Quality assets-the participating Tianshili Group will continue to grow rapidly after a blowout.
Pinnacle Group holds a 20.76% stake in Tianshili Group, which is the company's best core asset. It is expected that 13-15 years will bring investment income of 99 million yuan, 136 million yuan and 186 million yuan to Jianfeng Group, with an average annual compound growth rate of 32%. The growth mainly comes from three aspects: ⑴ traditional Chinese medicine, the grass-roots dose of fist products compound Danshen dripping pills, and the global promotion that may pass the third phase of FDA certification. The second echelon Yangxueqingnao granule (pill) and Shuilinjia expand rapidly, and the net profit of traditional Chinese medicine plate is expected to be CARG30%. ⑵ chemical drug, Tiqing is the only oral capsule preparation for the treatment of glioma in China. Since 2004, right zopiclone has been earned in CARG30%, since 2004. With the bidding of local medical insurance in September and October this year, it will also begin to sell. ⑶ Dipoer Pu'er tea, made by Tianshili Group, is a brand new product. The output of soft drinks and refined tea has reached 20% in the past decade. Dipoer Pu'er tea relies on the brand advantage of Tianshili Group and has gained a certain popularity after three years of market cultivation. After the first phase of the project is put into production at the end of 12 years to solve the capacity bottleneck, it is expected to double its income in each of the next three years, with a net profit margin of more than 15%.
The second-best asset-cement sector will have an upward bearing in the next three years.
Cement is the main business of Jianfeng Group, but its cement assets have both holding and shareholding, and the net profit of cement plate is not only consolidated profit, but also equity conversion and dividend profit, which we regard as one. It is estimated that the 13-15-year net profit is 67 million yuan, 100 million yuan and 123 million yuan. 13-year net profit may decline slightly compared with 12-year 70 million, mainly because 12-year shareholding companies Southern cement and Guangxi Huying cement accumulate dividends of about 30 million yuan, while the two companies may not pay dividends for 13 years. Other holding companies, Daye Pinnacle, are located in eastern Hubei, while 35% equity shareholding enterprises, Southern Pinnacle, are located in Zhejiang Province. The profits of these two enterprises are expected to rise with the rise of regional market prosperity. Yunnan Jianfeng, a wholly-owned subsidiary, was put into production in May 13, lost 14 million yuan in 12 years, and is expected to turn losses into profits in 13 years.
Its own pharmaceutical assets contribute stable income, while other equity investments contribute stable dividends.
Jianfeng Group's own pharmaceutical assets are mainly antibiotic drug production and pharmaceutical business, with annual net profit stable at 2500-30 million yuan. Pinnacle Pharmaceutical started the health care product business in 12 years. "Shunimei" brand grape seed extract soft capsule has become the first health care product to be introduced to the market, and may become a new growth point in the future. Other equity investments mainly include equity participation in Kinfa shares and Jinhua Bank, both of which pay a cash dividend of about 10 million yuan a year.
Investment rating
It is expected that the net profit will double in the next three years. In 13-15 years, the net profit attributed to the parent company is 183 million yuan, 251 million yuan and 322 million yuan respectively, and the EPS is 0.53,0.73 yuan and 0.94 yuan respectively. Based on the rapid growth of Tianshili Group and the prosperity of the cement industry, the company is strongly recommended and rated and reasonably valued at 12 yuan in the next 6 months.
Risk hint
The equity of Tianshili Group has changed
Cement demand is lower than expected
