Daheng Technology is a shareholding technology company. The main business includes information technology and office automation, as well as opto-mechatronics products, semiconductor components products and TV digital network editing and playback systems. In recent years, the company has been transforming into an investment holding and incubating company, developing leading products and increasing profits.
Performance continues to improve. The company's performance fell to a low ebb in 2009 and is expected to continue to improve in the future as the economy recovers and the operations of its holding companies improve. The main growth points are: 1, Ningbo Ming listening expansion commissioning perfect, coinciding with the recovery of the industry, profits are expected to increase significantly; 2, Daheng Image, a subsidiary of Daheng (Group), is expected to usher in rapid growth; 3, China Science and Technology Ocean ushered in development opportunities under the integration of three networks; 4. 20% of the equity transfer of Nuoan Fund will be calculated in accordance with the equity method, which can bring a substantial increase in investment income.
Looking forward to the rise of the future. Relying on some scientific research institutes of the Chinese Academy of Sciences, the company has certain technical advantages, especially laser equipment, medical equipment and image processing systems, etc., integrating resources and making use of the opportunity of listing on the gem, the company is expected to develop and grow. the main business and leading products of its companies are faced with good development opportunities: if laser equipment products successfully turn to industrial application fields. Ningbo Ming listening Company has a bright future in packaging business, and the joint venture chip factory with Japan will be like a tiger; the core business of Dayang Technology and Daheng Image has broad space and can be expanded to some industries.
We believe that several companies controlled by the company have the potential to go public, so there is the possibility of listing. Among them, we think that there are Daheng Image, Dayang Technology and Ningbo Hualong which have the potential of listing.
Stock price catalyst: 1, performance pre-increase; 2, progress in joint venture chip factory with Japan; 3, completion of equity transfer of Nuoan Fund; 4. Ningbo Hualong listing application materials and after-meeting, etc.
Risk factors: chip factory joint venture and Noan fund equity transfer is not as expected.
Profit forecast and investment rating: in 2010-11-12, the annual EPS of the forecast company is 0.35, 0.51, 0.63, the dynamic PE is respectively, 28-19-16, and the PB is 2.6, 2.2 and 1.9 times, respectively. Give the company a valuation of 25 times PE in 2011, with a reasonable valuation of 12.65 yuan. If the business valuation, can be given to Daheng Group, Dayang Technology and Ningbo Ming listening three companies in 2011 30 times PE, Noan Fund 20 times PE, the other 10 times PE, a reasonable valuation of a total of 122yuan. As a result, the company is given a target price of 12.65 yuan, which is expected to rise by 29%, giving a "buy" investment rating for the first time.