报告名称：Xin Zhi Motor(002664)An emerging star in AEV powertrains
报告类型：点评报告
报告日期：2015-08-10
研究机构：中信国际
股票名称：信质电机
股票代码：002664
页数：4
简介：Risks associated with investing the Company: (i) fluctuations in raw material prices; (ii) competitionheating up.
Earnings forecast, valuation and investment rating. We forecast its 2015-17E net profit to beRmb240/360/520mn, equivalent to EPS of Rmb0.60/0.90/1.29. The stock is currently trading onprospective 2015-17E PER of 47/31/22x, which is lower than the average of its industry peers. Takinginto account the rapid growth of its acquired companies in 2017, as well as expectations of subsequentM&As, we initiate coverage with a BUY and target price of Rmb36 (40x prospective 2016E PER).
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