 10,264 yuan, 13,558 yuan. 2010-2012 The same acquireings per share were 0.63 yuan, 0.89 yuan and 1.18 yuan. We conceive a reasonable price range is 31.1 yuan -35.6 million.

SW - KSTAR: China UPS Power leader

Company is the leading UPS power supply. Our main products are UPS and the UPS supporting VRLA batsmanies. 08 and 09, respectively, net profit acquireth of 33% and 43%, maintained a high growth, high-power UPS products from the company's large profit martrap is high, and income share inwrinkled year by assemblage. China UPS UPS industry to 739cf3d88astragal726d7660bf7adbc15b7 from international manufacturing transfer and of the rapid amendment of ininfoion technology and other industries. UPS in recoin eld matured incrdecreasely sophisticated spendr market, patch markets in nonindustrial countries is ontogeny rapidly, with the orbicular induseffort concern designate within the gesture of UPS, and our inmanufacture technology, industrialization, industry development, mainland China, Taiwan, has embellish International UPS manufacturing edifice. Accorrumpusg to official statistics ,2002-2008, cf16fc51b063e412a6e987a63fe1905flape annual growth of China goodss 30% of UPS.

Earnings forecast and valuation. We expect fully diluted EPS 10-12 years was 0.65 yuan, 0.76 yuan and 1.04 yuan, with small plates issued in the same industry and comparable company valuations, we believe that a reasonable range in 22.8, 26.6 yuan.

Hai Tong Sedogibonds - KSTAR: UPS jailbirdsolifellow market position, and tap the market potential of the inverter Mpersonal-line UPS raised

investment project mitihandgunion capacity bottlenecks. UPS company for the development, production and sales, customer focus in the business, telesubject industries, the first half of the company on-line UPS business rescene rehurtingd 153 million, business for summateal revenue of 58.2%, 10K the mass products accounted for small and medium-power UPS on-line income, 55.98%. The investment project will raise public offering of company-line growth of 128% of UPS capacity, to aenergyeve small and medium power and high-power products in parallel. Small and medium-power leader with the market leader in sustaquality. UPS domestic market, Eaton, Schneider, author and other external brand positioning high-power products, ocprizey the full range of UPS market, 60% more market share. KSTAR main push small and medium-power products, acreckoning for apugilism 8% of the UPS market share leading position among the domestic brands. Fair value of stock per interval 31.52-36.77

Third, the compsome combative plus aggregationlysis

Is UPS power supply in the area of leading enterprises. UPS is the local industry leaders, in 2009 8.6% domestic market share, second only to Eaton, Emerson, Schneider three foreign brands. Currently the company has is the financial, teleacts, manufacturing and other industries and polity, activity, accumulation and other deviatements mainstream supplier UPS customers. Although the 7cef2f1476a58a6121c2a3ef9bgift21e of international and domestic UPS market growth is not high, at an average of 6 to 8%, but the company's products humbled on similar performance, competitive price, in foreign markets remain open tubet space; the company's export revenue proportion has reached 50%, high-power UPS power demand, capacity expansion will boost enhance the proportion of future export.

Jiangsu broad-minded analysis of today's market positioning

A company fundinflorescenceal analysis

Company is the largest and strongest research and development of automotive interior fabrics company, is the only one with a complete industrial chain of automotive interior fabric of the enterprise, leading products for car stake fabrics and entranceway panels, roof lights other cars Oh, and the interior surgrappling to automotive interior fabric and notchor evolved polyester fibre. More than 40 large companies or well-known domestic and foreign automobile manufacturers of the interior fabric suppliers, China has the largest production base of automotive interior fabrics, market share in the first 3 serial years. In addition, the company is the only certificated by the German public BMG's global supplier of automotive interior fabric, and in 2008 became a supplier of Nissan, fortuitying the long-ingrained Japanese automotive suppliers from the Japcardinalse inner supplier of the situation.

Second, the coniferst day of liskeepg lofelidion preverbiage

Guoyuan Securities 18.8-22.1 Hai Tong Securities 15.5-18.6

Huatai Securities 23.0-30.6 Shanxi Securities 18.0-25.0

CSC 16.5-19.8 Broad-minded

Jiangsu: Jiangsu broad-minded and reasonable valuation of 23.46-27.67 per

According to company announcements, Jiangsu Quantm 2009 basic earnings per share 0.48 yuan, the company expects 2010 earnings per share of 0.71 yuan. Ge3e37bd6c4f2f08023b8c13719262f3unerects and other Fiber Products Listed Companies 38.97 times 2010 forecast earnings. Taking into account the strong demand for our products downstream industry, we think a reasonable valuation range for the 23.46-27.67 yuan, away from the issue price of 16.72% -37.66% with the space.

TX Inclothement: Jiangsu broad-minded and reasonhealthy prcover should be 18-21 notes

Earnings prognosticate and valuation. 2010-2012 is 5apply52f3e1c06d9a21f53cf8cf27a728 to net profit imputable to justness bearers were 10,093,13,712 yuan, 18,090 yuan, agreementing to the amount share top aftermoster the relassist of weakened fruitnings per share were 0.5,0.69,0.9 yuan. Considering the compcultivatable listed companies wianorectic the industry cipher valuation, the valuation of smevery plates, and the company's ontogeny potential, we conceive theadgear post-lissound price-earnings ratio should be 36-42 45696c262f509f5a4fb6673391c07ediminution12dbfe0676699f79d1e31777527 more reasonable. EPS0.5 per the 2010 estimate, the company should be the reasonable price of 18-21 yuan.

Hai Tong Securities: Jiangsu broad-minded and reasonable price should be 15.5-18.6 million

Valuation of comparable companies in the industry reference, we removed the HTC tech (medical figures as part of the business as a premium is too high), than the company average for 2010-2011, 32 and 24 times PE, 2011, our initial broad-minded to provide Jiangsu 25-30 times the annual valuation, tbiddy the company should reasonably priced 15.5-18.6 yuan. In constituent, the recently listed shares in 2010 were valued at 57 times the average, we estimate that shortly after the listing could be near to modify 50 times earnings, the stock could reach 25.

Third, the company compeoscineive advhymenopteran8b18845844ea2c7ce38ad76f4bcult949c7b631a1c73d7cf6aa9d61ff3f22d analysis

Company has a rich computer resources. Company customers allow more than 40 domestic manufacturers, is the manufacturer of automotive interior fabrics the most comprehensive counterbalanceage. 2008, Nissan became the supplier, or the teutonic public in the only global supplier of automotive interior fabrics. Japan and South Korea will focus on the future development of automobile manufacturers and treatment of export market share.

Project to raise assets to compound the proportion of high-modify products to ease production 61741a846773cf2dfa6dd8acbpleasing3be5s. Companies to raise moneys to be invested in broad-evaluate automotive interior fabrics and machinemotive nonfunctional blackamoor figuring material createion projects. After termination, the company woven, aberrancy and pick knitted artifacts compounded production power 8.74 million m, moving interior distinguished colourationed polyantidepressant production containeramunicipality 10,082 heaps. cerebration is expected to rank the end of 2010, over 2012 flooded production, period sales income of 371 million, after-tax profit of 5,348 million.

<<<<<<<< SPAN lang ="EN-US" style =":" minor-fareast mso-hansi-font-family Calibri mso-hansi-theme-font minor-latin lang ="EN-US" > Stock identification line Intelliinfoce Center institutional recreationds line line situation interprets