Baibaolong 002776, stocks: controlling shareholder increase holdings highlights company confidence buy rating
Agency: Soochow Securities 601555, stock bar researcher: Ding Wenzhao
event:
The company announced that its controlling shareholder, Chen Weixiong, used its own funds to increase the company's shares through the secondary market through the use of its own funds (including but not limited to centralized bidding and block trades) within six months from May 12, 2017. The cumulative increase ratio does not exceed 2% of the company's total share capital.
At the same time, Mr. Chen Weixiong promised not to transfer the shares of the company held during the period of the increase and the completion of the shareholding.
our opinion:
The company's fashion eco-platform platform is still steadily advancing the design, supply chain and sales channels of Baibao Longji, integrating the designer, channel and supply chain of fashion design ecosystem, in solving the current problem of “printing†and “fabric†At the same time, the three aspects of the "supply chain + sales channel", through the self-operated stores and sales channels to the fashion store and other sales channels, to meet the needs of today's consumers for personalized clothing, for designers to achieve The realization of the closed loop. At present, the platform has gradually landed, and various tasks are progressing in an orderly manner.
Figure: Baibaolong Fashion Design Ecology Circle Source: Soochow Securities Research Institute organizes the overall platform of Baibaolong in the TOC end line store. The company cooperates with Jinhua Yizhuo and male Yibang to start the offline expansion of 1#WOR brand. Among them, Men's State has strong operational experience in the men's wear field, and Jinhua has more than 10 years of integrated operation experience in light luxury women's wear. The two brands have a very rich venue and can reduce the cost of the company. The company has adopted the 45%-55% equity arrangement and handed over the leading power to the partners. It is the strong retail operation capability of the partners. The company hopes to form a win-win situation through such incentives.
In terms of self-operated stores, the initial turnover of the company's Guorui City store in Beijing is between 10,000 and 20,000. With the gradual maturity of the store and the gradual improvement of the decoration and product structure, it is hoped that it will reach 800,000 per month. Sales target (area of ​​400 square meters). In terms of overall channel expansion, we expect to open to around 80 in 2017, of which the flagship stores of 800 square meters or above are estimated to reach 5-8 or so; in 18 years, we hope to increase the channel to more than 100 stores. 20-30% in the third- and fourth-tier cities.
At the TOB end, the company has accepted the intention of three brand developments in the brand business; at the same time, the number of shop buyers introduced by the partners in the store business has gradually increased.
From the perspective of the current overall revenue of the platform, the company expects to initially reach breakeven when sales revenue reaches 300-400 million.
Sinopharm shares 600511, stocks: major asset restructuring steadily to buy rating
Organization: GF Securities 000776, stock bar researcher: Luo Jiarong Feng Peng
Core point of view:
The company acquired Beijing's four pharmaceutical commercial companies, the target assets completed the delivery company announcement, the company's target assets in the process of asset restructuring, the state-controlled Beijing 100% equity, Beijing Kangchen 100% equity, Beijing Huahong 60% equity and Tianxing Puxin 51% of the shares have already completed the registration procedures for industrial and commercial changes, and the target assets have been completed with industrial and commercial changes.
The completion of the major asset restructuring of the company is a key step. It is expected that the completion of the completion of the asset delivery in the second quarter will indicate that the company has taken another critical step in the major asset restructuring.
In the process of industrial and commercial change, Huahong and Tianxing Puxin are involved in Japanese shareholders. They need to change their legal representative and directors. There are many formalities. At present, asset delivery is completed, which indicates that the key stage of the complicated process has been completed. After the change of the target assets and industry and commerce, the entire restructuring of the equity will be carried out, mainly to issue shares and related registration and settlement matters to institutions such as Sinopharm.
In combination with the previous annual report of the company itself, we expect that the major asset restructuring project of Sinopharm will be completed in the second quarter of 2017 after more than one year of intense and efficient promotion.
After the company's assets reorganization, the performance is expected to increase substantially. Open the future development space and disclose the company's announcement. After the completion of asset delivery, the company officially owns the assets of four Beijing high-quality commercial companies. The company's pharmaceutical business in Beijing has greatly enhanced its strength in Beijing. The business income is about 30 billion yuan, and the market share is 17%, ranking first. At the same time, considering that the two-vote system in Beijing has been implemented in the second quarter, we refer to the situation of provincial-level commercial leaders who have implemented the two-vote system in the country. It is believed that the market share of the future Sinopharm shares in the Beijing area will continue to increase.
After the restructuring of the company's assets, the performance is expected to increase substantially. According to the performance commitments of the four commercial companies, we expect the EPS of Sinopharm will be increased by more than 20% after the reorganization. Secondly, after the asset restructuring, the function of the listed company's financing platform will be fully opened. The future integration and innovation and development will lay a solid foundation. The company's future integration of the fine anesthetic industry chain, the whole dental industry chain and the commercial integration in Beijing will accelerate.
Earnings Forecast and Investment Rating We estimate that the EPS of the company for 17-19 years is 1.30 yuan / 1.50/1.70 yuan, corresponding to PE / 27 / 23 / 21 times, and the EPS after reorganization is 1.65 yuan / 1.82 yuan / 2.00 yuan, corresponding to PE Remaining 21/19/18 times, maintaining a “Buy†rating.
The risk suggests that the industrial sector continued to be sluggish; the asset restructuring progress was lower than expected; the M&A expansion was lower than expected.
Yuanfang Optoelectronics 300306, stocks: the extension of the development strategy and then the next city buy rating
Agency: Essence Securities Researcher: Hu Youwen
â– Event: The company announced on the evening of May 10 that the company intends to acquire 45.62% of Huijing Technology. Huijing Technology will become the company's holding company and be included in the company's consolidated financial statements. The acquisition will pay more than 7,000 yuan for the consideration, corresponding to the overall valuation of Huijing Technology is about 200 million yuan.
â– Comments:
Huijing Technology is expected to become an important business platform for the company in the field of intelligent detection of rail transit. Huijing Technology is a professional intelligent rail transit safety detection information system product and service provider. The specific products include the integrated intelligent monitoring system of turnout conversion equipment, the operation and maintenance management platform of integrated video intelligent monitoring system, and the online integrated intelligence of signal equipment for urban rail transit industry. Intelligent rail transit safety detection information system products such as monitoring systems and on-line intelligent monitoring systems for turnouts are mainly used in railway and urban rail transit fields. We believe that the acquisition of Huijing Technology is a further promotion of the company's extended development strategy. Through integration, Huijing Technology is expected to become an important business platform for the company's intelligent detection of rail transit. In addition, Huijing Technology promises to achieve a net profit of 14 million yuan, 16.8 million yuan, and 2016 million yuan from 2017 to 2019. The acquisition will further strengthen the company's performance.
â– The company is expected to achieve high growth throughout the year. In 2016, the company completed the acquisition of the major asset restructuring of Weier Technology and consolidated it at the end of 2016. Weir Technology is a leading provider of biometric products and industry solutions in China. Its products cover fingerprint identification, face recognition, finger vein recognition and other forms. Its bank teller identity fingerprint authentication system, driver training fingerprint IC card management system, etc. The products have established a clear brand status in the fields of finance, driving and training, and the business is actively expanding into the fields of military industry and public safety. Its performance commitment is to achieve a net profit of RMB 68 million, RMB 80 million and RMB 95 million from 2016 to 2018 respectively. Affected by the policy factors of the industry in which the business is located, the actual net profit realized in 2016 was RMB 62,749,500, which was slightly lower than the performance commitment. Considering the continued advancement of Weier Technology in the military industry, we judge that it is expected to achieve performance commitments throughout 2017 and help the company achieve high growth.
■Employee stock ownership plan highlights development confidence. The company completed the “Yuanfang Changyi No. 1†employee stock ownership plan, and in January 2017, it launched the “Yuanfang Changyi 2†employee stock ownership plan. The total amount of funds raised in this plan is 15 million yuan, of which the self-raised funds of employees are not more than 3.75 million yuan. The chairman of the board of directors and the company's shareholder, Hangzhou Yuanfang Changyi Investment Co., Ltd., intends to provide three times of borrowings from its own funds, fully demonstrating management. Confidence.
â– Investment suggestion: The company's main business is in the LED industry chain. In 2016, the industry began to pick up, and the company's main business re-entered the steady development stage. The newly consolidated Weir Technology Biometrics technology is strong and has a leading position in the fields of finance, driving and training, and has outstanding growth. At the same time, the company actively planned employee stocks to show confidence. Taking into account the above factors, we forecast that the company's EPS from 2017 to 2018 will be 0.68 and 0.84 yuan respectively, and maintain the investment-A investment rating. The 6-month target price is 25 yuan.
â– Risk warning: The risk of new business development is not up to expectations and policy changes.
Jianghuawei: Broad market buy rating in the future
Agency: Guohai Securities 000750, stock bar researcher: Dai Pengju
Investment points:
Leading companies in wet electronic chemicals continue to pursue comprehensive technological breakthroughs in high purity and versatility.
The company's existing wet electronic chemicals production capacity of 45,000 tons / year, including nitric acid, hydrofluoric acid, ammonia and other ultra-clean high-purity reagents 32,400 tons / year and metal etching solution, photoresist developer, photoresist stripping solution The photoresist reagents are 12,600 tons/year. The company is committed to the comprehensive coverage of multi-functional wet electronic chemical products, and continues to break through the technical barriers of ultra-clean and high-purity products. The current technical level of the company's products has reached the high-end rank of SEMI standard. The purity of nitric acid, hydrofluoric acid, ammonia water, metal etching liquid, etc. have completed the top-level (G4 and G5) pilots in the industry, and mass production is imminent.
The downstream customers of the products are widely distributed, and the structural adjustment and layout are applied to high-end applications. The company's product application areas can be divided into photovoltaic panel field, flat panel display field and semiconductor field from low-end to high-end. In 2016, the company's product revenue in three areas accounted for 26.2%, 30.3% and 42.8%, respectively. The company continues to adjust its product structure. The wet-end chemicals used in the low-end grade of photovoltaics will fall from 44.9% in 2012 to less than 20% in 2017. The application of wet electronic chemicals in the flat panel and semiconductor fields will become the company. The key development direction in the future.
The 35,000 tons of new capacity projects are progressing smoothly and the market prospects are worth looking forward to. Since its listing in 2017, the company has raised 402 million yuan, mainly for the new production line of mixed liquid products such as G4 grade nitric acid and metal etching liquid, and the expansion capacity has reached 35,000 tons/year. The project is progressing smoothly and is expected to be 2018. The volume is gradually realized in the year. At present, there are 11 12-inch wafer semiconductor production lines in China, and 15 flat panel display production lines will be put into production in 2018. The demand for wet electronic chemicals after each production line is 100 million tons/year or more. The company's new production capacity has a broad market space in the future.
Earnings Forecast and Investment Rating: We are optimistic about the company's development prospects as a leading company in the wet electronics industry. It is estimated that the company's EPS for 2017-2019 will be 1.22, 1.56, and 2.07 yuan respectively, covering for the first time, giving a "buy" rating.
Risk warning: The construction progress of the company's 35,000 tons new production line was lower than expected, the product gross profit margin was lower than expected, and the downstream customer demand was lower than expected.
Makino shares 002714, stocks: active expansion of pig production capacity buy rating
Agency: GF Securities Researcher: Hui Yulun
Core point of view:
Event: The company intends to raise funds of no more than 3.15 billion yuan through the issuance of preferred stocks, and the number of issued shares does not exceed 31.5 million shares. The proceeds are intended to be used for pig production expansion projects (2.8 billion) and repayment of bank loans (350 million). In terms of dividend yield, the dividend yield of the 1-5th interest-bearing year will be determined and maintained through inquiry and other means; from the sixth interest-bearing year, the coupon yield is based on the 1-5 interest-bearing annual dividend rate. Increase by 2 percentage points and remain unchanged.
Layout Northeast, Inner Mongolia, active expansion capacity The company plans to use 2.85 billion proceeds for pig capacity expansion projects, the project will be in Inner Mongolia Weng Niute (700,000 heads), Inner Mongolia Kailu (600,000 heads), Liaoning Jianping (40 Wantou), Heilongjiang Lanxi (200,000 heads), and Jilin Nong'an (200,000 heads) built aquaculture production capacity, adding a total of 2.1 million new pig production capacity. Northeast China and Inner Mongolia have advantages in aquaculture environment and raw material supply. After the capacity layout, the region is expected to become an important growth point for the company in the future.
At the beginning of May, the price of pigs continued to adjust. The company's high growth rate was affected by factors such as the previous pressure bar. Since May, the price of pigs has fluctuated downwards. The current average price is about 14.5 yuan/kg, down about 30% year-on-year. The average profit is about 350 yuan / head, followed by a focus on pre-holiday consumption and slaughter weight. From January to April, the company has sold a total of 1.641 million heads, a year-on-year increase of 142%. It is estimated that the company will produce 700 million pigs in 2017 and 18 years respectively.
Investment suggestion: The future development path is clear, and the company is expected to continue high-growth. The company plans to issue preferred stocks to expand the production capacity of pigs. The long-term development path is clear, and the production volume is expected to continue to grow at a high rate. The 2017-Year EPS is expected to be 2.81 yuan, 3.1 yuan, 3.3. Yuan, given a "buy" rating.
Risks indicate hog price fluctuation risk, disease risk, food safety, etc.
Dongjiang Environmental Protection: Highlighting Development Confidence Buy Rating
Agency: Guosen Securities 002736, stock bar researcher: Chen Qingqing
matter:
Dongjiang Environmental Protection announced the announcement of non-public offering of A shares: the number of shares to be issued does not exceed 178 million shares, and the total amount of shares to be raised does not exceed 2.3 billion yuan. The price is not less than 90% of the average price of the company's stock trading on the 20 trading days before the pricing benchmark. The pricing base date is the first day of the issue date. The issue target is a specific target of no more than ten, including the controlling shareholder Hirose Corporation. The lock-up period of Hirose is three years, and the remaining specific targets are one year. The number of shares subscribed by Hirose Corporation does not exceed 33% of the total number of shares issued this time, and the subscription amount does not exceed 759 million yuan. The funds raised are mainly used for nine projects including the Jiangxi Solid Waste Center and the Coastal Solid Waste Expansion Project, as well as supplementary liquidity.
comment:
The funds raised are mainly used for hazardous waste projects, technology research and development, environmental testing services and Internet + projects, which will help strengthen the competitiveness of core businesses and consolidate the leading position in the industry.
The company's hazardous waste treatment has the most complete qualifications, the largest scale, the widest coverage, and is in the leading position in the industry. The company's fundraising projects focus on the main business of hazardous waste, including 6 projects in Jiangxi, Weifang, Fujian, Nantong, Dongguan and Hengshui, which is conducive to the company's efforts to develop high-quality markets such as Shandong, Jiangsu, Fujian, Hebei and Jiangxi. Further strengthen the company's nationwide hazardous waste market development and business layout. 2 In the fundraising project, the construction of the national environmental protection engineering R&D center and the environmental testing service are conducive to promoting the conversion of technical achievements in hazardous waste treatment, solving the problem of key technology industrialization, and helping the rapid development of the company's business through the improvement of technology and management level. 3 In the fundraising project, there are 5,868,300 for the comprehensive operation platform of the environmental protection industry Internet. It is expected that the “Internet + environmental protection†model will be used to effectively integrate the upstream and downstream environmental protection resources of suppliers, buyers and service providers in the environmental protection industry chain. The circulation and sharing of customers and internal information and resources to enhance customer service capabilities and company operational efficiency. Through fundraising projects, the company will further consolidate its leading position in the industry, promote industrial upgrading and transformation with technological innovation, and enhance its core competitiveness. By the end of 2016, the company's hazardous waste production capacity was close to 1.5 million tons, of which the harmless production capacity was about 720,000 tons. It is expected that the production capacity will exceed 2 million tons this year and more than half of it will be harmless. China's dangerous waste production and demand gap exceeds 30 million tons, and the tightening of supervision has effectively promoted the release of gap demand. The increase in concentration is still the main theme for the development of the hazardous waste industry. As a leading enterprise in hazardous waste, the company is expected to take the lead in benefiting from policy catalysis and sustained high growth.
Major shareholders actively participate in the issuance of shares, and the shareholding ratio is expected to rise further, demonstrating confidence in the company's future development.
At present, the controlling shareholder Guangsheng and its subsidiaries hold 139,456,690 shares of Dongjiang Environmental, accounting for 15.72% of the company's total share capital. The number of shares issued this time is not more than 177,430,420 shares. According to the current issuance cap and the subscription limit of 58,552,038 shares of Guangsheng Company, the proportion of Guangyu Company's total share capital increased to 18.60% after the completion of the additional issuance. The shareholding ratio is expected to rise further. The power is further strengthened. We believe that the future may be more extensive or bring more unexpected performance to the company:
1 The background of state-owned assets, the Guangdong Provincial State-owned Assets Supervision and Administration Commission is the actual controller of the company, and is expected to enhance the company's ability to take orders, especially in Guangdong. 2 Guangyu's financial strength is strong, and it will help to improve its financing capacity in the future. 3 At the same time, the scale of overseas investment has reached 20 billion yuan, and there are also layouts in the introduction of overseas advanced environmental protection technology. In terms of epitaxial asset injection, Hirose also brings more imagination to the company.
The issuance of green bonds + the development of PPP asset securitization business, optimization of capital structure, the project accelerated the company to become the first listed company to issue green bonds on the Shenzhen Stock Exchange in 16 years, with a scale of 600 million and an interest rate of 4.9%. At the same time, the company's Humen Lvyuan PPP project has also become the PPP asset securitization project of the first wholesale bank, with a priority of 300 million yuan, a issuance rate of 4.15% and a secondary scale of 0.2 billion yuan. The company revitalized existing assets, reduced overall financing costs, optimized financial structure, and improved asset liquidity of PPP projects.
Earnings forecast and investment rating:
We reiterate that the company is a good and good quality subdivision leader that we have continuously recommended for many years. We expect the net profit of the company's 17-19 years to be 5.30/6.51/8.44 billion, respectively. It is expected that the company will have 17-19 years of EPS. They were 0.60/0.73/0.95 yuan and PE were 29/24/18 times respectively, maintaining a “Buy†rating.
Sophia 002572, stocks: I bought a rating from the leading fragrant
Organization: CITIC Jiantou Researcher: Hua Xiaowei
Introduction: 2017 has been listed with Piano, Shangpin Home Furnishing, Ou Pai Home Furnishing, etc. The home furnishing army has become a market value of 100 billion yuan, benefiting the industry's prosperity and penetration rate gradually, and custom home growth. As a new leader in custom closet faucets and custom kitchen cabinets, Sofia has continued to increase its performance and value Changhong. Through the vertical development of the company and the horizontal comparison of the industry, we have explored the company's success genes in two dimensions, and we have further recognized Sophia's excellent leading position in the custom army. The company should also enjoy the leading premium.
Sophia's performance is Changhong, and Tiandi people have cast a leading role. In 2008-2016, the company's net profit of returning and returning to the mother increased by 22.43 times, 28.87 times to 45.30, 664 million yuan respectively, and the average annual compound growth rate reached 47.52% and 52.25% respectively. In terms of profitability, in 2008-2016, the company's gross profit margin and net profit margin increased by 7.85pct, 3.27pct to 36.56% and 14.66% respectively. Tianshi: China's real estate continues to be booming, household consumption continues to upgrade, and the penetration rate of customized sections continues to increase. Geographical advantages: South China is the main plate area in China, with significant resource advantages. At the same time, South China is also a gathering place for furniture companies, and its agglomeration effect is obvious; At the beginning of the company's establishment, it has learned from the development of advanced custom wardrobes with SOGALFRANCE in France. In 2013, it started cooperation with SALMSAS in France, and the kitchen cabinets developed rapidly. In March 2013, the equity incentive plan was implemented. In April 2015, the dealer holding plan was completed. The employee's shareholding plan was completed in the month, and everyone paddled the big ship.
Historical history of the company: (1) In terms of production, the flexibility is accelerated and the production efficiency is gradually improved. Fully flexible production after 2012. In 2016, the company's sheet utilization rate has reached 80%, the one-time installation success rate is stable at more than 80%, and the average delivery period of the factory in 2016 is shortened to about 10 days. (2) In terms of channels, the 2016 wardrobe dealers and dealership stores are respectively more than 1,900, and we estimate that the amount of goods received in the wardrobe in 2016 will reach 1,214,500 yuan and 20420.25 yuan per square meter respectively; the kitchen cabinet channel 2014 Since the rapid development, the number of dealership stores in 2016, the amount of single-store delivery, and the measured efficiency have reached 600, 688,300 yuan, and 6,883.38 yuan / square meter.
Industry leader horizontal: Sophia's revenue and net profit scale are only lower than the European home in the industry, but Sofia's growth ability and its profit quality are ranked first; some other custom leading performances continue to grow, but the scale is still small, in the following state; Some of the custom faucet revenues are better, but the profitability still has room for improvement; other newly-launched custom faucets are only following the growth stage, and the quality of operation is yet to be verified. Sofia’s future kitchen cabinets are bigger than other kitchen cabinets. .
The home market is wide, the custom penetration rate is wide, and the leading market share has great potential. In 2016, the income of the furniture industry above designated size was 856 billion yuan, with an overall growth rate of 8.7%. The penetration rate of custom-made wardrobes in China is only 30% (the penetration rate of custom-made wardrobes in Europe is over 70%), the penetration rate of cabinets such as living room and study room is 10%, and the penetration rate of kitchen cabinets is 60%. In addition, from the perspective of the number of users, there are about 16.02 million potential consumers of furniture products in 2016. We estimate 6 companies in the custom industry in 2016 (European, Sophia, Haolaike 603898, stocks, Shangpin, Qumei, The actual number of customers in Piano is about 2.17 million, and the penetration rate of 6 customized companies is about 14.4% in 2016. From the perspective of income, the output value of the wooden furniture industry is about 600 billion yuan, and 6 leading enterprises. In 2016, the revenue scale was 19.6 billion yuan, and its market share was only 3.3%. The high growth of the customized industry is maintained, and the future development space is still broad.
Investment suggestion: We expect the company's revenue in 2017-18 to be 64.55, 8.619 billion yuan, up 42.5% and 33.5% year-on-year. The net profit of returning to the mother is 9.67 and 1.288 billion yuan respectively, up 45.7% and 33.2%, and EPS is 1.05. 1,40 yuan, PE is 34, 26 times, maintaining a "buy" rating.
Risk factors: Real estate sales have declined significantly, and custom home competition has increased significantly.
Sanxiang impression: oversold repair welcome space buy rating
Agency: Bank of China International Researcher: Lu Yifeng
[Summary]
Sanxiang Impression (000863.CH/Rmb 7.10, BUY) announced on May 10 that the company's chairman and real controller Huang Hui increased its holding of 720,000 shares on May 10, increasing the average price of 7.06 yuan per share; Huang Hui The plan is to increase the holding amount to no more than 2 million shares and no more than 27.66 million shares within 6 months from May 10. We believe this increase will highlight the company's management's confidence in the company's "culture + real estate" strategy and its recognition of the company's current value. With the cultural and real estate sector valuation interval entering a low level, the company's quality assets may usher in a valuation repair opportunity, we reiterate the company's buy rating, suggesting a bargain-hunting layout.
The event Sanxiang Impression announced on May 10 that the company's chairman and real controller Huang Hui increased its holding of 720,000 shares on May 10, increasing the average price of 7.06 yuan per share; Huang Hui plans to start 6 months from May 10 Within the limit of 9 yuan / share, the cumulative increase of not less than 2 million shares, not more than 27.66 million shares, including this increase. In addition, Xu Wenzhi, the company's director and general manager, added 120,000 shares on the same day. Xu Yuzeng, deputy general manager and secretary of the board of directors, held 50,000 shares.
Comments 1, executives increased their confidence, cultural real estate Qi force. With the huge adjustment of the market, on May 10, the company's chairman, general manager and deputy general manager increased their holdings of 720,000 shares, 120,000 shares and 50,000 shares respectively. The average holding price was 7.06 yuan/share and 7.08 yuan respectively. / shares and 7.10 yuan / share, a total increase of 890,000 shares, a total cost of 6.28 million yuan. In addition, the actual controller Huang Hui plans to increase the holding amount to not less than 2 million shares within 6 months from May 10, and not more than 27.6 million shares (ie not exceeding 2% of the company's total share capital). ). This increase highlights the company's management's confidence in the company's "culture + real estate" strategy and its recognition of the company's current value.
2, the asset security margin is high, oversold and repaired to welcome space. The company completed the acquisition of Guanyin last year and is the leader of domestic cultural performances. The annual box office revenue of more than 10 performances in major scenic spots across the country is 1.1 billion yuan, second only to Songcheng Performing Arts 300144, and the stock bar is 1.3 billion yuan in live performance box office, while the former includes real estate valuation. The market value within the market is only one-third of the latter. Although the composition of the main business and the profit model are quite different, the value of scarce assets of Sanxiang impression has also been significantly underestimated. On the other hand, Zhang Yimou and other creative teams participated in the company's fixed price increase of 6.50 yuan / share last year and locked for 3 years, the current share price is close to 7 yuan / share, the growth of subsequent cultural assets to increase the valuation space can be expected.
3. Cultural property valuation is low, reiterating the Buy rating. According to our recently released in-depth coverage report “Sanxiang Impression: Cultural Real Estate Qifa, Style Switching Welcome to Good Machineâ€, the correlation coefficient between the trend and the media sector since the stock peaked in August 2015 was 0.9, which was significantly higher than that of real estate. The 0.55 segment of the sector, while the media as a growth segment represents a continuous deep adjustment, the year-to-date rise and fall of the industry's last. The company's current fund holding ratio is only 0.04%, ranking the same in the same volume of housing enterprises. With the cultural and real estate sector valuation interval entering a low level, the company's quality assets may usher in a valuation repair opportunity, we reiterate the company's Buy rating, Recommended bargain layout.
Kaiyuan shares: Education shows confidence in the performance of gambling
Organization: Researcher of Zhongtai Securities: Wang Wei
[Summary]
Investment Highlights: The company announced on the evening of May 10 that Luo Jianwen, one of the actual controllers, agreed to reduce the holding of 11.25 million shares (3.31% of the company's total share capital) through block trading to the chairman and general manager of Hengqi Education, a wholly-owned subsidiary. Manager Jiang Yong also raised the amount of gambling on the performance of Heng Enterprise Education and extended the time.
Comments are as follows:
Equity transfer optimizes governance structure. The company's acquisition of the target of Heng Enterprise and Zhongda Ying was completed in March 2017. In April, the company's stock short name was changed from Kaiyuan Instrument 300338, and the stock was changed to Kaiyuan. The company's strategy, business and performance focus have gradually shifted to the educational assets. (In 2017, Shanghai Hengqi and Zhongda Yingcai accounted for 55.18% of the total revenue in the first quarter); the actual controller kept the control rights unchanged (change 3.31%) Mr. Jiang Yong, the founder of Heng Enterprise Education (Jiang Yong and the concerted person from 11% to 14.31%) fully demonstrated the incentive and attention to the vocational education business, and also optimized the governance structure from the management, the company's healthier and orderly development.
Confidence in boosting gambling performance. It is also worth noting that the two parties have re-agreed the performance of Heng Enterprise Education on the gambling from the original 17-18 years of gambling 104 million / 135 million, a substantial increase of 44.2% / 48.1% to 150 million / 2 billion / 250 million (19 years of performance), A total of not less than 600 million yuan, a year-on-year growth rate of 87.5%, 33%, 40% performance on the gambling improvement on the one hand indicates that the growth and profitability of vocational education itself exceeds the company's previous expectations, on the other hand, the company's education After embarking on the platform of listed companies, the medium and long-term performance development will give greater confidence.
The company's business model builds competitive barriers. The company's acquisition of Heng Enterprise Education and Zhongda Ying will form a synergistic effect of “content + technology + platformâ€. At the same time, the company will open up the integrated service capability of “front-end customer cost advantage + mid-level practical training + back-end assisted employment†in the business model:
In the future training of Heng Enterprise, customers from C-end students to B-side enterprise training (currently Beiqi, Bank of Communications, etc.), ecologically from online to offline infrastructure, cross-industry replication model is the company's two new engines for growth; campus expansion depends on Word of mouth + chain management ability, the growth rate of 30%-40% in the future will not be difficult; Zhongda Yingcai mainly has online education, relying on BAT traffic is the advantage, in the future relying on big data to provide personalized and accurate guidance, now the technical team has settled in the constant Enterprises, Heng Enterprise will enjoy the improvement of efficiency quality in online education (online conversion rate has increased from less than 1% to the latest 5%); Earnings forecast: Assume that the latest commitment profit is completed, we raise the 2017-2018 revenue by 12.07 ( +2.69 billion), 18.36 (+6.48 billion); returning net profit of 1.87, 249 million, corresponding to EPS0.55 (+10%), 0.73 (+4.3%), giving 2017 PE55, target price of 30 yuan, maintaining "Buy" rating.
Risk warning events: risk of business integration, risk of increased competition in vocational education
Dongjiang Environmental Protection: The dangerous waste faucet has a higher level of Buy rating
Organization: CITIC Jiantou Researcher: Wang Yijia
[Summary]
The event company announced the 2017 non-public offering of A-share stocks. The company released the 2017 non-public offering of A-share stocks on the evening of May 10. The number of shares to be issued does not exceed 178 million shares. The total amount of the proposed shares does not exceed 2.3 billion yuan. The price is not Below 90% of the average price of the company's stock trading on the 20 trading days prior to the pricing benchmark date, the pricing base date is the first day of the issue date. The issue target is a specific object of no more than 10 including the controlling shareholder Hirose Corporation, and the issue target is determined according to the principle of price priority according to the declared price. Hirose's lock-up period is three years, and the remaining specific targets are one year.
Brief comment on the adjustment of the subscription plan to avoid the tender offer, highlighting the future development confidence. The company terminated the non-public issuance of 117 million shares to the company at the end of last year. The reason is that the Hong Kong Securities and Futures Commission regards Zhang Weiyang and Guangsheng as coherent actors. Upon completion, Guangsheng Company and Zhang Weiyang will jointly hold more than 30% of the company's shares, and Guangsheng will trigger the comprehensive tender offer responsibility. Prior to the issuance, Guangsheng Company and its subsidiaries held 139 million shares of the company, accounting for 15.72% of the current total share capital.
According to the plan, the number of shares subscribed by Hirose Corporation does not exceed 33% of the total number of shares issued this time, and the subscription amount does not exceed 759 million yuan. According to the calculation of the upper limit of the number of shares subscribed, after the completion of the issuance, Guangsheng Company holds 18.6% of the total share capital, and the control rights are further strengthened, demonstrating the confidence of the major shareholders in the future development of the company. At the same time, after the completion of the issuance, Guangyu Company and Zhang Weiyang will jointly hold a total of 29.97% of the company's shares, which will not trigger the comprehensive tender offer responsibility, which is conducive to the smooth progress of the non-public offering.
The funds raised will be invested in 6 hazardous waste projects, and the leading production capacity will further release the funds raised around the core hazardous waste industry, including Jiangxi Dongjiang, Weifang Dongjiang, Fujian Oasis, Nantong Dongjiang, Dongguan Hengjian, Hengshui Ruijing and other six solid waste risks. For waste projects, the average internal rate of return is 12.14%, and a total of 894,000 tons/year of hazardous waste treatment capacity will be added.
As of the end of 2016, the company has 44 categories of hazardous waste management qualifications in 46 categories in the national hazardous waste list, and obtained industrial hazardous waste qualifications of 1.5 million tons per year. This non-public offering will strengthen the company's core business scale and market competitiveness, and consolidate its leading position in the industry.
Research center + laboratory + operation platform, improve core competitiveness, part of the raised funds will be invested in technology research and development, environmental testing services and Internet + projects, and will initially establish and improve the service network of environmental comprehensive testing laboratories, and build information and information in the field of environmental protection. The comprehensive operation platform of “Environmental Industry Internet Ecosystemâ€, which integrates functions such as transaction, data collection and analysis. Through technological and management level improvement and service model innovation, the company has improved its innovation capability and core competitiveness to help its business develop rapidly.
(Editor: Wang Gang HF004)
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