Matters: the company announces that the private placement plan of the company has been examined and approved unconditionally by the Development and Review Commission.
Peace viewpoint:
The fixed increase will be held as scheduled, and we will open a new chapter in the company's development: the company announced that the private placement plan has been examined and approved by the China Securities Regulatory Commission. We believe that this increase is of great significance to the company. It will also become a new starting point for the company's future development: 1. The fixed increase will be introduced into Guokai Finance. After the completion of the fixed increase, the company's share capital will be expanded to 300 million shares, of which the major shareholder Beijing Tianzhu Airport Economic Development Company accounts for 49% and Guokai Financial accounts for 16%. The introduction of strategic investors will promote the upgrading and transformation of the company's existing business. 2. Combined with the trend of the reform of state-owned enterprises and the integration of the three parks under the major shareholders to form the overall strategy of the air-facing economic core area, the follow-up resource integration of major shareholders is worth looking forward to.
Gradual transformation of park integrated operators: the company still has more than 4000 mu of land development and reserve in the airport area, and will form a new type of industrial cluster land with the airport economic zone as the core in the future. At the same time, with the contraction of Beijing's land policy, the company has actively changed its business thinking and will carry out comprehensive operation of the park through subdivision and self-ownership of the park in the future.
Cooperation with CDB is expected to open the war investment incubation business: the core advantage of the second shareholder is that it has the only RMB equity investment license in China, and the business relies on CDB's strong operating platform and local government resources. experienced in the field of equity direct investment and urban development. At present, there are more than 2200 enterprises in the park, mainly aviation logistics, electronic information, cultural and creative enterprises. We judge that with the entry of CDF, the company will actively participate in small and medium-sized companies, or provide financial services for small and medium-sized enterprises, and change to integrated real estate operators through industrial integration.
Profit forecast: due to the decline in previous profits, the company's market capitalization is currently the smallest of its kind. We estimate that the EPS of the company from 2015 to 2016 will be 0.20 yuan and 0.25 yuan respectively, corresponding to 70 times the PE in 2015, which is similar to the average valuation of enterprises in the park. Considering that the introduction of CDF is of inflection point to the company's operation and management, at the same time, the company's first-level development reserves and enterprise resources will also support the company's business upgrading and development in the future, and maintain a "highly recommended" rating.
Risk Tip: the company's business transformation process is not as expected.