Ge Long Hui A P P·2026-01-04 07:32Group 1 - The core viewpoint of the report is that Sichuan Shuangma Technology is positioned for significant growth in the investment and pharmaceutical manufacturing sectors, indicating a potential rise for the technology leader [1] Group 2 - In the private equity investment management business, the company estimates a conservative valuation based on future fund exits, projecting a total cash return of 10.4 billion yuan from the management of funds such as Hexie Jinyu and Hexie Jinhong over the next 2-3 years, assuming a total investment return of 3 times [1] Group 3 - For the biopharmaceutical business, comparable companies include ST Nuotai, Shengnuo Biotech, and Hanyu Pharmaceutical, with average valuation multiples projected at 25x, 21x, and 17x for the years 2025-2027 [1] - The estimated price-to-earnings (PE) ratios for the company are projected to be 39x, 17x, and 13x for the years 2025-2027, based on the closing price on December 31, 2025 [1] - The report initiates coverage with a "Buy" rating for the company [1]