Investment advice:
It is estimated that the EPS from 2014 to 2016 will be 0.12,0.2,0.28 yuan respectively, corresponding to dynamic PE76X, 18x and 13x. The establishment of an industrial fund marks a key step in mergers and acquisitions, which will help the company to take off again, and we upgrade our rating to "highly recommended".
Main points of investment:
Event: the company and Haitong Jihe jointly initiated the establishment of Haitong Beibo Industrial Investment Fund Partnership (Limited Partnership). The target scale of the industrial fund is RMB500 million and the operating period is three years. As the limited partner of the industrial fund, the company intends to contribute RMB 40 million, and Haitong Jihe, as the general partner and fund manager of the industrial fund, intends to contribute RMB 10 million.
The establishment of industrial M & An integration platform: the industrial fund takes high-tech glass technology, equipment, materials and related fields as the main investment direction, and has achieved the actual control of the target company as the main goal. The subscribed capital contribution of the industrial fund will be used to invest in the equity or privately traded stocks of unlisted high-quality enterprises at home and abroad, and the debt investment related to the equity investment in the invested enterprise, its actual controller and management team, and other investments approved by the Investment decision Committee.
M & An is the only way for the company to take off again: we think M & An is of great significance for the company to take off again: 1. Rich product line, the company's main products are toughening equipment, coating equipment, glass deep processing equipment such as hollow equipment, there is still a lot of market space; 2. Industrial chain extension, glass deep processing is also another important growth point of the company, industrial chain extension will also improve the company's equipment research and development capacity; 3. Help further upgrade products, especially high-end product research and development.
Upgrade the company's investment rating to "highly recommended": we believe that the establishment of the M & A fund marks the official opening of the curtain of M & A, and the new targets of M & A may play a significant role in the growth of the company's performance. on the other hand, the company's original glass toughening equipment, low-radiation coating equipment and glass deep processing business still have great growth potential, and the company's own development and extension expansion dual-driven development ideas have been implemented. The company is approaching to take off again.
Risk Tip: traditional products are lower than expected.