螺杆式制冷压缩机市场最大的独立供应商

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1、螺杆式制冷压缩机市场最大的独立供应商暖通空调设备·公司研究汉钟精机（002158）2007年7月询价报告合理估值区间建议询价区间投资要点11.2-13.6元7.85-8.4元∑公司概要：上海汉钟精机由台湾汉钟精机的全资子公司巴拿马海尔梅斯公司在大陆主发起成立，从事螺杆式压缩机应用技术的生产和销售，主要产分析师品有螺杆式制冷压缩机和螺杆式空气压缩机，是中国大陆螺杆式制冷压缩胡雅丽机市场最大的独立供应商。电话：021-68818867∑业务成长性：公司明确其发展定位为融入国内制冷空调厂家的主流供应邮件：huyl@citics.com链，积极配合国内企业参与全

2、球竞争。近年中国中央空调市场需求旺盛，螺杆机组占比最大，公司的主导产品螺杆式制冷压缩机稳定增长；新培育的螺杆式空气压缩机和冷冻冷藏压缩机增长贡献迅速；变频螺杆、离心机发行数据等新产品储备代表产业发展方向，保障持续增长。发行股本（百万股）8∑竞争优势：汉钟是国际制冷压缩机主流供应商中唯一专注于螺杆式压缩机发行后总股本（百万股）50.5产品的企业，具有本土化经营程度高、销售与服务直销模式有效、产品线齐全等优势，具备自主知识产权和持续研发能力。发行后股本结构∑风险因素：与台湾汉钟短期仍存在关联交易，与台湾汉钟的同业竞争通过划分销商区域能否长期规避值得观察。就目

3、前而言，公司与控制人之间关股东名称持股联交易的道德风险可控，发展上海汉钟符合实际控制人利益。巴拿马海尔梅斯公司持股量（百万股）55.41∑盈利预测：预计2007-2009年摊薄后EPS分别为0.34元、0.45元、0.50元，如果2008年后继续享受高新技术企业15%优惠所得税率则2009年持股比例（％）36.83EPS为0.56元。ＣapitalHarvest持股量（百万股）55.41∑估值与定价：根据相对估值比较，我们认为公司在二级市场3－6个月的持股比例（％）36.83合理价格区间为11.21元－13.6元，相当于2008年25-30倍动态PE；建

4、上海富田空调冷冻设备有限公司议询价区间7.85元－8.4元，对应于2006年摊薄发行市盈率28－30倍。持股量（百万股）0.56持股比例（％）0.37项目/年度200520062007E2008E2009E广州恒星冷冻机械制造有限公司持股量（百万股）0.56主营业务收入(百万元)224273367490639持股比例（％）0.37增长率YoY%9.522.234.433.430.4社会公众（Ａ股）净利润(百万元)2842526885/75持股量（百万股）38增长率YoY%76.450.523.432.224.47/9.8持股比例（％）25.25每股收益E

5、PS(元)0.250.370.340.450.56/0.50毛利率%26.828.826.726.225.8净资产收益率ROE%32.533.3612.7315.4817.32每股净资产1.311.543.653.974.28资料来源：中信证券研究部预测请务必阅读正文之后的免责条款部分暖通空调设备目录公司简介·····························································································································

6、······························································1行业背景···························································································································································································2工商用制冷空调压缩机行业简介···········

7、·····························································································································2螺杆式压缩机行业基本情况··············································································································································

8、·3螺杆式制冷压缩机行业需求状况························