Matter: recently, the company announced that it contributed no more than 100 million yuan as a limited partner to invest in Zhuhai Fuhai Huchuang Information Technology Venture Capital Fund (limited partnership) (referred to as "TMT Fund"). The plan has been approved by the shareholders' meeting.
Peace viewpoint:
TMT Fund focuses on mobile Internet, new media, big data and other information technology investments: TMT Fund is jointly established by Shenzhen Dongfang Fuhai Investment Management Company and Zhuhai Financial Investment holding Group Co., Ltd., the executive partner is Zhuhai Fuhai Huacheng Venture Capital Fund Management Company, the fund focuses on mobile Internet, new media, big data and other information technology investments. The total model is 600 million yuan, and 294 million yuan has been raised in the first phase. As a limited partner, the company shall subscribe no more than 100 million yuan with its own funds, accounting for no more than 16.67% of the total capital contribution of all partners.
"wield the company's advantages in the field of venture capital, expand the company's venture capital investment model: the company is an investment holding enterprise, and the income and profit mainly come from the controlling (reference) company." At present, the company's business income mainly comes from high-tech business incubation, electronic equipment manufacturing, electronic device manufacturing, water purification and other businesses. If the company invests in the TMT fund, it can take advantage of the company's advantages in the field of venture capital, indirectly invest in the direction of national economic transformation and upgrading, and obtain good investment returns; at the same time, with the help of the professional investment team resources of the TMT fund, drive the construction of the company's investment team, promote the development of the company's investment business, actively explore the business operation model of equity investment, and further expand the company's venture capital model.
The listing platform controlled by Zhuhai SASAC has the expectation of asset injection: the actual controller of the company is Zhuhai Financial Investment holding Co., Ltd. Zhuhai Financial Investment Holdings Co., Ltd. is rich in financial assets, including banks, financial leasing, consumer finance, trading platforms, securities, futures, direct investment, fund management, asset management, guarantees, science and technology small loans and other small and micro finance. The company, as the only listed platform controlled by Zhuhai Financial Holdings, is expected to inject assets strongly.
Investment suggestion: the EPS of the company in 2015 and 2016 is 0.13,0.14 yuan respectively, and the BPS is 2.07,2.16 respectively. The corresponding PE of the current stock price is 261,240 times, and the PB is 16 times and 15 times respectively. The biggest focus of the company is the expectation of asset injection under the reform of state-owned enterprises. Coverage for the first time, giving a "recommended" investment rating.
Risk hint: the reform of state-owned enterprises is not as risky as expected.