(1) the SUSLIKE products developed by the company are simulated wire drawing products, with a gross profit margin of more than 30%, which will mainly be used to replace the stainless steel panels of high-grade household appliances, and is expected to become a new profit growth point of the company's traditional business in the future. (2) the company has developed the coated board which can be used for wall decoration, compared with traditional ceramics, it has the characteristics of low price, safe and firm, short construction time, simple installation and so on. It is expected to enter the decoration and decoration market in the future and improve the utilization rate of the company's production capacity. (3) the company issued an acquisition plan on April 18, which intends to acquire 98.88% of Jin Yingma Film and Television through private placement. The traditional industry actively lays out the rapid development of the media industry. Each of them has its own advantages and takes what it needs, which will produce good complementary effects. (4) in the acquisition plan, the three executives who now hold a 66.18% stake in Jin Yingma have a lock-up period of up to five years, and it will take eight years to lift the ban completely. the ultra-long lock-up period shows Jin Yingma executives' confidence in their own strength.

Profit forecast and investment advice. We expect Jin Yingma to merge the table in 2015, contributing more than 135 million yuan in net profit. According to wind's consensus forecast, the TV industry's PE in 2015 will be 27.5 times, corresponding to the company's market capitalization of 3.713 billion. The company's composite material business production capacity will not increase in the future, but the current profitability and capacity utilization are at the bottom of history. It is expected that with the launch of new products and entering the decoration market, the performance will have greater upward flexibility. At present, the coating board enterprises listed are Hesheng new materials and Yang Zi new materials, with an average PB of 3.12 times. Comprehensive consideration, it is more reasonable to give the company's traditional business 2 times PB. The corresponding market value is 1.944 billion yuan. Comprehensive company film and television and composite material business, the reasonable valuation of the company is about 5.66 billion yuan. According to the total share capital after the issuance of 281 million shares, the target price is 20.13 yuan, given a "buy" rating.

The main uncertain factors. The acquisition of Jin Yingma Film and Television failed, and steel prices rose sharply.