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【联讯证券】宏达股份:锌价上涨助公司中报扭亏、下半年业绩改善空间大

[Lianxun Securities] Hongda shares: Higher zinc prices helped the company reverse losses in the interim report, and there is plenty of room for performance improvement in the second half of the year

聯訊證券 ·  Aug 31, 2016 00:00  · Researches

Profit forecast and valuation: target price of 6.9 yuan/share, investment rating “buy”

Based on the above assumptions, we predict that the company's 2016 A/2017 A/2018A operating income will be 4,033 million yuan/4,436 million yuan/4.88 billion yuan respectively, net profit attributable to owners of the parent company will be 122 million yuan/76 million yuan/94 million yuan respectively, and the corresponding EPS will be 0.06 yuan/0.08 yuan/0.10 yuan respectively. The PE that can be given to the company for 2016A/2017A/2018A is 115 times/87 times/70 times, respectively. Corresponding to the valuation level of 115-fold PE in 2016, the target price is 6.9 yuan/share, and the investment rating is “buy”.

Risk warning

The price of zinc concentrate fell short of expectations, Sichuan Trust's performance fell short of expectations, production fell short of expectations, government subsidies fell short of expectations

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