Invest in the establishment of hydrogen energy companies and start industrialization projects
The company announced on October 10 that Zongshen New Energy Company, a wholly-owned subsidiary, will jointly invest 10 million yuan with Mr. Wei Jinzhu to establish Chongqing Zongshen hydrogen Energy Technology Co., Ltd. Zongshen Company invests 9 million yuan with 90% equity, and Mr. Wei Jinzhu invests 1 million yuan with 10% equity to implement R & D or industrialization projects such as automotive hydrogen fuel cell system, UAV or submersible special power supply. This cooperation is a project restarted by the company to undertake the technical reserve and project experience of ZPP.
The drone industry has ushered in the rapid development. The Investment Shenzhou aircraft active layout Company signed an agreement with the major shareholders of Shenzhou aircraft on November 6, 2015 to participate in capital increase and share expansion. Shenzhou aircraft is a domestic manufacturer of medium-and high-end large-scale drones, mainly rainbow 3 and 4 series drones. after increasing capital and increasing shares, Zong Shen holds 16% of the shares. The company signed a strategic cooperation agreement with the China Aerospace aerodynamic Technology Research Institute on September 26 this year. Strategic cooperation will be carried out in aero-engine technology research and development, aero-power equipment development and testing, small and medium-sized aero-engine manufacturing, and the construction of aero-power technology innovation platform to promote speed increase in military UAV.
The increase of major shareholders and employee shareholdings demonstrates confidence in the transformation of the company. The first phase of employee stock ownership plans to complete the purchase at 9.99 yuan per share on December 8, 2014, with a transaction value of 39 million yuan. It was announced on January 15, 2016. Mr. Zuo Zongshen, the actual controller of the company, increased his holdings of 1 million shares at a transaction price of 9.98 yuan per share.
Investment advice: buy-An investment rating, 6-month target price of 14.00 yuan. We estimate that the company's net profit growth from 2016 to 2018 will be 21.9%, 33.2% and 21.3% respectively. The EPS will be 0.41 yuan, 0.54 yuan and 0.66 yuan respectively. The investment rating of Buy-A will be 14.00 yuan in 6 months.
Risk hint: fuel cell technology research and development is not as expected, and competition in the drone industry intensifies.