Precious Metals Industry: Smelting poor profitability, Aspect Extensive expansion in resources - precious metals company's business mainly involves two aspects of mineral resources and smelting business, the current gold capacity of 10,000 tons / year, silver poor capacity of 150,000 tons / year. Smelting operations were Molybdenum tube owned subsidiary Yongning Gold & Lead (75% interest) as the basis, mainly in gold and silver mineral resources mining subsidiary, Kun-yu (70% interest) as the basis. Kun-yu mining based on Luoning County, has proven reserves of about 47 tons of gold, the future will continue to intensive processing of precious metals as well as the development of extensive expansion of resources, which is the company precious metals industry chain mainly to watch.
Growth: tungsten industry will be the main source of profit growth in recent years - through the company's three main business analysis, we believe that: Molybdenum prices of related products uncertainties; precious resource expansion is opportunity-oriented, deterministic unknown; only promising tungsten prices , and the company intends to raise production of tungsten industry chain can be huge, with nearly 33 more than two billion tungsten deep processing projects put into operation, the company will bring new profit growth point.
Valuation and investment advice: issue price below fair value, profit space - from the relative valuation, AH premium valuation multiples of two angle value analysis of the company: Company A shares for the shares of gold molybdenum comparable enterprises in Xiamen tungsten, tungsten chapter, in accordance with the PB valuation of 13.73 yuan, 12.66 yuan valuation in accordance with PE. AH share premium of the Company in accordance with the situation reasonably priced company projections of 4.22 million. Considering the difference in valuation of AH shares and A shares of small metal and base metal valuation differences, we conservatively estimate the company a reasonable price of 6.58 yuan.
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