share_log

常铝股份(002160)点评:转型大健康更进一步

國泰君安 ·  Feb 2, 2016 00:00  · Researches

Guide to this report: The performance of traditional aluminum processing has reversed, transformation and health have continued to be implemented, and ratings have increased. Investment Highlights: Incident: Feb. 1] On the evening, the company issued an announcement: 1) It won the bid for a 3-350 million aluminum foil order from Qingdao Haidayuan, a wholly-owned subsidiary of Qingdao Haier, which is expected to account for more than 25% of its 15 year household appliance aluminum foil revenue; 2) It plans to invest 40 million yuan to increase 25% of the shares in Youshi Medical Orthopedic Equipment; 3) It plans to invest 10 million yuan to acquire 80% of Sichuan Chenxi's controlling interest, which is mainly engaged in hospital clean area construction and service. Comment: Maintaining the Overweight Rating. In view of the accelerated release of the company's downstream orders, we raised the 2015-2017 EPS to 0.20/0.27/0.33 (previously 0.20/0.25/0.29). The company's projects in the field of medical services are gradually implemented, and will continue to accelerate in the later stages, maintaining a target price of 15 yuan, space of 70%, and an increase in holdings ratings. The transformation of big health went one step further. The main customers of Chenxi in Sichuan are hospitals. It is expected that the current pharmaceutical clean area in Langmai will complement each other and increase the company's market share. Optimum Medical focuses on the development and production of three types of orthopedic medical devices. It is an important layout for the company in the field of major health, providing a platform and experience for further mergers and acquisitions in this field. The development of the two main industries of traditional aluminum processing plus big health is gradually becoming clear, and it is expected that the project will continue to be implemented. From the completion of the acquisition of Shanghai Langmai in 2014, to the three-year fixed increase in the introduction of the war investor Jiuding, and the layout of hospital clean area services, specialist equipment, etc., the company continued to expand its presence in the medical and health sector. While the performance of the main traditional aluminum processing industry is gradually reversing, the pace at which the company actively embraces new fields continues to accelerate. Referring to the company's previous fixed increase pace of 1-2 times a year, as the three-year fixed increase is nearing completion, we believe that the subsequent layout will continue to accelerate, and the project is expected to be implemented relatively quickly. Risk warning: The risk of delay.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment