Events:
On May 27, Shenzhen Meixin Investment Co., Ltd., a wholly-owned subsidiary of the company, signed an Investment Agreement with San Medino Medical Technology (Huzhou) Co., Ltd. Meixin Investment plans to invest 40 million yuan in Sengmei Healthcare. Meixin Investment will hold a 9.75% stake in Sanmei Medical.
Comments:
Plans to invest in Sao Mei Medical, the company will add new bright spots in the future. According to the recently signed agreement, Meixin Investment, a wholly owned subsidiary of the company, plans to invest 40 million yuan in Sengmei Medical in the form of currency payment, and hold a 9.75% stake after the capital increase is completed. Sao Mei Medical has a net asset of 16.595 million yuan, operating income of 8.2432 million yuan and a net profit of-19.8699 million yuan. Before this investment, the underlying stock price was 370 million yuan. The investment funds will be used for factory reconstruction and expansion, new product research and development, marketing, etc., so that the company will achieve diversified investment models and add new bright spots for the company's development.
Sengmei Medical is a domestic dynamic blood glucose meter professional company, is expected to expand the product market promotion in the future. Sengmei Medical is a Sino-US joint venture with the majority shareholder of the American Asian Diabetes Research Foundation, with a stake of 27.59% before the capital increase. It is mainly engaged in the research and development and promotion of dynamic blood glucose monitoring products, and it has advanced common sugar biosensor technology. The company's products are currently in the market development stage, and the capital injection will contribute to the research and development of new products and the large-scale sales and promotion of products, and the product market penetration is expected to continue to improve in the future.
The growth rate of domestic nylon fiber output accelerated in April. Since the beginning of 14 years, the nylon market is still in the doldrums. As the decline in the price of the company's products in the first quarter was higher than that of raw materials, the gross profit margin fell by nearly 4 percentage points in a single quarter and led to continued losses in a single quarter. In April 14, the domestic output of nylon fiber was 198000 tons, an increase of 11.40% over the same period last year, and the growth rate was 5% faster than that of the previous month.
Give a "neutral" rating. The company is mainly engaged in nylon chips, filament and printing and dyeing cloth business, the nylon industry has entered the off-season, product demand is still weak. This time, the company plans to invest abroad in the field of dynamic blood glucose monitoring, which will help the company to achieve diversified investment layout and add new bright spots for the company. Considering the impact of future non-public offerings, we expect the company's diluted EPS to be 0. 5% in 2014-2016. 08,0. 19 and 0.28 yuan, corresponding to the PE of 59 times, 26 times and 17 times respectively, the company was given a "neutral" investment rating for the first time.
Risk tips: 1. Industry policy risk; 2. The risk of a sustained downturn in industry demand; 3. Risk of sharp fluctuations in raw material prices; 4. Financial risk of the company.