This report is read as follows:
Bertre has a very high industrial status in the field of lithium materials, and the selected layer is about to be successfully released. We set the target market value of Bertre at 34 billion yuan. Using the segment market valuation method, we also increase the target price of Baoan in China.
Main points of investment:
Raise the target price to 12.88 yuan to maintain the overweight rating. The new third board selection layer of the subsidiary Betterre is about to open for trading. We give the target market value 34 billion yuan, and the company holds an additional 29.5% stake in Ma Yinglong, a listed company. we use the segment market valuation method to give the company a target market capitalization of 33.2 billion yuan, corresponding to the share price of 12.88 yuan. Maintain the 2020-2022 profit forecast of 0.13,0.17,0.20 yuan, raise the target price to 12.88 yuan (+ 2.88), and maintain the value-added rating.
Bertre has a very high industrial status, with a target market capitalization of 34 billion yuan. In our in-depth report "Bertre: the world's leading supplier of positive and negative materials", we described in detail Bertre's industrial position in lithium materials, the negative electrode ranked first in the world for seven consecutive years, lithium iron phosphate ranked second in China, high nickel ternary ranked third, silicon-carbon negative electrode ranked first in China, customers almost included all the lithium giants in the world. Especially recently, the company's high nickel cathode has passed the certification of Panasonic and SK, which has entered the stage of batch supply, bringing great flexibility, so we set the target market capitalization of Bertre at 34 billion yuan.
Segment market value valuation method, the company's target market capitalization of 33.2 billion yuan. The company holds a 75.5% equity stake in Bertre, corresponding to a market capitalization of 25.7 billion yuan, and holds a 29.5% equity stake in Ma Yinglong. We assume that Ma Yinglong's current market capitalization of 11.4 billion yuan is reasonable, corresponding to a market capitalization of 3.4 billion yuan; the company's real estate business is 1.55 times PS, corresponding to a market capitalization of 4.1 billion yuan, so the reasonable market capitalization of the company should be 33.2 billion yuan.
Catalyst: Beitri new three-board selected layer open-board transaction
Risk hint: the company's real estate business has declined and other incubation projects have not been successful.