Zhuzhou Times New Material Technology:Q1-Q3net profit down 9.4%YoY due to FX losses发布时间：2016-10-26 研究机构：瑞银证券
Valuation Method and Risk Statement
Our price target is based on a target P/BV multiple.
Downside risks include: 1) slowing investment in the railway sector and decliningauto demand; 2) uncertainty in the military product market; 3) changes ingovernment policies for alternative energy; and 4) financial and integration risksdue to intensified competition from domestic and foreign manufacturers andpotential M&A. Upside risks include: 1) possible tendering for EMUs; 2) thecompany setting up subsidiaries to improve capacity; and 3) the governmentincreasing support for the new materials industry.