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常铝股份(002160)点评:践行发展战略 加码医疗健康业务发展

興業證券 ·  Feb 2, 2016 00:00  · Researches

The main investment points are to implement the development strategy of dual main industries and enter the fields of hospital cleaning engineering and medical devices. The company announced today that it has invested in two companies to enter the field of hospital clean engineering services and medical devices: (1) it has transferred 80% of Sichuan Chenxi's shares at a price of 10.6 million yuan, and shareholders have agreed to increase the capital by 10 million yuan; the share ratio remains unchanged; (2) the share ratio remains unchanged; (2) it has increased the capital of Optimal Health by 40 million yuan to obtain 25% of the shares. At the same time, the company announced that it won the bid for Qingdao Haier's large non-ferrous aluminum foil large-scale resource exchange project in 2016, with a bid amount of about 3-350 million yuan. We believe that the company's announcement to enter the hospital cleaning business and medical device field is an important step for the company to implement the “aluminum+healthcare” strategy, and the pace of future transformation is firm. The three-year fixed increase is nearing completion, and the pace of the company's transformation is accelerating. The company's three-year fixed increase has been approved by the Securities Regulatory Commission, and the fixed increase is about to be completed. The capital raised is 1.08 billion yuan, greatly enhancing the company's capital strength. It helps to implement the “aluminum+healthcare” dual business development strategy. The company will make full use of the platforms and resources of listed companies to expand and strengthen the “big healthcare” business with Langmai in Shanghai as the center. At the same time, we believe that the company will fully rely on Jiuding's resources and background in the medical health field, and will also actively expand in other healthcare fields. Profit forecast: The company's net profit for 2015-2017 is estimated to be 1.14, 204 and 245 million yuan respectively, and EPS is 0.18, 0.32 and 0.39 yuan respectively. Considering the company's future transformation in the healthcare sector, the company's “increased holdings” rating is maintained. Risk warning: The transformation of the medical and health sector is lower than expected risks; there is a risk that processing costs for aluminum products will drop sharply.

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