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【招商证券】中国宝安:前三季度业绩同比大增,大手笔整合石墨产业链

招商證券 ·  Oct 19, 2015 00:00  · Researches

According to the company's performance forecast for the first three quarters, net profit attributable to shareholders of listed companies for the first three quarters was 63-680 million, an increase of 150% over the previous year. We anticipate a significant increase in the company's performance year on year. On the one hand, there has been a significant increase in the performance of many subsidiaries, especially the land and performance of the holding subsidiary. On the other hand, the company's sale of Baoan Real Estate received 8.2 investment income. This move will significantly increase current profit and loss. The company's performance is in line with expectations. Meanwhile, the company invested 1 billion yuan to establish a graphite industrial park base in Harbin, which is scheduled to be completed in 2019. The base specializes in the development and production of new materials related to graphite and carbon. This move is an important step for the company to expand Betray's upstream business. By setting up an industrial park base, on the one hand, upstream graphite resources can be better controlled, and on the other hand, it can also be better connected with downstream graphite anode material production, which plays a critical role in the company's integration of the industrial chain. The company is currently committed to the three main businesses of new energy and materials, financial investment, and pharmaceuticals. Currently, Betray, one of the company's three platforms, has huge room for growth. It also has many important technical reserves, including silicon-carbon anode materials, lithium cathode materials, and graphene, etc., and has strong technical strength. The net profit for 2015-2016 is expected to be 162 million and 186 million yuan. The company will focus on breaking through the field of new energy power batteries in the future, while also entering the cathode materials NCA. In addition, the company has a large amount of natural graphite ore resources, and the annual output of graphite concentrate can reach 600,000 tons. Ma Yinglong's growth is relatively certain. It is expected that there will be an annual growth of about 10%-20%. The company is actively expanding the business of anorectal hospitals, and at the same time establishing an industrial fund to seek more industrial opportunities. Net profit for 2015-2016 is estimated to be 240 million yuan and 300 million yuan respectively, and the corresponding company's investment income is around 72 million and 90 million yuan. Meanwhile, PE investment company Zhongdahe and the industry benefiting from the surge in downstream demand for new energy electric vehicles have seen a sharp increase in performance, and this year's performance is expected to triple over the same period last year. Furthermore, in the future, Vida Health Genetic Testing Company, which is a holding company, will benefit from the liberalization of genetic testing policies and become an important engine for the company's performance growth. The company's EPS for 2015-2017 is expected to be 0.55 yuan, 0.26 yuan, and 0.31 yuan respectively, corresponding to this year's PE of 21 times, maintaining a highly recommended -A rating. Risk warning: Investments in the financial sector are subject to certain volatility, which may affect current performance.

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