Items:
Company announcement:
1. It is proposed to acquire the 100% equity interest of Shenzhen Huangting Hotel Management Co., Ltd. (hereinafter referred to as "Huangting Hotel Company") held by Shenzhen Huangting Group Co., Ltd. (hereinafter referred to as "Huangting Group") controlled by Mr. Zheng Kanghao, the actual controller of the company. (hereinafter referred to as "Huangting Hotel Company") for 180 million yuan. 2. Plan to invest 1 yuan to acquire 35% equity corresponding to 350 million yuan of unpaid registered capital of Shenzhen Tongxin Micro re-loan Co., Ltd. (hereinafter referred to as "concentric re-loan company") held by concentric fund, and undertake the capital contribution obligation of 350 million yuan of registered capital corresponding to the equity of the paid-up bid. 3. The Huangting Fund, a wholly-owned company under the company, plans to buy the 10% equity of Beijing Microinsurance Technology Co., Ltd. (hereinafter referred to as "the Microinsurance Company") held by the former Haihuangting Capital for 6 million yuan. After the completion of this equity acquisition, the Huangting Fund intends to increase the capital of the company with RMB 30.6 million. After the completion of the capital increase, the registered capital of the company is 10.2041 million yuan, and after the completion of the above equity acquisition and capital increase. The royal court fund will hold a 51% stake in the microinsurance company.
Comments:
The acquisition of the Royal Court Hotel Company is expected to increase its performance, and the follow-up theme park expansion is expected to provide hotel self-operation and management services for the main business of the Royal Court Hotel Company. At the beginning of its establishment, Huangting Hotel Company mainly leased some floors of Huanggang Business Center from Shenzhen Huangting Commercial Management Co., Ltd., self-operated Huangting V Hotel and Huangting apartment, the source of profit was room rental and other income. In order to expand the company's business and increase profitability, Huangting Hotel Company expanded three entrusted management projects in 2016 and signed an "operation and service contract" with the client to provide operation and management services for Huangting apartment, Shaddock Bay Resort and Qingqing World.
According to the company's development strategy, in the future, the company will be guided by the light asset model, with the main layout of real estate operation and management services, financial services, children's themes, entertainment themes and timely lifestyle content services and other business sectors. to build the company into "China's leading real estate integrated solution provider, the leading brand in the field of real estate integrated services". The acquisition of Huangting Hotel is an important part of this strategy. Through the acquisition of ①, the company has further improved the product system of the real estate management business and is expected to increase the company's profit growth point. After this acquisition, the future imperial court hotel company will choose the opportunity to expand hotel business and hotel management business in domestic first-and second-tier cities, replicate management experience, and shape the brand of imperial hotel management. determined to become a domestic first-class high-end theme hotel, characteristic catering and tourism resort hotel management company The Qingqing World theme Park hosted by ② Imperial Hotel Company is located in the foothills of Qianhai, Nanshan District, Shenzhen City, Guangdong Province, covering an area of about 200mu. It is a national 4A-level tourist scenic spot, forest eco-tourism scenic spot, eco-environmental popular science education base, the earliest leisure resort farm engaged in eco-tourism in China, and one of the "ten sceneries of Pengcheng" in Shenzhen. It was awarded the title of "Shenzhen Environmental Education Base" by Shenzhen Environmental Protection Bureau and Shenzhen Education Bureau. Guangdong Provincial Party Committee propaganda Department, Guangdong Environmental Protection Bureau and Guangdong Education Department awarded the title of "Guangdong Environmental Education Base". In the future, Qingqing World theme Park will devote itself to creating a national 5A tourist scenic spot, providing a children and youth theme park for parent-child interaction and family exchange, and creating a leisure agriculture industrial park and folk culture Expo Park full of pastoral fun. become a leisure, entertainment and holiday tourism destination. After the completion of this acquisition, the Qingqing World brand will be given to listed companies free of charge. in the future, the company will make use of the existing brands and teams of Qingqing World to expand Qingqing World Children and Youth theme parks in major economically developed cities across the country. relying on the advantages of thick products, Qingqing World will develop into a chain brand, further establish and give full play to the brand effect and value of Qingqing World, expand the company's business management scale, and promote the strategic landing of the company.
Acquire the concentric re-loan company, take the position of the "small loan central bank", and further build a diversified financial platform with the concentric fund as the core. The concentric re-loan company has the first re-loan license of Shenzhen micro-re-loan company. On April 15, 2014, it received the letter on approving the pilot business qualification of Shenzhen Tongxin Micro-re-loan Co., Ltd., issued by the Financial Development Service Office of Shenzhen Municipal people's Government. Approve concentric re-lending companies to engage in the following areas of business.
At present, the concentric re-loan company is mainly engaged in providing re-loan services to Shenzhen micro-loan companies, and the cumulative loan balance has exceeded 2 billion since the establishment of the company. In the future, it will gradually become a national benchmark financial asset management service operator by building a "small loan industry omni-directional service platform", "financing and debt transaction integrated Internet financial service platform", and "private small and micro collection asset management platform".
We commented in our previous report, "We believe that the role of concentric funds is equivalent to the 'central bank' of 'small loan companies', undertaking the responsibility of financing the small loan industry and transfusion of Shenzhen's real economy and small and micro economy. The license plate has a certain degree of scarcity and high business barriers." this time, the acquisition and capital injection of concentric re-lending companies, the company sits in the position of Shenzhen's "small loan central bank". We will further build a diversified financial platform with concentric funds as the core.
Acquire and inject capital to acquire the controlling stake of the Internet innovative enterprise-Microinsurance Company, and enter into the field of insurance payment and Internet insurance. The leading microinsurance company is the first in China. At present, it is also the only Internet innovative enterprise that uses cloud platform model to provide comprehensive payment settlement information platform services and Internet insurance services for the insurance industry. It is a resident enterprise in Beijing Insurance Industrial Park. The cloud platform of the microinsurance company connects with the collection and payment center of the people's Bank of China, and integrates commercial banks and third-party payment companies to provide the most convenient and efficient payment service for the insurance industry. make the cloud platform of the microinsurance company become the payment information processing hub of the insurance industry.
The micro-insurance company model subverts the traditional mode of relying heavily on third-party payment companies to carry out fund receipt and settlement in the insurance industry, and avoids the risk of capital occupation and the low efficiency of capital liquidation through third-party accounts. it realizes the separate management of information flow and capital flow, realizes the direct interaction of funds from customers to insurance companies, and improves the settlement efficiency of insurance companies. Reduce the capital risk of the industry.
In April 2015, microinsurance companies signed contracts with two insurance companies to provide services to more than 10,000 C-end users, with a cumulative transaction volume of more than 70 million yuan. After a year of development, as of April 2016, microinsurance companies have signed a total of 13 insurance companies, providing services to more than 700000 C-end users, with a cumulative transaction volume of more than 8 billion yuan.
Value the company's efforts and progress in "building the convergence and link between people and wealth" and "building an omni-directional commercial real estate service ecosystem", and maintain the "buy" rating.
We believe that the "omni-directional commercial real estate service ecosystem" being built by the company has become clearer through more than a year of mergers and acquisitions and integration. The company disclosed that in the future, it will combine the overall development strategy and make full use of the company's resource advantages in real estate management, financial services and business partners to provide integrated and integrated services for high-quality customers in shopping malls, office tenants, hotel business guests, chamber of commerce entrepreneurs, high-end tourism customers, real estate owners and entrepreneurs. Realize the convergence and link between people and people, people and things, people and services, people and wealth. We judge that "big asset management" is a great opportunity for China in the future, and we are optimistic about the company's future growth in this field. It is estimated that the 16-18 year EPS0.44/0.78/1.20 yuan, 15-18 compound growth rate of 137%, corresponding to the PE of 54.8 shock 30.9 shock 20.1X, maintaining the "buy" rating.
Risk hint
The competition of commercial real estate intensifies; the profit falls short of expectations; there is uncertainty in the transformation.