> Panorama Network News September 16, Baan water (300 262), through the optical cable (300 265), good record video (300 264), Longhua heat (300 263) shares four GEM officially traded today. Baan Water (300 262) listed the total number of pricing analysis issue (shares) online issue of 16,700,000 (shares) issued 13,400,000 Company Code 300262 Price (yuan) 18 price-earnings ratio (times) the success rate of 46.63% 0.345 Listing Date 2011-09-16 Galaxy Securities, said the investment analysis, Taking into account in the power industryWaterfield has a leading position, giving the company a certain premium, combined with the current market environment and the IPO first-day performance of the comprehensive analysis of the earnings per share in 2011 given by the company listed on the first on the valuation range of 35-40 times, corresponding to the first day of listing price 19.95-22.80 yuan, the company determine the issue price of 18 yuan, the first-day gain of 10.83% -26.67% range of inquiry and institutions listed price is reasonable institutions by the reasonable price range (a stock listing) the company's performance a competitive advantage / pe valuation of the East China Sea should Xiaoming 20.65 yuan securities company expects diluted eps for 2011-2013 were 0.59 yuan, 0.71 yuan and 0.96 yuan to the company in which to consider Thewaterindustry is the country in the "five" countries to benefit most environmental planning industry, taking into account the total share capital after the company successfully issued only 6670 shares, there is a strong future expansion requirements of capital , giving the company 35 times in 2011 combined valuation Warburg Securities Wang Xu 17.10 yuan forecast Baan water 2011,2012,2013 earnings per share were 0.57 yuan, 0.71 yuan, 0.87 yuan, respectively, are expected 2011,2012,2013 earnings ratio of 30 times , 24 times and 20 times the Mu AJ Securities expects the company shipped weeks 17.11-19.47 yuan to 2011 yuan in 2013 eps of 0.59,0.66,0.74 listed companies with comparable valuations, giving 29-33 times the company in 2011, 2012, 24 -28 times, 18-22 times earnings in 2013, Hai Tong Securities Lu Fengming -19.6 17.7 yuan RMB 2011-2012 Baan water is expected diluted earnings per share were 0.59 yuan, 0.70 yuan investment in view of industry growth, and listed companies orders in hand, Baan water in 2011, 2012, pe reasonable valuation levels were 30 times, 28 times the investment securities Peng Quangang 17 to 18.8 yuan from 2011 to 2013, the company forecast diluted earnings per share were 0.57 yuan, 0.71 yuan , 0.88 yuan in accordance with the performance given in 2011 30 to 33 times earnings valuation agencies view Guotai Junan: business structure: "thermal power, based on the flanks of industrial and municipal" development pattern, we believe this business is conducive to long-term development: ( 1) market space from 10 to 100 billion, from centralized to decentralized downstream customers, the company is expected to rely on the project, brand, financial strength to achieve rapid growth; (2) the size of individual projects is expected to raise from 10 million to a million test of financial strength and engineering organizational capacity, fit the company benefits; (3) get rid of dependence on a single industry. AJ Securities: maturewater from abroadmarket, water markets are scattered from filial piety to large, centralized process in the technology capital of the company will have an advantage of scale to develop, while small companies will be eliminated. China's water market in the development phase, many small companies, water treatment market, but the trend of the future must be large and concentrated, capital and technology companies scale advantages, the future will survive to grow up. Donghai Securities: Company has signed the order of 400 million yuan project, the company's future revenue growth and performance on the protection of the project With the sustained rapid economic development and urbanization process forward, the water treatment market has been rapid development, rapid growth of business for the company has laid a good base-chu Hai Tong Securities: We believe that Baan water as a water supply plant started from a private enterprise, and its overall water treatment plant steady growth in demand in the context of actively expanding steelindustrial water treatment , and municipal sewage treatmentfield, ability to develop new business markets because of the scale of investment in water treatment industry large (over one trillion), and Baan's current water sales will total more than 200 million, so future growth is still relatively large company fundamentals Company Profile: Water on the Hai Baan Hai Baan Co., Ltd. is the water treatment Engineering Co., Ltd. as of the audited net book value of total assets converted into shares of the Corporation set up to change by Chunlin Zhang, chairman and general manager after the IPO, Mr. Zhang Chunlin stake down to 52.68%, remains the largest controlling shareholder and the actual controller. main business: equipment sales for the water treatment system integration, technical services related to water treatment system installation and construction services with comprehensive technology and business coverage condensate lines, water supply, recycled water (in water) reuse, comprehensive water drainage and other areas. Industry: Public utilities highlights: 1, nearly three years to increase the percentage of municipal water treatment, to drive enhanced profitability from 2008 to the present, the company's main business revenue growth momentum, which, municipal water treatment rising proportion of income from the business point of view of the gross margin level,industrial water treatmentis relatively stable profitability, gross margin is higher thanmunicipal water treatment industrial water treatment , and showed a rising trend in recent years to promote the company's overall profitability improved. 2, electricity and stable development of water markets, new business development is the driving force from the company's growth long-term development, the company based on the power industry will continue to maintain the thermal power its leading position in the field of water treatment, while actively developing oil and petrochemical, municipal water treatment and other areas of the business, expanding the scope of business areas and enhance the ability to resist changes in the market risk of the future, water treatment industry, thermal power installed capacity is expected to follow the annual increase to keep steady growth, the cornerstone of the company's development, while the petroleum, petrochemical, municipal water treatment and other new areas of business, will become an important engine of growth 3, raise investment project to enhance the capacity of the project contract to expand operations in addition to raising investment for the original project - - Additional working capital (70 million yuan),water treatment equipmentSystem Integration Center Project (7,500 million), R & D Center (3278 million), the remaining raised funds will be used to supplement working capital From the perspective of future development ideas will gradually from equipment sales, engineering, turnkey, construction and operation to the integration of conversion due to bot project billing cycle of the project company's capital are higher, the company raised funds over the future use may be part of the business development in the field. 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