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【中银国际证券】商业城:并购宜租车联网,转型新兴商业服务行业,有效增厚公司业绩

[bank of China International Securities] Commercial City: mergers and acquisitions of rental cars, transformation of emerging commercial service industries, effective thickening of the company's performance

中銀國際證券 ·  Dec 15, 2015 00:00  · Researches

Support the main points of the rating.

The business model has been transformed from a traditional business service to a new business service model: due to the impact of macroeconomic downturn and e-commerce shocks in recent years, revenue growth is weak and lack of sustainable profitability, after the acquisition of rental cars, the company's main business will be changed to a more profitable car rental business based on car rental business, covering the car Internet industry with closed-loop services from vehicle procurement to disposal. The car rental business has covered 27 key cities across the country, with professional driver behavior analysis and advanced fleet real-time positioning, monitoring and dispatching management and other technical systems, and rely on the vehicle network to provide customers with comprehensive travel solution services. The injection of new business will effectively help the company to complete the transformation from the traditional retail business.

The Rental car Network is committed to becoming an O2O service platform that relies on providing customers with comprehensive solutions for managing travel. The company has 2192 self-operated vehicles, with professional driver behavior analysis and advanced fleet real-time positioning, monitoring and dispatching management and other technical systems, the scope of business covers 27 cities. The company is mainly for enterprises and institutions, including Internet chauffeured car platform, providing vehicle network management and technical research and development, vehicle rental franchisee services, driver recruitment, management, training and used car evaluation and identification services.

It is worth noting that on September 30, 2015, the unaudited owner's equity belonging to the parent company is 342.1771 million yuan, and the estimated value of 100% equity is about 1.5 billion yuan, with an added value of about 1.1578229 billion yuan. the value-added rate is about 338.37%, and the value-added rate is high. This is the main reason why the company issues at a premium. The easy-to-rent car Internet Company estimates that the company's net profit for 2016-18 is 118 million yuan, 171 million yuan and 227 million yuan. Will effectively thicken the company's performance.

The main risks faced by ratings.

The retail business continues to erode profits.

Valuation.

After the completion of the acquisition, the main business will change from the traditional commercial retail business to a new commercial service business that relies on vehicle mobile tools to provide institutional customers and end consumer services through the Internet function. This business transformation will enable the company to enjoy a high valuation premium, assuming that the rental car network will consolidate its statements in 2015 and the equity issue will be completed in 2016. we expect fully diluted earnings per share of-0.4,0.01 and 0.252 yuan (formerly-0.9,0.70 and-0.40 yuan) for 2015-17 to maintain the target price of 20.50 yuan per share and maintain the buy rating.

The translation is provided by third-party software.


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