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【兴业证券】海泰发展年报点评

[Societe Generale Securities] comments on Haitai Development Annual report

興業證券 ·  Feb 20, 2008 00:00  · Researches

The company has a strong ability to expand long-term projects. In addition to the 1-3 phase of Haitai Green Industrial Base, Haitai Green Industrial Base currently has about 500 mu of land reserve, and the company plans to start development in 2008. In addition, the company's major shareholder Haitai Holdings Group and CNOOC jointly developed 25 square kilometers of land in the Binhai High-tech Zone. Haitai Group controls 51 percent, leading the development work, of which 3.6 square kilometers in the initial period has already started. Mainly industrial real estate and a small number of supporting facilities. It was originally planned that the project would be injected into the listed company in the first half of 2008, but due to the large number of new projects recently started by Haitai Development, the injection time may be delayed and take over the project when Haitai Development has the capital and energy to prepare.

It is estimated that the EPS of the company in 2008 and 2009 is 0.42 yuan and 0.63 yuan respectively. Considering the location advantage of the company and the high growth since 2008, the company is given 45 times PE in 2008, with a target price of 18.9 yuan and a rating of "recommendation".

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