Investment suggestion
It is estimated that the EPS of the company from 2015 to 2017 is 0.03,0.14 and 0.24 yuan respectively, and the corresponding PE is 454,102,60 times. The company acquires Sanzhou Nuclear Energy to start a double main business. At present, the acquisition has been approved by SASAC, and the success rate has been improved. The military industry and nuclear energy industry involved in the three continents nuclear power industry is in a high growth cycle. The shareholding of the Nuclear Power Institute has improved the guarantee of technology and orders. Cover for the first time and give a "recommended" rating.
Main points of investment
Qunxing Toys acquires Sanzhou Nuclear Energy to create a double main business: the company acquires Sanzhou Nuclear Energy and develops a new main business outside the toy main business. At the same time, the acquisition started the process of additional issuance, the introduction of Nuclear Power Institute, Zhongguang Nuclear Capital and National Nuclear rich, and obtained the shareholding of nuclear power operators, which is conducive to the sales of future products.
Approved by the Commission of Science, Technology and Industry for National Defense to enhance the feasibility of the acquisition: as the acquisition involves the Nuclear Power Institute, it needs to be approved by the Commission of Science, Technology and Industry for National Defense and the Ministry of Finance. At present, it has been approved by the Commission of Science, Technology and Industry for National Defense, and the acquisition process has taken a big step forward.
The military nuclear power industry is in a high growth cycle: in recent years, the military industry has built and replaced a large number of warships, the approval of nuclear power has resumed and the gross profit of the third generation nuclear power has increased significantly. The above factors will support the high profit growth of three continents nuclear power in the future.
Nuclear Power Institute to improve technology, order security: the company obtained the Nuclear Power Institute technology transfer, with a continuous supply capacity in the military industry, nuclear power industry. In addition, as the Nuclear Power Institute belongs to the China Nuclear Corporation, it wins the first opportunity for the company to win related orders. Based on endogenous factors and external power, NPP also has sufficient power to support the development of the company.
Risk hints: the acquisition of Sanzhou nuclear power failed; competition in the field of nuclear power equipment intensified; the speed of nuclear power approval slowed down.