It is estimated that the company's EPS from 2015 to 2017 will be 0.014, 0.015 and 0.016 yuan. In view of the fact that ① is likely to pass this increase; the prospect of the three major technology projects of graphene, robot and near space vehicle to be raised by ② is very attractive; and the financial business to be invested by ③ is expected to significantly increase the company's performance in 2015, giving the company 8 times PB in 2015, higher than the median level of the industry. Give the company a target price of 16.7 yuan and give an overweight rating for the first time.
The transformation of equity investment management and industrial investment, to build a "technology + finance" two-wheel-driven business model. ① transformed its equity investment management and industrial investment, and disclosed a fixed increase plan on May 5, 2015 to build a "technology + finance" two-wheel drive business model. ② plans to issue no more than 476 million shares and no more than 2.6656 billion yuan of shares to the company's controlling shareholders and wholly-owned subsidiaries at 5.60 yuan per share, which will be used to build three major technology sectors: graphene, robots and near space vehicles.
The three major science and technology projects cooperate with each other and the prospect is attractive. ① plans to invest 1.15 billion yuan to enter the graphene industry in the trillion market. The proposed graphene business has begun to take shape and is expected to set sail. ② plans to invest 700 million yuan in the service robot industry, which mainly distributes trillions of markets. The economy of service robot has become obvious in 2015, or it may usher in a period of industrial explosion. And the company's product research and development depends on the strong technical strength of Zhejiang University, its business prospects are bright. ③ plans to invest 815.6 million yuan to enter the nearby space vehicle industry. The product can replace and supplement some applications of aviation system and satellite system, and has dual-use value for both military and civilian use.
The financial business provides stable cash flow and supports the development of the company. The company announced on February 11, 2015 and May 5, 2015 respectively that it will invest in Huatai Futures Company and Xiamen International Bank, and formally expand its business to the financial field. The new financial business not only creates another profit point for the company, but also provides financial support for science and technology investment to promote the sustained and stable development of the company.
Risk factors: the miscarriage of private placement projects and the promotion of the proposed investment products are not up to expectations.