Maintain the "overweight" rating, with a target price of 12.1 yuan. The market believes that the company's acquisition of new energy business is mainly for thickening short-term performance and lack of growth, while we believe that new energy will grow at a high speed along with the improvement of abandoning wind power limitation and superimposed rush installation. Together with the civil explosion business, it has become the core of the company's two pillars. The layout of emerging industries such as artificial intelligence and self-driving has been accelerated in the form of investment, and the recovery of the civilian explosion industry has created a stable cash flow. The EPS of 16 / 17 will be raised to 0.07 plus 0.08 yuan (+ 0.01 yuan). If the performance after Dun'an new energy injection is taken into account, the diluted EPS for 17 years will be 0.13 yuan, maintaining the "overweight" rating, with a target price of 12.1 yuan.
Restructuring into Dun'an New Energy, the improvement of power cuts is conducive to the outbreak of performance. The company plans to acquire Dun'an New Energy with 3.98 billion by issuing shares, and at the same time raise no more than 3 billion for wind power projects of new energy in Shanxi, Gansu, Inner Mongolia and other places. the follow-up new energy business will become the core of the company's two pillars together with the civil explosion business. In 2017, the abandonment rate of wind power is expected to maintain a quarterly downward trend of 16 years, which will improve the phenomenon of abandoning wind and limiting power. The year of superimposed rush installation will trigger the rapid growth of new energy business in the next three years. Dun'an New Energy promises that the non-return net profit of 2017-2020 deduction will not be less than 142 million, 243 million, 347 million and 436 million yuan.
Investment in emerging industries has accelerated, and private boom has stabilized to act as a "cash cow". Beijing Lightyear and Fengshi Interactive, which participated in the investment, have undergone qualitative changes in products and business model, and the expansion of sales scale and the gradual output of early investment have brought profit contribution to the company, which confirms the forward-looking layout of artificial intelligence. In addition, the Rushan Huiying Industrial Fund, established in the past 16 years, has completed nearly 70 million of its investment in high-growth areas such as artificial intelligence, self-driving and industrial 4.0. There are signs of recovery in the civil explosion industry, which promotes the civil explosion business to bring stable cash flow and provides financial guarantee for the development of emerging industries.
Catalyst: the installed power generation of new energy is better than expected; the epitaxial layout around artificial intelligence.
