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【广发证券】力合股份:新创投项目尚待时日

[GF Securities Co., LTD.] Lihe shares: it will take time for a new venture capital project

廣發證券 ·  Mar 15, 2011 00:00  · Researches

Holding Zhuhai Tsinghua Science and Technology Park Venture Capital Co., Ltd., the new venture capital project will take time.

Lihe shares is an investment-controlled listed company engaged in many industries, mainly holding and participating in Zhuhai Tsinghua Science and Technology Park Venture Capital Co., Ltd., Zhuhai Lihe Environmental Protection Co., Ltd., Zhuhai Lihe Investment Co., Ltd., Zhuhai Huaguan Capacitor Co., Ltd., Zhuhai Huaguan Electronic Technology Co., Ltd., and so on. The company is mainly engaged in microelectronics, power electronics, environmental protection product development, industrial investment and management, bioengineering, new technology, new materials and product development, production and sales. The company's business income mainly comes from subsidiaries, among which Zhuhai Tsinghua Science and Technology Park Venture Capital Co., Ltd. is mainly engaged in the construction and operation of Zhuhai Tsinghua Science and Technology Park, venture capital and high-tech enterprise incubation. Zhuhai Huaguan Electronic Technology Co., Ltd., Zhuhai Huaguan Capacitor Co., Ltd. is mainly engaged in the production and operation of special production equipment for chip capacitors and electronic products. Zhuhai Lihe Environmental Protection Co., Ltd. is mainly engaged in sewage treatment business.

The ownership structure of the company

The total shares of the company are 344708340 shares. The main shareholders are Zhuhai Water Group Co., Ltd., Shenzhen Lihe Venture Capital Co., Ltd. Among them, Zhuhai Water Group Co., Ltd. has a shareholding ratio of 10.06%, and Shenzhen Lihe Venture Capital Co., Ltd. holds 8.31%. Zhuhai Water Group Co., Ltd., established in June 2009, is a wholly state-owned enterprise in Zhuhai, and the actual control of Lihe shares is Zhuhai SASAC.

Investment advice and risk tips

We predict that the EPS of the company in 2010 and 2011 will be 0.12, 0.14 and 0.17 yuan respectively. Taking into account the company's 10-year operating conditions and combined with the company's business philosophy, the company will continue to seek stable operation for 11 years to avoid risks and give the company a "hold" rating. In the future, there is a risk of mistakes in the company's business strategy, the development of subsidiaries depends on policy support, there is greater uncertainty, and there are greater risks in venture capital of subsidiaries.

The translation is provided by third-party software.


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