Investment points: the company's main building materials new materials, through the comprehensive transformation of mergers and acquisitions, accumulated strength to enter the trillion automobile market, the space potential is huge. At present, the company has a market capitalization of 8 billion yuan and has a strong ability to integrate resources. we judge that the company will still increase the breadth and intensity of the post-market layout, and the continuous industrial layout event will push up the company's market capitalization steadily and give a "buy" rating for the first time.
Sunshade fabric industry benchmark, the acquisition of Australia KRS successfully shifted to overseas downstream consumption. Benefiting from the strategy of environmental protection and energy saving, the sun shading and energy saving industry has broad prospects for development. Compared with the traditional chemical fiber fabric, the company's sunshade fabric can save air-conditioning energy, filter dazzling through natural sunlight and save lighting energy. The acquisition of Australian KRS to expand overseas and downstream markets is expected to cultivate brand extension expansion in the future.
In the era of Internet +, cars subverted the order: post-market, used cars and new car sales. The Internet releases demand and improves transactions. The industry trend is strong, the model innovation continues, and the profit is not stereotyped. It is reasonable to set the price by scale, users and resources, and the leading market value is 100 billion yuan. Under the definition of "Internet +", the company with online and offline channel experience and advantages has become the leader of continuous market mining.
Have no worries about taking shares and raising cars, and enter the post-car market. The company intends to use its own capital of 62.1 million to participate in car maintenance worry-free 20% equity, fully embrace the car aftermarket. The car-owning worry-free platform now has more than 1 million registered users, of which the average daily UV is close to 100000, and the number of contracted service merchants is close to 1400 (mainly distributed in Jiangsu, Zhejiang and Shanghai). It has expanded to 3000 and more than 10000 in 2015-16, and revenue is expected to increase by 500% and 800% year-on-year in 2015.
Besides owning a car, there is still long-term potential. Chen Wenkai, chairman of car Care, has worked hard on cars, especially in the post-market for decades, with far-reaching understanding and layout of the industry, including the Global Automobile Network, Kewei auto parts, etc., to integrate resources for coordinated development in the future, creating a high probability of Autozone in China, and a huge market capitalization space in the future.
Investment advice. The company's main building materials new materials, through comprehensive transformation and mergers and acquisitions, accumulated into the trillion automobile market, the space potential is huge, the current market capitalization of the company is 8 billion, and has a strong ability to integrate resources, we judge that the company will still increase the breadth and intensity of the post-market layout, and the continuous industrial distribution events will push up the company's market value steadily. It is predicted that the EPS of the company from 2015 to 2017 is 0.35,0.40,0.45 yuan respectively, corresponding to the closing price PE of 144,126,111 times on June 1, 2015, respectively. Car ownership is at the forefront of the automotive aftermarket, with high brand awareness and should enjoy a certain premium, with a target price of 70 yuan, corresponding to 200x PE in 2015, giving a "buy rating" for the first time.
Risk hint. The sunshade fabric industry is in the doldrums, and the competition in the automobile market is intensified.