Event: mass Transit (600611.SH) announced on the 11th that it will contribute 110 million yuan to subscribe for 14.47% of the shares in Shanghai Taoxi Electronic Commerce Co., Ltd., and become the fourth largest shareholder in Shanghai Taoxi.
Transaction analysis-PS valuation: Shanghai Taoxi achieved an income of 140 million yuan and a loss of 7.338 million over the past 15 years. The original shareholders include Shanghai Yancheng, Shanghai Qiaodu, Shanghai Shengxi and Jiyuan Investment. Shanghai Yicheng is the largest shareholder (49.9%). After the 110 million yuan transaction, Volkswagen became the fourth largest shareholder with 14.5% equity, which valued the company at about 760 million yuan. PS is valued at about 5. 4 times.
Self-run B2C mode of US shopping platform: Shanghai Taoxi's cross-border e-commerce business is mainly divided into two parts, one is to sell goods through its own mobile APP "Meishu" platform, and the other is to sell goods as a seller of "Mei Buy Royal Airport" on Shanghai's official cross-border e-commerce platform "Cross-Border pass". The mode is self-operated B2C, which makes a profit by relying on the price difference of goods. According to our sampling comparison, the US purchase platform has a certain price advantage in the diversion stage, and tries to expand sales and influence through "pooling foreign goods".
American purchase model is lack of innovation, short-term profit is difficult: as a very typical cross-border imported B2C mobile platform, it is in line with the trend of mobile Internet consumption; however, in terms of sales types and models, there is no significant innovation with other Haitao platforms. We believe that after the development of China's imported cross-border e-commerce in the past two years, it has basically become a leader in all kinds of models, and there is a high probability that users will gradually concentrate on the mainstream platform in the future. from this point of view, there may be two directions for US shopping. one is to find a business model and positioning that suits you, that is, refinement; the other is to obtain more funds to build a comprehensive platform and strive to become the second koala in the industry. But either way, it is difficult for small cross-border platforms to make a profit in the short term.
Risks and opportunities under the cross-border new policy: it may be faced with the cross-border new policy introduced in April 16, and changes in taxation and regulatory standards may bring risks to Meishi, but the advantages of Shanghai port in cross-border business development after the introduction of the new policy may also bring opportunities to the company.
Investment advice: investing in Haitao platform will not have a significant impact on the company's performance in the short term. Considering the boost effect of Walt Disney Company's opening garden on the company's main business in 2016, the company's revenue growth from 2016 to 2018 is expected to be 14.6%, 7.5% and 7.1%, respectively. Net profit growth was 15.1%, 11.2% and 8.8%, respectively. For the first time, it is given an investment rating of "increasing its holdings-A", with a 6-month target price of 13.5 yuan.
Risk hint: cross-border e-commerce policy is lower than expected.