Events: 1. The company and Pangu (Shenzhen) Development Co., Ltd. jointly set up Shenzhen Pangubang Financial Services Co., Ltd with cash, with a registered capital of 10 million yuan, accounting for 30% and 70% respectively. 2. The company and Pangu (Shenzhen) Development Co., Ltd. jointly set up Shenzhen Pangu help Chuangchuang Co., Ltd. with cash, with a registered capital of 10 million yuan, accounting for 30% and 70% respectively.
Comments:
Expanding financial services and entrepreneurial incubation business will create new profit growth poles in the future. The company previously signed a cooperation framework agreement with Pangu Group and Kuoye Company to jointly build the business of "Internet + E-commerce Industrial Park". In the future, it plans to expand 50-100 industrial parks across the country. The business incubator is mainly responsible for the incubation of the enterprises entering the e-commerce industrial park and the operation and management of the park, and the financial services company is responsible for providing financial services to the small and micro enterprises in the e-commerce industrial park and the enterprises around the location of the e-commerce industrial park. The financial services companies and start-up companies set up by the company mainly serve the enterprises entering the industrial park, including a large number of start-up enterprises and small and medium-sized enterprises that need to be incubated. According to the company's estimate, a medium-sized industrial park can accommodate at least 500 small and medium-sized enterprises. We expect that Financial Services and Chuangchuang will become an important service platform for the company's future park and are expected to become a new profit growth pole for the company in the future.
The business of "Internet + E-commerce Industrial Park" is constantly deepening and the development plan is clear. The company has signed a cooperation framework agreement with Pangu Group and Kuoye Company to jointly set up "e-commerce real estate company", "start-up incubator company" and "financial services company". At present, the companies corresponding to the three businesses of the company have been landed.
We expect the company's future "Internet + e-commerce industrial park" business will continue to expand, the company's development plan is clear. In response to the national strategy of "mass entrepreneurship and innovation" advocated by the government, the company's newly expanded financial service and incubation business will help the company to build the brand of "Internet + e-commerce" industrial park and create a new enterprise development model and platform.
Investment advice: through in-depth cooperation with Pangu Group to expand financial services and business incubation business, the company will create a new profit growth pole in the future; Caixin development major shareholders have obvious local competitive advantages. rich resources and strong soft power will lead the company's sustainable development. We are optimistic about the rapid development of major shareholders and their continued strong support to listed companies. The company's EPS is expected to be 0.37, 0.47 and 0.55 yuan respectively in 2015, 2016 and 2017, with a corresponding PE of 126.8, 99.8 and 85.3 times, respectively, maintaining a "buy" rating.
Risk hint: future sales fall short of expectations.