This report is read as follows:
Under the influence of factors such as the Shenzhen-Hong Kong Stock Connect, the reform of Shenzhen state-owned enterprises is expected to become a dark horse in the market in 2016, and Saige will be listed as a whole or lead the regional reform to heat up. Reach a strategic cooperation with Tencent to prove the company's strategic transformation landing capacity, and it is recommended to increase its holdings.
Main points of investment:
Investment suggestion: the reform of state-owned enterprises in Shenzhen is expected to be favored by the market under the catalysis of factors such as the Shanghai-Hong Kong Stock Connect. The listing of the group as a whole makes the company possible to become a leader. Under the background of reform, the landing of the company's transformation has obviously accelerated. The strategic cooperation reached with Tencent in the field of creators is a case in point. We are optimistic about the progress of the company's follow-up reform and transformation. Maintain the target price of 20 yuan and maintain the "overweight" rating.
The positioning of Shenzhen as the capital of hard creation has gradually become clear, and it is worth looking forward to as a spark of cooperation between state-owned enterprises and Internet giants. With the support of the policy environment, the sharing of software and hardware resources and project co-training between the two sides are expected to be realized step by step. It is optimistic that based on the premise of complementary resources, the progress of further cooperation between the two sides will be maintained, and the EPS forecast for 2016-2018 will remain unchanged.
With the marriage of Tencent, a new alliance has been added to the hard capital. Tencent will open the open platform, Tencent Cloud, Wechat and other core Internet resources for the joint recommendation projects of the two sides, with a cumulative investment value of not less than 30 million in three years, and connect the official websites of Saige and the Entrepreneurship Association to Tencent's official website. Regularly hold entrepreneurial competitions, innovation salons and other ways, with "project investment + industrial resources + hardware support services" as the core, focusing on incubating hard enterprises in networking, intelligent science and technology, cultural creativity, medical and health and other fields. After the reorganization, the founder platform of Seg Group will be rooted in listed companies, and it is expected that the cooperation between the two sides will be deepened and the layout of areas such as venture capital funds and product sales channels will be improved.
Under the reform environment, the shift speed is accelerated, from property rental to high-tech + experience content operation platform. The company has previously had an industrial background, and after the reorganization, it will actively create an operating platform including founder ecology, culture and education, intelligent technology, sports and entertainment, virtual experience and e-sports game content with the help of shareholder resources and state-owned assets platform. In addition to Tencent, the company has reached deep cooperation with Taobao China, Internet Fish Internet Cafe, Children's Cat Animation, Yi'an Science and Technology in e-sports games / animation / Internet and other fields, and is optimistic about the progress of Shenzhen regional reform and the prospect of transformed content operation after straightening out the mechanism.
Catalyst: the reform of state-owned enterprises in Shenzhen is heating up; the asset restructuring plan is approved; risk hints: the reform cycle is long; asset restructuring is uncertain.
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