Main points of investment
Event: the company announced that Saishi Group and its concerted actor Hangzhou Sanshi bought a total of 11.8683 million shares of the company (of which 10.1183 million shares were held by Saishi Group) during the period from July 28 to September 20, accounting for 5% of the total share capital of the company. the purchase price is 12.375 yuan to 14.596 yuan per share.
Comments:
Saishi Group was founded on October 28, 2014, mainly engaged in industrial investment, investment management, investment consulting (except securities and futures). Its controlling shareholder and actual controller is Guo Baifeng, who directly holds 90% of Saishi Group. at the same time, the controlling shareholder and actual controller of Hangzhou Sanshi is also Guo Baifeng, which indirectly holds 30.78% of Hangzhou Sanshi. Therefore, Saishi Group and Hangzhou Sanshi are the United actors. The announcement shows that the increase is based on the value analysis of Xi'an tourism and the forecast of its future development prospects, and it does not rule out the possibility of further increasing its stake in listed companies in the next 12 months; in addition, Saishi Group also holds 8.64% of another listed company, Mei Chen Technology.
The company's main business is travel agency and hotel, and the company is currently facing difficulties. After deducting losses for 3 years, the company has proposed to increase revenue and purchase the leading one-stop campus integrated marketing service company and professional full-case digital marketing service provider. Enter the campus advertising and digital marketing business, enhance the company's profitability and alleviate the current operating difficulties, but the plan is currently controversial due to important provisions such as the valuation of the target company. There is still some uncertainty.
The company previously cooperated with Hangzhou Saishi Garden Group to develop the Weishui Garden Flower Town Project, while Hangzhou Saishi Garden Group is a wholly-owned subsidiary of Meichen Technology. The actual controller of Saishi Group and Saishi Group are the second and third largest shareholders of Meichen Science and Technology. The future business cooperation between the two sides is worth looking forward to.
Profit forecast and investment rating: the company's existing main business has gradually stabilized, extension expansion has made progress, and the strategic layout of key projects "one heart, two wings, north-south echo" has shown initial results. the acquisition of Sanren Bank into campus advertising and digital marketing business and the high proportion of controlling shareholders to participate in the fixed increase, this time won the Saishi Group and its concerted actors to hold the card, the follow-up business cooperation between the two sides is worth looking forward to. At the same time, Shaanxi is expected to benefit from the overall plan of the free trade zone. It is estimated that in 16-18, the EPS will be 0.06 EPS 0.14 shock 0.18 yuan respectively, maintaining the "overweight" rating.
Risk hint: the progress of the fixed increase is not as expected, the company's existing main business continues to decline, and the acquisition target is facing a competitive wind.