The traditional business has grown steadily. The growth rate of energy-saving curtain wall and subway screen door business is stable. The order of 1H14 in hand exceeds 1.1 billion yuan. The annual sales income of more than 2 billion is a high probability event, with a sequential increase of 20 and a net profit level of 5-6. Based on the certain reputation and popularity of Fangda Group in the industry and the continuous advancement of urbanization, Fangda Group's future traditional business will achieve relatively stable growth. We forecast the net profit of Fangda Group's traditional business in 2014 to be RMB 107 million. Considering the growth rate of the chain to 20, we will give a 20 times P/E valuation and get a market value of RMB 2.014 billion. Accelerate the layout of new energy industry 1. Fangda Group acquired Sozheng LED Company and related companies: Fangda Group's share of equity accounted for 60, and reserved space for the gambling agreement to remove risks. Suzheng LED Company and its related companies produce and sell LED bulbs, 15 years of new LED ceiling lamps and LED downlights, and 16 new LEDT5/T8 tubes. The gambling performance in the second half of the year, 15 years and 16 years of revenue were 150 million, 600 million and 1 billion, respectively, corresponding profits of 3 million, 36 million, and 60 million, Fangda Group attributable to equity income of 1.8 million, 2160 Ten thousand and 36 million. Considering the risk-locking of the gambling terms, the risk-return is relatively high, giving a 20-year P/E valuation of 15 years, corresponding to a market value of 432 million yuan. 2, distributed photovoltaic or become the next bright spot, in the field research process, we noticed that Fangda Group is actively discussing the issue of photovoltaic distributed development and construction in Dongguan Songshan Lake Base. At present, we take a cautious attitude and only assume that the company will complete 100MW distributed photovoltaic projects in 15 years, of which 40MW is BT project, net profit is 32 million, giving 15 times price-earnings ratio valuation, corresponding to 480 million market value, 60MW for distributed operation, plus 15 At the end of the year, 10MW confirmed the net profit of the electricity fee income of 19 million in 16 years, giving a 20 times price-earnings ratio valuation, corresponding to a market value of 397 million. Fangdacheng Real Estate Project provides project funds in the long run. Channel research found that Fangdacheng project development total investment needs 2.5 billion, 1.5 billion CCB loans have been basically in place. The total development area is about 300,000 square meters (including about 100,000 square meters underground). At the end of 15th, 2/3 construction will be completed and the pre-sale will be about 100,000 square meters. The estimated price is 45,000 square meters. It is planned to be sold in 16 years and the return will be 4.5 billion. Annual delivery confirmation income. At the same time, the remaining 100,000 flats were rented in 17 years, and the annual rental income was about 170 million. The real estate sales project provided 1.5 billion one-time cash remittance and net asset increase in 16 years. After discounting, the discount was 20, corresponding to a market value of 1.2 billion. The real estate rental part deducts the bank loan after the annual net profit of 50 million, giving a 15 times price-earnings ratio valuation, corresponding to a market value of 750 million.
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