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蓉胜超微(002141)首次覆盖:金控转型开启 尽享资本盛宴

Rongsheng Ultra Micro (002141) covers for the first time: financial control transformation starts to enjoy capital feast

華泰證券 ·  Sep 13, 2016 00:00  · Researches

Traditional business is under pressure, and the prospect of financial control transformation is promising.

The company achieved operating income of 370 million yuan in the first half of 2016, down 12% from the same period last year. Net profit after deducting non-recurrent profits and losses was-5.12 million yuan, down 42% from the same period last year. Affected by the weak economy at home and abroad and the adjustment of social structure, the development of domestic traditional manufacturing industry has shown a weak trend in recent years, and the demand for accelerating transformation and upgrading is becoming stronger and stronger. With the gradual rise of the tertiary industry, emerging industries and high and new technologies account for a gradual increase in the proportion of GDP. Under the background that banks are reluctant to lend, the development of emerging industries is in urgent need of diversified financial support to open up the development space of financial control. The company is located in Guangdong, the rapid development of the Pearl River Delta economic belt and the regional advantages adjacent to Hong Kong and Macao promote the development of the company, light industry, high-tech industrial clusters provide a good development platform for the Financial Control Group; the company's controlling shareholders have strong talent and resource integration capabilities, rich mineral resources, and established a strong expert management team, which can be developed in the future.

Set up financial leasing and commercial factoring companies to take the first step in transforming finance

It is proposed to jointly set up a financial leasing company with Hong Kong Yamei Group, which holds 75% of the shares, and to set up a wholly-owned subsidiary of commercial factoring in Qianhai New District, taking the first step in transforming finance. Financial leasing business hits the financing pain point of small and medium-sized enterprises, which is in line with the domestic strategy of supporting mass innovation and diversified economic development, and there is still more room for development in China's leasing market compared with the United States and other developed countries; the company will enjoy multiple policy concessions in Hengqin Development Zone, and benefit from the resource advantages of partners, with broad business development prospects. Commercial factoring benefits from the current economic cycle and credit policy, and has a large business space; relying on the regional advantages of Qianhai New area, the company is expected to gain the advantage of overseas financing capital cost.

Acquire commodity trading center and create a first-class trading platform

The company has successfully acquired 64.5% of the equity of Hengqin International Commodity Trading Center, and the target company has become the holding subsidiary of Rongsheng Ultra Micro and included in the scope of the consolidated statement. Hengqin Commodity Trading Center faces the international market and is denominated in RMB, aiming to create a domestic first-class professional commodity trading center with world influence; the trading center is located in Hengqin Development Zone. The geographical advantages adjacent to Hong Kong, Macao and Gaolan Port will bring sufficient spot trading volume, and the rich mineral resources of major shareholders are expected to form a synergy. With the financial resources of the company, it is expected to create a whole industry chain service that integrates transaction, investment, information, logistics and financing.

It is proposed to establish a joint venture securities firm, and the financial control platform is beginning to take shape.

It is proposed to set up a joint venture full-license securities firm with Hong Kong Shangsheng Group and Shenzhen Chuangsheng Capital Management, which holds 31% of the shares. Hong Kong Shangcheng Group is strong, has huge customer resources and business network, and is an industry leader in the field of private wealth management and asset management in Hong Kong. at the same time, as a joint venture company, it will absorb the advantages of multiple shareholders and focus on building four categories of business: investment banking, asset management, mutual funds and financial management, which is less dependent on traditional channel business, and its business model will be more innovative than domestic securities firms.

Financial transformation promotes new development and gives ratings to increase holdings.

It is estimated that the net profit of the parent company from 2016 to 2018 belongs to 8 million yuan, 16 million yuan and 30 million yuan, and the corresponding EPS is 0.02,0.05,0.09 yuan respectively. Taking into account the development prospects of the Financial Control Group and the scarcity of the joint venture securities license held by the company, a premium should be given to other financial control companies holding securities license in the A-share market. The company has a high short-term valuation, but we think there are still trading opportunities. Using the comparable Company Law, it is estimated that the reasonable market capitalization in the next 6-12 months is about 10-11 billion yuan, and the corresponding stock price is about 31-33 yuan.

Risk tips: transformation failure, business promotion is not as expected, market volatility risk.

The translation is provided by third-party software.


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