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【国信证券】高新发展:出售地产及相关业务、资产整合继续推进,维持“买入”评级

國信證券 ·  Aug 24, 2015 00:00  · Researches

Matters: The Company issued the “Report on Sale of Significant Assets and Related Transactions (Revised Draft)”: It is intended to sell 100% of Mianyang Beite's shares held by the Company and its holding subsidiary Chengdu Beite Construction and Development Co., Ltd. to Chengdu Gaotou Real Estate Co., Ltd., and sell 100% of the shares of Beite Property held by the Company and its holding subsidiary Chengdu Beite Construction and Development Co., Ltd. to Chengdu Gaotou Investment Management Co., Ltd. to Chengdu Hi-Tech Investment Management Co., Ltd., to pay consideration in monetary terms. Comment: Market first hit,? Small but beautiful? A high-quality country that changed its standards. On March 19, we were “Standing? A trendsetter for mass innovation? In the special study on “, incubators have broad prospects”, Qiyi clearly proposed it? As a branch business format of China's real estate industry, from the perspective of the business model, since they have the function of serving 'entrepreneurship' and 'innovation' and have convenient conditions to embrace the new economy, they have broad development prospects in an environment where the times call for 'mass entrepreneurship and mass innovation'? , of which? In terms of strong support for enterprises, park development platform-type enterprises with a state-owned capital background and relying on the development of national high-tech zones have obvious advantages? , and the first promotion in the entire market? Small but beautiful? A high-quality national reform of high-tech development standards and a conference call was held to promote it. What do we think the company -- typical? Big groups or small companies? As the only listing platform for the powerful Chengdu Hi-Tech Investment Group, it is deeply involved in the state-level Chengdu High-tech Zone and has huge potential for development; a one-way fixed increase for the majority shareholders has been completed, opening up room for imagination for medium- to long-term asset injection. And summarize it as a company? It is gradually becoming an extremely positive trend. Are you optimistic that the situation will reverse? , the increase since we started to the previous high reached 108%. Mianyang Beite and Beite properties were sold, and business integration was carried out gradually. According to the revised announcement, the company plans to sell 100% of the shares in Mianyang Beite and Beite Properties to Gao Investment Real Estate and Hi-Investment Management at a total price of 247 million yuan. The purchaser will pay consideration in monetary terms. Backed by Chengdu Hi-Tech Investment and deeply involved in the national-level Chengdu High-tech Zone, is it firmly optimistic and maintained in the medium to long term? buy? On April 28, the rating company completed a one-way fixed increase in the majority shareholder Chengdu's high investment. The fixed price increase was 5.41 yuan/share, locked in for three years; after the fixed increase was completed, the shareholding ratio of the majority shareholders backed by strong strength increased from 22.45% to 45.36%, and control was greatly strengthened, opening up space for further capital management. Backed by Chengdu Hi-Tech Investment, which is deeply involved in the state-level Chengdu High-tech Zone, a one-way increase for the majority shareholders has been completed. Real estate and related businesses have been divested through asset sales. The company is steadily and productively moving forward on the path of business focus and asset integration. We are firmly optimistic about the medium to long term! Regardless of the performance brought about by asset injection, is EPS-0.13/0.02/0.08 yuan in 15-17 expected to be maintained? buy? ratings.

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