Investment points: Baling Technology has been committed to providing heat exchanger application solutions for a long time. The company actively responds to the general trend of lightweight heat exchangers and the development of new energy vehicles, and strives to maintain the company's technology first-mover advantage; at the same time, it actively practices the business diversification strategy, participates in Guangxi Warner and issues an additional 600 million yuan to carry out the construction of live performance projects. practical layout of multi-field business, the growth momentum of various products is good. EPS is expected to rise year by year from 2015 to 2017, but the current value is undervalued, so it is recommended to buy.
The leader in the subdivision field of auto parts. The automobile industry has a long chain and complex and diverse products. the company is the leader of heat exchangers and the solution of car body heat exchange system, which is in line with the development direction of lightweight and new energy vehicles, and will maintain growth and stable profits in the future.
Make a positive layout and seek transformation. The company has actively expanded its diversification strategy and entered the cultural performing arts industry by taking a stake in Guangxi Warner, including large-scale science fiction projects of "Dinosaur" and "impression of Shajiabang" anti-Japanese war projects.
The company's financial health, stable performance, there is still transformation and expansion potential and motivation. Dual masters have been formed, but the company has healthy financial affairs, extremely low asset-liability ratio, abundant cash on hand, and great potential for continuous transformation and expansion in the future.
Profit forecast and investment advice: the market has experienced deleveraging adjustment, market style preference for low valuation and high growth; listed companies to seek future equity appreciation, need more mergers and acquisitions and new business development. The company actively develops and adheres to the diversification strategy. at the same time, the company has excellent financial performance and has the potential for continuous expansion in the future. Continuous new energy vehicle industry layout events, automobile lightweight, cultural industry development opportunities and so on will steadily push up the company's market value. It is predicted that the EPS of the company from 2015 to 2017 will be 0.67,1.16,1.50 yuan respectively, corresponding to the closing price PE of 113,65 and 50 times respectively. The target price is 100yuan, corresponding to 150x PE in 2015, with a "buy rating".
Risk hint. Competition in the heat exchanger market has intensified. The auto industry is in the doldrums The progress of cultural industry is slow.
