The performance increased greatly, and the performance of venture capital was outstanding.
The company achieved a net profit of 372 million yuan in 2016, an increase of 66.15% over the same period last year; revenue of 186 million yuan, a decrease of 2.64% over the same period last year, an increase of 67% over the same period last year; and net assets of 3.72 billion yuan, an increase of 8.5% over the same period last year. The company plans to pay out 1.50 yuan (including tax) for every 10 shares, for a total of 110 million yuan.
The substantial increase in the company's performance is mainly due to the cost method cash dividend of 120 million yuan, which is included in the investment income in the current period, and the profit of 270 million yuan from the re-measurement of the remaining equity held by the new Beiyang at fair value due to the loss of significant impact. and the equity transfer gain of 54 million yuan as a result of the transfer of Luxin investment.
Build a multi-channel financing platform, and the fund transformation is basically completed.
The company cooperates with BoCom International Trust to set up a capital market fund with a total size of 500 million yuan, which is mainly invested in enterprises that have been listed or are going to list regional equity trading centers and new third boards, and cooperate to establish Qingdao Luxin Jiaoyin investment enterprise. the total size is 2 billion yuan, mainly as the parent fund investment sub-fund and other investment projects. The first stage of the fund transformation of the front desk investment department of the company has been basically completed, with the newly established Industrial Transformation Investment Fund, New Materials Fund, Great Health Fund and so on. Innovative financing methods build a multi-channel financing platform for the company, which is conducive to ensuring a long-term and stable supply of funds.
Promote the "PE+ listed company" model, actively expand overseas layout companies to increase cooperation with industry leading enterprises and listed companies, along the professional investment layout, combined with listed company restructuring and mergers and acquisitions, initiated the establishment of Xi'an Luxin Investment Center, Luxin New Beiyang Intelligent equipment Fund, and opened up a new joint development model of "PE+ listed companies". The company invested US $300 million to invest in Intarcia and jointly set up a venture capital fund with China Economic Cooperation Group in the United States. the further expansion of overseas distribution will open up a new market space for the company.
Manage fund professional investment, IPO speed up and open exit space
The company manages a large amount of funds, the total size of the provincial venture capital guidance fund is 400 million yuan, the entrusted balance of provincial science and technology venture capital funds is 95.05 million yuan, and 31 funds are managed, with a total size of 12 billion yuan. investment areas include advanced manufacturing, modern agriculture, marine economy and other advantageous industries in Shandong Province and national strategic emerging industries such as information technology, energy conservation and environmental protection, new energy, new materials, biotechnology, high-end equipment manufacturing, etc. In 2016, the company timely reduced its holdings of some listed project companies (Tongyu heavy Industry, Chemical numerical Control, etc.), withdrawing a total of 554 million yuan. The company has promoted 10 project companies to achieve A-share listing, 25 new third board listing, and 7 proposed IPO projects. With the accelerated pace of IPO in 2017, there is considerable room for investment returns.
There are broad prospects for reform and maintaining the "overweight" rating.
Shandong financial reform is advancing steadily, and the company's shareholder Luxin Group is rich in financial assets, including Zhongtai Securities, Minsheng Securities, Shandong International Trust, AMC and other high-quality assets. As an important listing platform of Shandong SASAC, the company will benefit from the catalysis of Shandong state-owned enterprise reform in the future and is expected to undertake the financial support of local industrial resources. From 2017 to 2019, EPS is expected to be 0.57,0.63 and 0.71 yuan respectively, corresponding to PE 38x, 35x and 31x, with a target price range of 240.27 yuan.
Risk hint: the progress of financial reform is not as expected, the market exit mechanism is not smooth, and there are large-scale losses in investment projects.