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常铝股份(002160)点评:定增获批 公司转型步伐加快

興業證券 ·  Dec 31, 2015 00:00  · Researches

The private offering of key investment points has been approved, and strategic investors have officially settled in. The scale of this non-public offering was 137 million shares, and the capital raised was 1.08 billion yuan. Of these, Jiutai Fund subscribed for 400 million yuan, and the controlling shareholders Changshu Aluminum Foil Factory and Zhang Ping subscribed for a total of 280 million yuan. After the issuance was completed, Jiutai Fund accounted for 6.56% of the company's total share capital, becoming an important strategic investor. Introduce Jiuding Investment to connect resources. The introduction of Jiuding Investment as the company's strategic investor this time will provide key resources and operational experience for the company's transformation and development, and provide opportunities for the company's strategic transformation and development. Jiuding Investment currently invests in 37 companies in the pharmaceutical field, with rich pharmaceutical industry assets, and is expected to connect with the company's strategic transformation in the future. The pace of corporate transformation will accelerate in the future. In 2014, the company established a “aluminum+healthcare” dual main business development strategy. In the future, the company's development focus will be biased towards the medical and health field. 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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