Established three strategic objectives of diversified development.
The company has established three strategic objectives of diversified development: diversification of business channels, diversification of talent strategy and diversification of equity structure. The goal of operating channel diversification is that the company will actively promote the development of the upstream and downstream of the highway industry, including gas stations, highway advertising business, etc., in addition, it will also actively promote the diversification of industrial development. The diversification of talent strategy means that the company will actively introduce high-end management and technical personnel to lay a talent foundation for business development. In the aspect of equity structure diversification, the company will further disperse the current equity structure and introduce new strategic investors in order to improve the governance structure and obtain new business resources.
The current highway business is a mixed blessing.
The company's highway assets include Ha-Da Expressway (Harbin-Daqing) and Hashan Expressway (Harbin-Shangzhi), but the operation and management of the expressway is only Ha-Da Expressway, and Hashan Expressway does not participate in operation for 48.76% of the rights and interests. Harbin-Dalian Expressway is in good condition after overhaul in 2008, the pressure of overhaul is light in a short time, and Harbin-Dalian Expressway began to adopt weight charging mode in early 2009, which is conducive to the maintenance of road conditions and toll growth. At present, the traffic flow of high-speed small cars and super-large vehicles in Harbin and Dalian has increased significantly. However, the Hashan highway, which has 48.76% of the rights and interests, is in poor condition. Although the number of small cars has increased, the number of large vehicles has declined rapidly, and the toll income has decreased year by year, and the income situation is not very satisfactory.
The extension growth may be supported by Heilongjiang government.
The diversified development of the company's business will not only expand its own highway business upstream and downstream, but also look for suitable projects or assets for acquisition. However, the major shareholder Longgao Group's main highway assets, from the perspective of improving shareholder returns, it is difficult to inject into listed companies. The Heilongjiang government is more concerned about the future development of the company, saying that it will actively support the company in infrastructure, transportation, finance and other areas to expand business.
Pay attention to improving the governance structure and actively deal with the legacy equity investment
The company strives to absorb the previous experience and lessons in governance and improve the governance structure. In the future, it will further introduce senior professional managers and improve the management level. In addition, the company is actively improving the organizational structure and various rules and regulations. After the separation, the company acquired the shares of seven companies with its predecessor's long-term equity investment, but from the actual situation, the situation of these seven enterprises is not very optimistic, and the company will gradually clean up these enterprises in the future.
Investment suggestion
We judge that the newly established Longjiang Traffic will actively open up other businesses outside the current Harbin-Dalian Expressway as soon as possible, including road transport business, investment banking equity and real estate development business. Considering that the company's business will be diversified in the future, as well as the improvement of the company's own governance structure and the improvement of decision-making and management, shareholder returns are expected to improve gradually, and we give "overweight" rating for the first time.
