We expect the company's operating income from 2016 to 2018 to be 1,017.68 million yuan, 1099.1 million yuan, and 1351.89 million yuan; net profit of 105.97 million yuan, 116.9 million yuan, 147.16 million yuan; and earnings per share of 0.74 yuan, 0.81 yuan, and 1.02 yuan, respectively. Referring to the 2016 PE level of comparable companies, Kaizhong Precision was given a target price range of 30 to 37 yuan. A subscription is recommended. Risk warning: risk of production capacity improvement falling short of expectations, risk of revenue growth not in line with expectations, risk of declining gross margin, risk of high customer concentration, risk of fluctuations in market valuation levels
【中投证券】凯中精密:微特电机用换向器制造龙头企业
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