Main points of the report
Event description
Huangting International Bulletin 2016 semi-annual report, the main contents are as follows:
In the first half of 2016, the company achieved operating income of 142 million yuan, a year-on-year decrease of 16.86%, a net profit of 51 million yuan, an increase of 541.65% over the same period last year, and a net profit margin of 35.83%, an increase of 31.19% over the same period last year, and EPS 0.09 yuan. Among them, the operating income in the second quarter was 75 million yuan, an increase of 3.07 percent over the same period last year, the net profit was 30 million yuan, an increase of 1221.57 percent over the same period last year, and the net profit margin was 40.26 percent, up 37.12 percent from the same period last year, and EPS 0.05yuan.
Event comment
The Imperial Court Square has developed steadily. The core property of the company is the Imperial Court Plaza in CBD, Futian District, Shenzhen City. At present, the operation and management of the property has developed steadily, with an income of 116 million yuan, an average daily passenger flow of 44000 people, a maximum passenger flow of more than 85000, and a steady increase in income and net profit.
Return on investment boosted performance. Due to the divestiture of the forestry business in September 2015, the company's operating income decreased by 16.86% compared with the same period last year, but the company acquired some shares in concentric funds in the first half of the year and recognized 42 million yuan in investment income in accordance with the equity method, driving the company's net profit to rise sharply by 484.94% compared with the same period last year.
Acquire concentric funds, participate in overseas Chinese Life Insurance, and build a comprehensive financial platform. In January, the company invested 283 million yuan to buy concentric funds, with a shareholding ratio of 17%, making it the largest shareholder. The core business of the concentric fund is micro-re-lending and Internet finance, with shareholders from well-known industrial and commercial figures in Shenzhen and Hong Kong. It owns the first re-loan company in Shenzhen, as well as the online P2P platform "E Road Tongxin". It has also obtained a financing guarantee license and is committed to building an integrated financial platform. In addition, the company plans to contribute 200 million yuan to participate in initiating the establishment of overseas Chinese Life, with a subscription proportion of 20%. The company's acquisition of concentric funds and equity participation in overseas Chinese Life Insurance is an important practice for the company to lay out its financial sector business.
Host "Qingqing World" and expand the business of children's theme park. "Qingqing World" is a national AAAA scenic spot with the theme of parent-child interaction and family communication, and it is also the "Ten scenes of Pengcheng" in Shenzhen.
One of them. The company signed a contract to manage the "Green World" theme park project and entered the children's theme park business. at the same time, it is beneficial for the company to make use of its existing brand and team to expand the business in economically developed cities across the country.
Investment suggestion: the EPS is expected to be 0.11 and 0.18 yuan per share in 2016 and 2017 respectively, and the corresponding share price is 121.24 and 75.31 times PE, maintaining the "buy" rating.
Risk Tip: financial Supervision risk
