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【世纪证券】同大股份:新股申购策略与新股上市定位

[century Securities] Tongda shares: purchase Strategy and IPO orientation of New shares

世紀證券 ·  May 11, 2012 00:00  · Researches

Profit forecast

At present, the company is mainly engaged in ultra-fine fiber PU synthetic leather industry. We comprehensively refer to the valuation levels of ultra-fine fiber PU synthetic leather listed companies and recent listed small and medium-sized board stocks, combined with the company's current fundamentals and future development prospects, we think that its reasonable valuation range should be 22-27 times, calculated according to the 2012 forecast earnings per share of 1.33 yuan. The corresponding target price range should be 29.26-35.91 yuan, but considering the 75% discount in the secondary market, the final target price is 21.95-26.93 yuan.

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