Report highlights
Company profile: Comprehensive third party logistics leader in the country
Xinjiang Tianshun Supply Chain Co., Ltd. is a private integrated third party logistics provider with the highest revenue in the country. The company is based on third-party logistics business for bulk materials and bulky goods, and extends to businesses such as supply chain management, logistics park management, and logistics financial supervision. Currently, the company's business mainly focuses on third-party logistics and supply chain management for bulk materials such as coal, steel, cement, etc., and large goods such as wind turbines and steel structures.
Industry analysis: Tripartite logistics is slightly scattered and poor. The transformation of logistics parks is accelerating, and the third-party logistics industry is still in the growth stage. It mainly has the following three characteristics: 1) small, numerous, and scattered third-party logistics companies; 2) low penetration rate; 3) weak value-added service capabilities.
The logistics park management industry is in a period of rapid development. It mainly has the following two characteristics: 1) the number of parks is growing steadily, with obvious regional differences; 2) transformation and upgrading are accelerating, and value-added services are developing rapidly.
Company analysis: Combining heavy assets, Tianshun Co., Ltd., an integrated supply chain service provider, has a comparative advantage in the following areas: 1) the third-party logistics business mainly uses asset-light outsourced transportation; 2) the development of asset-heavy logistics parks, which have an agglomeration effect and promote the company's other businesses; 3) the company has abundant customer resources and a transportation network spanning the whole country from Xinjiang; 4) laying out important hubs within the country, with obvious location advantages.
Fundraising projects and profit forecasting
This time, 220 million dollars were raised to invest in the construction of the Tianshun Hami Logistics Park and logistics management information system. We expect the company's revenue for 2016-2018 to be 507 million, 536 million and 609 million, respectively, and net profit of 40 million, 42 million and 50 million yuan respectively. The corresponding fully diluted EPS will be 0.534 yuan, 0.567 yuan and 0.677 yuan respectively. The company uses online pricing, with an issue price of 7.7 yuan/share.