[Haitong] Demi Chemical: with the participation of Little Ice and Fire people, high-end agriculture and animal husbandry is expected to usher in great development.

海通證券 · Apr 23, 2015 00:00 · Researches

事件:

德美化工参股小冰火人20%股权。德美化工发布公告,公司与广东小冰火人网络科技有限公司(以下简称“小冰火人”)股东彭利民先生签署《股权转让协议》,受让彭利民先生所持有的小冰火人20%股权,交易价格为4615.38万元人民币,本次股权受让后,公司成为小冰火人第二大股东。

点评:

小冰火人是华南地区最大、最专业的电子商务运营商以及服务提供商。广东小冰火人网络科技有限公司成立于2010年7月14日,是一家电子商务经销和电子商务代运营的服务提供商,主要为传统品牌企业提供电子商务经销服务,为传统品牌企业提供电子商务一站式解决方案。小冰火人通过与企业合作经营的模式,建立企业的网络品牌和网络渠道体系,是目前华南地区最大、最专业的家庭消费类的电子商务运营公司之一。

收购PE仅为11倍。根据小冰火人2014年度经审计的财务数据,小冰火人2014年度净资产为5345.26万元人民币,净利润为2053.62万元人民币;本次股权转让价格的平均市净率(PB)为4.32倍,市盈率为PE为11.24倍。

预计公司高端农牧业将迎来极大的发展。投资小冰火人,一方面公司能借助其丰富的互联网运营经验和资源为公司在“互联网+”的转型推进过程中提供有力的帮助;另一方面小冰火人的经营业绩良好,也能为公司带来一定的投资收益。尤其是公司的高端农牧业,目前正在树立品牌的初期阶段,未来随着国家食品安全法出台,生态食品将迎来黄金发展阶段。

猪肉市场拥有上千亿规模,预计公司生态猪肉将借助小冰火人的运作得到极大的发展空间。

主业发展向好。(1)助剂业务受益于油价同比下跌,经营逐步改善。(2)天气转暖、公司异辛烷盈利逐步改善,国五标准提前实施将利于异辛烷业务长远发展。

维持“买入”投资评级,目标价17.65元。德美化工参股小冰火人,将借助其丰富的互联网运营经验推进公司“互联网+”的战略转型,24万吨异辛烷项目投产将为公司带来较大利润,公司农牧项目发展向好,同时油价下跌为公司带来积极影响。预计公司14-16年EPS分别为0.32元、0.41元、0.59元,异辛烷投产以及收购小冰火人带来协同效应,公司业绩将迎来快速增长,考虑到公司生态猪肉触网,盈利能力得到极大提升,提高公司16年PE至25倍,对应估值14.75元+2.9元左右持有其它公司股权(公司长期持有天原集团8.64%和奥克股份6.94%股权,以4月22日收盘价计算总市值为9.52亿,占德美化工市值的21.2%,反映到股价上为2.95元),目标价17.65元,维持公司“买入”投资评级。

风险提示:1)猪肉价格持续低迷; 2)异辛烷行业需求增长缓慢。

Events:

Deutsche American Chemical Co., Ltd. shares a 20% stake in Xiao Bing Huo Man. Demei Chemical announced that the company signed an "equity transfer agreement" with Mr. Peng limin, a shareholder of Guangdong Little Ice and Fire Man Network Technology Co., Ltd. (hereinafter referred to as "Little Ice and Fire Man"). The transaction price is 46.1538 million yuan. After this share transfer, the company has become the second largest shareholder of Little Ice and Fire Man.

Comments:

Xiao Bing Huo Man is the largest and most professional e-commerce operator and service provider in South China. Guangdong Xiao Bing Huo Man Network Technology Co., Ltd. was established on July 14, 2010, is a service provider of e-commerce distribution and e-commerce generation operation, mainly provides e-commerce distribution services for traditional brand enterprises, to provide one-stop e-commerce solutions for traditional brand enterprises. Through the mode of cooperation with enterprises, Xiao Bing Huo Man has established the enterprise's network brand and network channel system, and is currently one of the largest and most professional household consumer e-commerce operators in South China.

The acquisition of PE is only 11 times. According to the audited financial data of Xiaobinghuo in 2014, Xiaobinghuo's net assets were 53.4526 million yuan and net profit was 20.5362 million yuan. The average price-to-book ratio (PB) of the equity transfer price was 4.32 times, and the price-to-earnings ratio of PE was 11.24 times.

It is expected that the company's high-end agriculture and animal husbandry will usher in great development. Investing in Little Ice and Fire Man, on the one hand, the company can provide strong help for the company in the process of "Internet +" transformation with the help of its rich Internet operation experience and resources; on the other hand, the Little Ice and Fire Man has a good business performance. It can also bring certain investment income for the company. In particular, the company's high-end agriculture and animal husbandry is currently in the early stage of establishing a brand, and in the future, with the introduction of the national food safety law, ecological food will usher in a golden stage of development.

The pork market has a scale of hundreds of billions, and it is expected that the company's ecological pork will have great room for development with the help of the operation of the Little Ice and Fire Man.

The development of the main business is improving. (1) Auxiliaries business has benefited from the decline in oil prices compared with the same period last year, and the operation has gradually improved. (2) the weather is getting warmer, the profit of isooctane is gradually improved, and the early implementation of the five-year standard will be conducive to the long-term development of isooctane business.

Maintain the "buy" investment rating, with a target price of 17.65 yuan. With its rich experience in Internet operation, DMC will promote the strategic transformation of the company "Internet +". The commissioning of 240000 tons of isooctane project will bring greater profits to the company, and the development of the company's agricultural and animal husbandry projects will be better. at the same time, the fall in oil prices has had a positive impact on the company. It is estimated that the EPS of the company in 14-16 years will be 0.32 yuan, 0.41 yuan and 0.59 yuan respectively. The putting into production of isooctane and the acquisition of Little Frozen Man will bring synergistic effect, and the company's performance will usher in rapid growth. Considering that the company's ecological pork touches the net, its profitability will be greatly improved, increasing the company's 16-year PE to 25 times. Corresponding to the valuation of 14.75 yuan + 2.90 yuan to hold equity in other companies (the company has long held 8.64% of Tianyuan Group and 6.94% of Oke shares, with a total market capitalization of 952 million based on the closing price on April 22, accounting for 21.2% of the market capitalization of DMC.), the target price is 17.65 yuan, maintaining the company's "buy" investment rating.

Risk tips: 1) pork prices remain low; 2) demand growth in isooctane industry is slow.

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【海通证券】德美化工:参股小冰火人,高端农牧业有望迎来极大发展

[Haitong] Demi Chemical: with the participation of Little Ice and Fire people, high-end agriculture and animal husbandry is expected to usher in great development.

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