Profit forecasts and investment suggestions. Assuming that none of the dissenting shareholders of Shanaxe Minbang exercise their cash options and the maximum share capital is diluted, the corresponding EPS for 2012-2014 would be 1.75 yuan, 1.95 yuan, and 2.12 yuan. Considering that the company's absorption and merger will expand downstream (integration of sales channels within the province, cooperation in blasting services within and outside the province) after the completion of the merger, we will give the company 20x12PE with a target price of 35 yuan. We recommend purchasing. The current stock price is 28.71 yuan, corresponding to 16.41X12PE and 14.72X13PE, which is significantly lower than the industry average valuation of 19.28X11PE and 16.7X12PE, and has a high margin of safety.
【国金证券】南岭民爆:省内整合省外扩张同步推进
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