Main points of investment:
Nantian Information issued 17 announcements, the main contents are as follows: a) Feasibility Analysis report on the Application of raising funds for non-Public offering A shares (revised version) B) adjust the non-public offering stock plan C) reply D) the announcement of signing a share subscription contract with conditions effective with the subscription object Yunnan Industrial Investment holding Group Co., Ltd.
Fund-raising adjustment makes it easier to issue additional shares. The reduction in the use of raised funds by about 100 million yuan should be related to the more reasonable and easy use of additional issuance. According to the contents of the project implementation in the above revised version, it is expected that the "bottom liquidity" is the main source to reduce the funds raised.
The change in subscription strategy should be due to the change in the amount of additional issuance. The subscription party changed from Yunnan Industrial Investment Fund to Yunnan Industrial Investment Group in essence. First of all, the investor of the original Yunnan Industrial Investment Industry Equity Investment Fund is basically completed by Yunnan Industrial Investment Group (1.128 billion yuan of 1.134 billion yuan subscribed). Secondly, it is speculated that the main reason for the change of subscribers is only the change in the amount of funds raised.
The probability of subsequent passage is high. After the change is completed, the company announcement has replied to the application document. The follow-up important events are approved by SASAC, board of directors, shareholders' meeting and so on. After announcing the additional issuance plan on March 15, the SASAC's approval was announced on April 21, which shows SASAC's encouraging attitude and is expected to continue in the future. According to the unanimous vote of the resolution of the board of directors today and the unanimous approval of the independent directors on the adjustment of the non-public offering scheme that still involves significant related party transactions, we can see the supportive attitude of the board of directors. It is also announced today that an interim shareholders' meeting will be held on August 12. This indicates that there is a high probability that the issue of additional issues that investors may worry about will be resolved in the coming half month.
In addition to capital events, two endogenous positive signals are noteworthy. On the one hand, gross profit margin goes up. The gross profit margin for each quarter of 2014-2015: 15.6%, 26.0%, 24.2%, 23.7%, 14.1%, 26.6%, 20.6%, 29.1%, gradually increasing compared with the same period last year. The gross profit margin of 2014Q1\ 2015Q1\ 2016Q1 is 15.5%, 14.1% and 22.3% respectively, which verifies the floating logic. On the other hand, the top five customers' share of revenue rose from 8.9% to 24.4% in 2010-2015. The rise of gross profit margin and the concentration of major customers means that the depth of customer business is improved, which is a signal of the improvement of the competitiveness of financial IT software.
Maintain the "overweight" rating and do not adjust the profit forecast. It is estimated that the operating income of the company from 2016 to 2018 is 22.60,25.39 and 2.731 billion yuan respectively. The net profit from 2016 to 2018 was 21 million, 52 million and 57 million respectively, and the profit for the preparation for the examination was 0.72,1.20 and 132 million yuan respectively. The exam preparation 45XPE in 2017 is far lower than that of similar companies. Small market capitalization reversal companies should enjoy a better PE valuation and maintain the "overweight" rating.
