Core ideas:
The first half of 2016 achieved operating income of 1.108 billion yuan (+ 1.64%), operating cost of 782 million yuan (+ 2.56%), net profit of 259 million yuan (+ 4.67%), net profit of 167 million yuan (+ 22.98%) and EPS:0.11 yuan per share (+ 4.67%). Deduction of non-post-EPS:0.07 yuan per share (+ 22.98%).
The gradual change of travel structure superimposed the impact of ride-hailing, and the company's main transportation industry was slightly under pressure.
Volkswagen has 14775 vehicles of various types, including 8348 taxis in this city, with an industry share of about 16.5%, and 5281 non-local chain cars. The transportation industry (taxis, dedicated line passenger transport, car rental, etc.), as the company's main source of income, achieved revenue of 770 million yuan (- 7.19%) during the reporting period, accounting for 70.53% (- 6.80pcts), contributing 187 million yuan (- 15.53%) to gross profit, accounting for 57.53% (- 10.89pcts).
In recent years, the gradual change of residents' travel structure and the impact of ride-hailing have put a lot of pressure on the company's main industry. at the end of 15 years, the proportion of rail traffic, ground public transportation and taxi in Shanghai residents' travel mode was 45.16% (+ 3.09), 39.53% (- 2.27%) and 14.63% (- 0.64%), respectively. The continuous improvement of rail transit and the popularity of ride-hailing have played a certain role in the diversion of taxi passengers.
During the reporting period, the company established the comparative advantage of "existing industry + Internet" and opened projects such as taxi OBD, zero-rent electronic waybill and UnionPay POS card to enhance service technical advantages and actively respond to challenges.
The contribution income of real estate is 160 million yuan, and the increase of pre-sale area leads to a substantial increase in sales expenses.
In the first half of the year, the company contributed 160 million yuan (+ 109.28%) to real estate sales, accounting for 14.7% (+ 7.56pcts), and contributed gross profit: 71.8282 million yuan (+ 131.34%), accounting for 22.02% (+ 12.46pcts). The company will continue to steadily promote real estate engineering projects and timely adjust the pace of development, grasp progress, quality and cost control, promote more professional and sophisticated project management, and are expected to continue to contribute in the future.
Due to the increase in the pre-sale area of the real estate project company, the corresponding real estate sales planning fees increased, and the company generated sales expenses of 76.6484 million yuan (+ 246.67%) during the reporting period, an increase of about 54.54 million yuan over the same period last year.
The amount of provision for bad debts decreased, and the impairment loss of assets decreased by 87.39%.
During the reporting period, the company recorded an impairment loss of 59.485 billion yuan in assets, a decrease of 87.39% over the same period last year, mainly due to a decrease in the provision for bad debts made by microfinance companies and advances in the current period compared with the same period last year.
Investment suggestion
It is estimated that the EPS of the company in 16-18 years is 0.23,0.26,0.28 yuan per share (equity: 2.364 billion), and the corresponding valuation is 32.15x, 28.62x, 26.62x. Give a cautious overweight rating
Risk hint
The impact of online car-hailing, real estate sales fell short of expectations
