Investment Rating - The report assigns a rating of "Accumulate" for the company [6][30]. Core Views - The company has invested a total of 10 billion yuan in high-tech enterprises, with many of the invested companies possessing internationally leading independent controllable technologies. The acquisition of Xian Dao Electric Science and Technology accelerates the company's transformation strategy of "high-tech investment empowerment + real estate asset management" [2][30]. - The acquisition is expected to enhance the company's business structure towards hard technology manufacturing and provide a solid development platform in the advanced new materials sector [21][30]. Financial Summary - The projected financial performance for the company shows a revenue increase from 17,210 million yuan in 2023 to 22,758 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.3% [4]. - Net profit attributable to the parent company is expected to rise from 1,631 million yuan in 2023 to 2,994 million yuan in 2027, reflecting a significant growth trajectory [4]. - The earnings per share (EPS) are projected to increase from 0.19 yuan in 2023 to 0.35 yuan in 2027 [4][30]. Market Data - The target price for the company's stock is set at 8.16 yuan, with a dynamic price-to-book (PB) ratio of 1.5 times for 2025 [6][30]. - The company's market capitalization is reported at 38,546 million yuan, with a 52-week stock price range of 1.62 to 4.53 yuan [7]. Acquisition Details - The company plans to acquire 95.4559% of Xian Dao Electric Science and Technology through a share issuance and raise up to 3 billion yuan in matching funds [14][30]. - The estimated valuation for the 100% equity of the target company is not to exceed 12 billion yuan, with a static price-to-earnings (PE) ratio of no more than 27.03 times for 2024 [23]. Strategic Objectives - The acquisition is a key step in the company's strategy to enter the high-end advanced materials manufacturing sector, which aligns with its focus on hard technology industries [21][22]. - The integration of Xian Dao Electric Science and Technology is expected to enhance the company's competitive edge in the semiconductor, display panel, and photovoltaic sectors, thereby reducing reliance on traditional real estate business [22][30].