Class financial profit is slightly lower than the performance commitment, the proposed capital reserve to increase equity 10 get 10 free exceeding expectations.
In 2016, the company's operating income reached 811 million yuan, down 40.86% from the same period last year, mainly due to the sale of cement assets; the total profit was 462 million yuan, an increase of 66.24% over the same period last year The net profit attributed to shareholders of listed companies was 163 million yuan, an increase of 114.02% over the same period last year. The main profits came from financial subsidiaries, including 49.21 million yuan for small loans, 58.85 million yuan for pawn, 36.81 million yuan for guarantees, 190 million yuan for leases and 1.20 million yuan for P2P1.09 million yuan, and the actual net profits of five category financial subsidiaries were 210 million yuan, slightly lower than the promised performance of 240 million yuan. The company plans to pay a cash dividend of 1 yuan for every 10 shares. at the same time, the capital reserve increases 10% free 10% more than the market expectation, reflecting the company's confidence in subsequent profits and laying the equity foundation for future refinancing.
Class financial profits that fail to meet expectations will be compensated by Sony Investment cash, 2017 of which is still in the commitment period.
Class financial profits fell short of expectations mainly because the pawnbroking scale decreased to negative growth of-14.5%. The five financial subsidiaries achieved a net profit of about 210 million yuan after deducting non-recurring profits and losses, falling short of the promised performance of 240 million yuan in 2016, mainly due to limited financing channels and lack of high-quality projects. Sony Investment Group will make the difference compensation in cash. 2017 is still in the performance commitment period, it is estimated that the promised performance of 310 million yuan without worry.
The acquisition of Haike Finance is expected, and regulatory feedback is expected around the end of March.
The company's rural financial strategy is expected to follow the step-by-step strategy of first payment and settlement in the coordination of multiple licenses, the first step is to make settlement payment to provide convenience for farmers' daily settlement, and at the same time collect data to make up for the lack of data. With the accumulation of data and the completion of the confirmation of the two rights, the existing new licenses can be connected to the financial needs. In the national supply and marketing system, only Anhui supply and Marketing Co-operative controls two listed companies. The extensive network layout of holding enterprises will be the first step for rural finance to provide highly sticky customers, which is expected to contribute about 100 billion of the annual revenue to Haike Finance. The company's acquisition of Haike financing plan is expected to bring greater performance support, and regulatory feedback is expected around the end of March.
Haike financing stock receipt has occupied the forefront of the market, supporting financing projects layout of rural finance.
Haike Rongtong expects to receive about 500 billion orders in 2016, and the comprehensive rate is higher than last year. The distribution of rural finance has begun on the basis of stock, and it is expected that the three supporting financing projects-Shandong Logistics Financial Services platform Project, China Resources MIS Project and Hebei "Village access" Project will bring about 300 billion of the annual revenue. Therefore, on the basis of the current stock receipt, coupled with the introduction of supply and marketing cooperative customers and supporting financing projects online, it is expected that the receipt of orders next year will be more than one trillion yuan.
Supply and marketing cooperatives have strong advantages, rural inclusive finance is scarce, and maintain the rating of increasing holdings.
Considering that the company has the background of supply and marketing cooperative shareholders, high governance efficiency and conducive to relying on rural channels for the pioneering layout of Internet finance, the new financial full license cooperates to provide financial services of the whole industry chain. Without considering the performance of Haike financing, it is estimated that the return net profit from 2017 to 2019 is 2.6 Universe 3.2 / 380 million yuan, corresponding to EPS 1.07 Placement 1.31 Placement 1.57. Assuming that the acquisition of Haike Rongtong is successfully completed in 2017, it is estimated that the net profit from 2017 to 2017 will be 4.6 PE2017 5.9 / 720 million yuan. After 2017, according to 396 million equity after the reorganization, we will not consider the transfer of capital reserves to increase equity, and we are optimistic about the growth of payment business. We will increase the forecast of EPS to 1.15 PE2017 1.48pm 1.81 yuan, and the corresponding target price for 2017 will be 34-35 yuan according to 29-30 times eps.
Risk hint: asset restructuring failed, and the growth of receipts was not as expected.