Main points of investment:
Maintain the overweight rating with a target price of 41.4 yuan. It is estimated that the EPS in 2016 will be 0.52 yuan and 0.87 yuan, with a growth rate of 478% and 67%, respectively. We believe that the company's business model of "light asset expansion + content building" is conducive to the company's future transformation into a leading provider of integrated real estate solutions in China, thereby achieving rapid profit growth.
The core asset of the trusteeship is "Green World", and the transformation of children's theme is accelerated. "Qingqing World" theme park is a national AAAA tourist scenic spot and one of the ten sceneries of Pengcheng in Shenzhen. The deal marks another big step forward in the company's direction of content services featuring children's themes and entertainment themes. The company will make use of the existing brand and team of "Qingqing World" to expand in major economically developed cities across the country, expand the scale of business management and promote strategic landing.
With the acquisition and capital increase of Beijing Microinsurance, the large financial plate has been gradually improved. Microinsurance Company is the only Internet innovative enterprise in the insurance industry that uses cloud platform model to provide comprehensive payment and settlement information platform services and Internet insurance services for the insurance industry. The company has increased the strategic layout in the development of financial services business, which is conducive to deepening the products and services of Shenzhen concentric Investment Fund Co., Ltd. in the financial services industry, providing more financial services, and forming a certain synergy.
Profits continue to consolidate, increase the size of the micro-re-loan business. The company plans to buy a 100% stake in Huangting Hotel Company for 180 million yuan, further thickening its performance. As the only financial company in Shenzhen to provide full-service microfinance industry, such as financing, asset management, business consulting and training, increasing the equity ratio of the company will help to enhance the existing business scale, increase the profit level and accelerate the layout of the company in the financial field.
Risk factors: the competition in Huangting Square is intensified; the follow-up transformation has some uncertainty.
