Frbiz.com analyzes Hanwei Electronics 5 "barriers" to success the industry's first

The first published prospectus GEM companies, Henan Hanwei Electronics Co., Ltd. for products with high technical barriers, and is mainly used in government regulation of industrial safety areas of production, its main business is not for ordinary investors are familiar with . In the end, the company determine the issue price of 27 yuan, corresponding to 2008 diluted PE of 53.42 times the static. Click here to price, with an expected 180 million yuan funding plan has been promoted to 400 million yuan.

State securities sponsor representative Jin-Song Kim, said the company's future growth and market forces plenty of room for 2009 to 2011 and even after several years of earnings point of view, the basic and reasonable pricing. Ren Hongjun, chairman of Hanwei Electronics are also confident in the company's future growth. He said that the combination of product upgrades and capacity expansion, the company will seek to 2009-2012 average annual growth in sales of not less than 30%; gas sensor domestic market share first; gas detection instrumentation industry, the domestic market share of the top three to strive for become an industry first.

Relying on the petrochemical industry

Ren Hongjun, said the company benefited from the situation in which the industry, the company main products have good market prospects, especially the chemical industry, environmental protection using toxic gas detection instruments, alcohol detector, petrochemical, coal mining areas such as the use of infrared Combustible gas detection instruments, more potential for growth, will become the firm's major revenue growth. Company's current industry-wide clients, mainly in the oil, Sinopec's oil fields, refineries, chemical companies, and the new Austrian gas, Hong Kong and China Gas and many other well-known enterprises.

The current domestic production of gas detectors more than 300 companies, but the annual turnover of more than 20 million yuan less than 20. It is learned that, in addition to the chemical industry, the company detected in the high-end commercial markets such as environmental protection, medical and health fields in 2008 as the No. 1 market share, reaching 15%. In addition, road traffic safety with the alcohol content of methane detector and two areas of rural energy, the company market share in 2008, respectively 35%, 55%.

Jin-Song He believes that although the gas detection industry is very new, but the broad field of application of the national major industries, including oil, iron and steel are involved. Meanwhile, the current environmental testing instruments sub-sectors growing much faster than the industry growth rate instruments.

Hai Tong Securities analyst believes that the size of a small contribute to the company in proportion to revenue and profit growth and to maintain a high gross margin, but the major industries in their growth rate may not be high, the feedback through the company's prospectus had raised more investment projects in production slow forecasts, but also to a certain extent reflect the business situation.

The consolidation of the industry-leading position

Ren Hongjun said that at present there's five major barriers in which the industry will have a huge bottleneck in the formation of the late entrants. The first is talent, and gas detection instruments of the key components - the sensor design, manufacture involves many disciplines, relevant technical staff were very scarce at home and abroad, mainly depends on the business practice in R & D culture, its cost is very high. Followed by the certification barriers, as it involves major security issues, the product need to go through the strict conditions, cycle length, the layers of the high cost of certification, resulting in the high cost of entry. The third is technical barriers involved in the field of gas sensor technology, a broader, interlinked nature of the principle of the sensor is low, they developed a higher degree of difficulty. Fourth, R & D experience and equipment, barriers, require long-term R & D and production process, independent research and not put a lot of money can be immediately available. The fifth is the brand barriers, excellent product quality and reliability of buyers priorities, products, brands and reputation affect the buyers choice of important factors. The company's "Han Wei", "Wei Sheng" brand is the company's biggest intangible assets.

Jin-Song He believes that the main advantage of Hanwei leading technology, the major risks are able to keep up with technological changes. He said Hanwei had been aware of this, to invest more heavily in technology and continued innovation mechanism, including in Shanghai, Shenzhen and other cities to establish research institutions. The company has a Ph.D. from Xi'an Jiaotong University join forces through continuous enhancement technologies to consolidate the dominant position in the industry.



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