Event: on January 13, the company issued a notice on the establishment of a joint venture company and related party transactions with foreign investment. The company intends to jointly invest with Letubao Technology to set up Shenzhen Doodle Bicycle Network Technology Co., Ltd.
Comments:
Set up a bike-sharing company to share hundreds of billions of dollars of the value chain of shared bikes to further enhance the competitiveness and profitability of the company. According to the latest census data, there are a total of 220 million urban households in China. According to the data of China's Industrial Information Network, there are 65 bicycles per 100 households in the urban population, with a penetration rate of 65%. Assuming that half of the bicycle residents have the need to use shared bikes, and each household has an average of twice, there will be 77 million shared bike trips a day. If you charge for a single use, the potential market for shared bikes will reach 21.8 billion yuan per year. Coupled with upstream and downstream industries and value-added services, the value chain of shared bikes will be worth hundreds of billions of dollars.
Letubao Technology is a customized platform focused on Internet shared travel, founded by a group of students from BABA, Tencent, Baidu, Inc., Huawei and other students, with strong Internet genes.
It uses Internet technology to migrate offline to online and intelligently converge similar travel needs. At present, it has involved Doodle shared bus and Ponycar shared car rental business, covering more than 10 provinces, cities and regions, including Shenzhen, Beijing, Guangzhou, Shanghai and Hong Kong, with a total connection of nearly 100 million people. It is one of the leading enterprises of professional Internet sharing travel in China.
This time, the company cooperates with Letubao Technology to operate the shared bike business, which is another product launched after the company invests in Doodle bus and Doodle shared car rental. Through the shared bike rental model to solve the expensive, time-consuming and troublesome "last kilometer" travel problems, covering the city's long -, medium-and short-distance travel needs, the formation of toot bus, toot rental car, toot bike format complementary, synergy. The development of toot bike business is conducive to the company to build a new energy operation ecosystem of green travel ecology, conducive to "Internet + smart energy + green travel".
The perfect integration; combined with the company's centralized and intelligent optical storage and parking stations and Doodle's route planning and experience of sharing diversified and personalized car use scenes with the layout of the city network and highway network, through the strategic layout of standardized urban replication that promote each other, organically integrate and coordinate development, enhance the company's core competitiveness and profitability.
To build an integrated network of optical storage and charging, the "four comprehensive" strategy will be launched. In addition to the active layout of photovoltaic power stations, the company will further distribute the four major businesses of new energy vehicles, energy storage, charging stations and energy Internet. In March, the company announced that the company intends to use its own capital of RMB 8 million to acquire all shares of Beijing Baineng, or 8% equity, and after the completion of the above-mentioned equity delivery, the company will increase its capital to Beijing Baineng by RMB 79.75 million and subscribe for 55.25 million shares of Beijing Baineng. After the above-mentioned equity transfer and capital increase, the company holds 51.078% of the equity of Beijing Baineng. Beijing Baineng business is located in the fields of energy storage photovoltaic power station, smart microgrid, energy storage power bank, new energy vehicle charging station and intelligent operation and maintenance of photovoltaic power station. At the same time, it is promised that the net profit of Beijing Baineng will reach 2000, 4000 and 60 million yuan from 2016 to 2018. In the field of energy storage photovoltaic power station, the mode of energy storage power bank is used to improve the economic benefit of the power station, and realize the application of photovoltaic power generation power smoothing, peak cutting and valley filling, etc. In the field of new energy vehicle charging stations, Beijing Baineng signed the Strategic Cooperation Agreement on Electric vehicle charging stations with China Highway Engineering Consulting Group Co., Ltd., a wholly-owned subsidiary of China Communications Construction Co., Ltd. the two sides plan to build new energy vehicle charging stations with the integration of light and storage in major regions and road networks throughout the country by way of a joint venture company, so as to form an intercity fast charging network of "four vertical, two horizontal and three rings". Zinc-bromine flow battery is one of the mainstream energy storage technologies in the world. Beijing Baineng has a large-scale production capacity of key materials for zinc-bromine batteries, has built a production line for key materials and battery components, including diaphragms, plates, electrolytes, and other battery components, and has mastered the material formula and production technology. the production cost is reduced to 1/3 of similar products in the world, and it has the ability of battery production and system integration. Beijing Baineng has set short -, medium-and long-term development goals for itself, through strategic layout, seizing market resources, mergers and acquisitions, digestion and absorption of energy storage technology, to realize the commercialization and large-scale development of energy storage technology. In terms of establishing an integrated network of optical storage and charging, on June 13, the company issued a notice on the establishment of wholly-owned subsidiaries for foreign investment. The company has set up wholly-owned subsidiaries in Beijing, Shanghai, Tianjin, Chongqing, Guangzhou, Shenzhen, Zhengzhou, Jingdezhen, Xianning, Wuxi, Dongguan, Huizhou, Shantou, Chaozhou, Qinghai Lake and other 15 regions to promote the company's optical storage and charging integration. At the same time, the company recently established Zhaoxin Wisdom parking and charging Co., Ltd., with a registered capital of RMB 500 million, in order to meet the needs of the company's strategic development and promote the company's layout and development in the new energy operation ecosphere. Speed up the realization of the company's goal of building a new energy operation ecosystem with new energy electric vehicles as the core.
The actual controllers continue to increase their holdings of shares, demonstrating their confidence in the transformation and upgrading of the company. Mr. Chen Yongdi, the actual controller and chairman of the company, plans to increase the company's shares in the manner permitted by the Shenzhen Stock Exchange from December 13, 2016 to January 12, 2017, with a cumulative increase of about 4.4 million shares, or 0.2333%.
Photovoltaic business is growing rapidly and a new rainbow is born. In the first three quarters, the company's operating income increased by 28.47% compared with the same period last year, and net profit increased by 112.9% compared with the same period last year, mainly due to the increase in photovoltaic business income, government subsidies and increased investment income on asset disposal. According to the semi-annual report, from the perspective of sub-business, the photovoltaic business achieved operating income of 28 million yuan, an increase of 503.40% over the same period last year, and the gross profit margin was as high as 63.40%, indicating that the company has initially completed the transformation, and the photovoltaic business has become a new growth point of the company's performance. At the same time, the company changed its name and securities abbreviation last year (English name: Shenzhen Sunrise New Energy Co., Ltd. Chinese name:
Zhaoxin shares), which demonstrates the company's determination to transform and upgrade.
Profit Forecast:
As the photovoltaic industry, energy storage and new energy vehicles enter the fast lane, the company's businesses are in a period of rapid release. We expect that with the gradual implementation of the 13th five-year Plan of the National Photovoltaic, New Energy vehicles and Energy Internet, the diluted forecast company's EPS for 2016-2018 will be 0.08,0.16 and 0.20 respectively, with a "buy" rating.
Risk Tips:
The company's power station expansion is not up to expectations, new energy vehicles and charging stations are not up to expectations, energy storage business expansion is not up to expectations, and new energy policies have changed.
