Relying on the strength of Guoxin Group shareholders, the business structure is gradually straightened out.
The company has a deep background in state-owned assets, and the actual control is Jiangsu Guoxin Asset Management Group. After asset liquidation and resource integration, the company's business structure has been gradually straightened out, and has formed two major business sectors with trade as the first main business and involved in equity investment in financial services at the same time. In 2013, the income was nearly 5.8 billion yuan and the net profit was 334 million yuan.
The main business transformation direction is clear, the equity investment has the value-added space.
Export trade and domestic trade are the company's main sources of income, in which export trade stabilizes income and profits gradually improve, and will continue to transform into integrated service providers in the future, while domestic trade insists on the development of clothing "e-commerce + branding".
At the same time, many financial companies and venture capital projects that companies invest and participate in also have considerable room for value-added.
Guoxin Group is one of the two pilot projects in Jiangsu, and the company is expected to benefit from the reform of state-owned enterprises.
Jiangsu is becoming a dark horse in the reform of local state-owned enterprises. Jiangsu Guoxin Group and Huihong International Group are two pilot enterprises belonging to the restructuring of state-owned enterprises in Jiangsu Province. Huihong Group promotes the pilot listing of the group as a whole. Guoxin Group, as a pilot state-owned capital investment company, will assume more of the role of asset integration and industrial agglomeration, and will increase the possibility of starting large-scale asset operation in the future. With total assets of more than 100 billion yuan, the group has four major platforms: finance, energy, real estate and trade, especially the two main business sectors of finance and trade coincide with the existing business layout of listed companies. As a listed platform under the group, the company is also expected to become a forerunner and significant beneficiary in this round of state-owned enterprise reform, and there is huge room for imagination in the operation of assets in the future.
The sports industry ushered in new opportunities, the value of group football assets highlighted.
The sports industry ushered in new opportunities for development. Guoxin Group owns football assets such as Sainty Football Club and Guoxin Parma International Football School. Under the wave of accelerated capitalization in the domestic football field, we are optimistic about the scarcity value of the group's football assets and the revaluation brought about by capitalization.
Risk hint.
The import and export environment continues to deteriorate; the reform of state-owned enterprises is not as expected; and the pace of capitalization of football assets is lower than expected.
Give a "buy" rating for the first time.
We estimate that the company will have an EPS0.20/0.26/0.34 of RMB 14-16, a year-on-year growth rate of-73.7%, 27.5% and 32.8%, respectively. Considering that the company has formed a clear business layout, the transformation and upgrading of the main business has been accelerated, there is room for value-added financial assets, and there are also double expectations of "state-owned enterprise reform + sports"; the parent company, Jiangsu Guoxin Group, is one of the two pilot enterprises belonging to the restructuring of state-owned enterprises in Jiangsu Province; with the progress of state-owned enterprise reform, it is expected to further reshape the value of the company and give it a "buy" rating for the first time.
