Core ideas:
Pay attention to the major shareholders and have plenty of room for capital operation.
In 14 years, the reform of state-owned enterprises was further deepened, the controlling shareholder of the company held 13.17% of the shares of the company, and the actual controller was changed to Langfang SASAC. Shareholders currently hold and participate in 10 subordinate companies involved in new town development and construction, first-class land development, old city transformation of villages in cities, indemnificatory apartment construction, new residential construction, urban key project construction, real estate development, listed company operation, park development and operation, and other fields of business, with a land resource reserve of 152.8 square kilometers, it is the largest state-owned enterprise in Langfang.
Asset structure is secure, lack of main business support
Since 12 years of asset restructuring began to seek diversified development, but there has always been a lack of stable main business to support the stable development of the company's performance. The asset structure is stable, the debt level and potential financial risk are low.
Big trend, big opportunity
As an important national strategy of the new government, Beijing-Tianjin-Hebei has entered the stage of policy landing after nearly a year of planning and promotion. Langfang Holdings participates in the project development and construction of the airport economic zone as the largest shareholder. in the development of the core industrial park, Langfang Holdings will mainly undertake the supply of land resources and cooperate with Huaxia Happiness and Guokai Yuanrong. Make use of the management and financial advantages of partners to form an optimal development model, with the continuous deepening of the process of Beijing-Tianjin-Hebei integration, to enhance the value of land resources.
In 14 and 15, the EPS was 0.015 yuan and 0.017 yuan respectively, covering the "prudent overweight" rating for the first time.
As the only listing platform of Langfang SASAC, the biggest focus of the company still lies in the project and resource injection of major shareholders. The integration of Beijing, Tianjin and Hebei will continue to enhance the value of regional resources. In the process of investment, we should focus on the policy process and the development and deployment of major shareholders for the listing platform.
Risk hint
The value of shell resources is affected by policies, there is uncertainty in asset injection, and the stock price performance is not supported enough.