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【中原证券】G交运:集团整体上市或将提高盈利水平

中原證券 ·  Jul 25, 2006 00:00  · Researches

The company's car parts business is greatly affected by the overall development of the car industry. G Delivery does not have a clear competitive advantage in the field of parts. The company's passenger transport business faces intense competition. Its professional special freight business has a certain competitive advantage and strong profitability. As the situation in the securities market improves, participating brokerage firms will no longer drag down the company's investment returns, but it is also less likely that the proposed impairment will be washed back in the short term. Under current business and asset conditions, we expect the company's EPS for 2006 and 2007 to be around 0.18 or 0.20 yuan. Referring to the pricing level of the auto parts and transportation industry, the company's current stock price of around 4 yuan is not attractive. The listing of the Transportation Group as a whole will bring some room for imagination and hype, so there are certain transactional investment opportunities. If the overall listing is completed by the end of 2006, the company's total share capital will expand to 588.6 million yuan. EPS may be diluted in 2006, but in 2007 EPS will rise to around 0.27 yuan, and its theoretical price is around 4.9 yuan. Risk warning: Uncertainty about the specific plan and timing of the Group's overall listing; the integration workload of the Group's subsidiaries is heavy.

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