公司主要从事xx五金工具五金及配件生产和销售。五金工具主要用于国外市场，其中出口约10％，占出口钳类似，五金配件，主要面向国内市场，其中粗链接占领单缸柴油机连杆的百分之六十以上的国内市场的空白市场份额。

金属在5％左右的增长速度，各行业的全球需求，中国是一个重要的金属出口国，对金属产品的出口预计将达到百分之十五的增长速度。工具五金进出口公司主要的OEM为基础的，定价能力弱，近3年的OEM出口平均销售公司的主营业务收入和收入分别占88％和54％，公司将逐步增加ODM的比例。 ..中国的五金行业是劳动密集型产业，进入门槛不高，市场竞争激烈，未来的一些技术，低，小规模的五金企业将逐步被淘汰，大型和中小型企业将成为市场驱动，行业集中度将逐渐提高。

配件产品在加工产业链的早期阶段的公司，但下降五金工具产业(特别是钳型)破碎拥有{lx1}的技术优势。筹款项目全部完成后，钳子产能增加30％，90％，产能增加连杆和连杆提供优质的产品，提高产品组合配件。钢铁和其他主要原材料价格，出口退税政策调整和人民币升值的风险将成为该公司的毛利率和性能有一定的不利影响。然而，由于新项目的连续生产，该公司收入将稳步增长。我们预计每股收益对应于06,07年分别为0.23元，0.25元。估价结果的比较表明，有关公司在2006年的PE在22倍左右的平均水平，我们给予体育江苏宏宝的15-18倍，合理的价格，三月五日至四月一日万美元，考虑到发行价格折扣的影响，在3.0-3.5亿美元之间相应的调查。上市首日的价格预计将3月8号至五月五日万元。 06.9.19

Jiangsu Hongbao: tools hardware has certain advantages

Company is mainly engaged in high-end tools Hardware Hardware and accessories production and marketing. Hardware tools mainly for foreign markets, of which exports accounted for Pliers similar exports about 10%; Hardware accessories primarily for the domestic market, in which rough-link to occupy single-cylinder diesel engine connecting rod blank of domestic market of more than 60 percent market share.

metals industry in each of the global demand of around 5% growth rate, China is an important metal-exporting countries, exports of metal products is expected to reach 15 percent growth rate. Tools hardware export company mainly OEM-based, pricing power weak, near a three-year OEM export sales accounted for an average company’s main business revenue and income were 88% and 54%, the company will gradually increase the proportion of ODM. .. China’s hardware industry is labor-intensive industries, barriers to entry are not high and intense market competition, the future, some skill, low-, small-scale metal enterprises will gradually be eliminated, and large and medium-sized enterprises will become the market-driven, industry concentration will gradually improve .

accessories products company in the industrial chain of the early stage of processing, but broken down Hardware tool industry (in particular, clamp-type)has the leading technological advantage. The fund-raising projects are all completed, the pliers产能增加30%, 90% of the产能增加connecting rod and connecting rod to provide quality products, improved product mix accessories. Steel and other major raw materials prices, the export tax rebate policy adjustment and the risk of appreciation of the renminbi will be the company’s gross margin and performance have certain adverse effects. However, as the continuous production of new projects, the company revenues will grow steadily. We expect EPS corresponds to 06,07 years, respectively, 0.23 yuan, 0.25 yuan. Comparison of valuation results show that the relevant company in 2006 the average level of PE in about 22 times, we give the PE Jiangsu Hongbao are 15-18 times, reasonable price for 3.5-4.1 million, taking into account the issue price discount effect, the corresponding Inquiry in the 3.0-3.5 million range. Listed on the first day the price is expected to be 3.8-5.5 million. (06-9-19)