Main points of investment
Company profile: the leading supplier of private comprehensive third-party logistics in Xinjiang. The company specializes in integrated supply chain services, mainly providing third-party logistics services. The actual control is Wang Puyu, Hu Xiaoling and his wife, who control a total of 65.73% of the shares.
Main business analysis: focus on integrated supply chain services, the combination of light and heavy assets model. The company starts with third-party logistics services for bulk goods and large goods, and extends its business to supply chain management, logistics park operation, and logistics financial supervision, of which third-party logistics accounts for the largest proportion of revenue, exceeding 90% in 2015. The company's third-party logistics service belongs to the light asset mode, which mainly adopts the way of external transportation, with small capital investment and strong replicability, and the logistics park business belongs to the asset-heavy mode, which provides warehousing site basic support for other businesses. 90% of the company's revenue comes from the Xinjiang market, and the current business strategy is dominated by the consolidation and development of the Xinjiang market. At the same time, the external market is steadily developed.
Fund-raising project analysis: the company plans to use 104 million yuan to raise funds to invest in the construction of the logistics park and the upgrading of logistics management information system. The implementation of fund-raising projects to build new warehouses, increase logistics operating facilities and increase automation system supporting facilities, upgrade the information management system, contribute to the expansion of the company's business and improve operational efficiency.
Valuation analysis and inquiry suggestion: the issue price is determined at 7.70 yuan per share, the corresponding static PE is 14.82 times, and the post-issue PB is 1.54 times. The latest average static PE is 18.24times, the dynamic PE is 18.03times, and the latest PB is 1.62times. If calculated according to the industry average PE of 18.24 times, the company's target price is 10.58 yuan.
Risk hints: increased risk of corporate tax burden, risk of accounts receivable, risk of default of contracted parties, and less than expected progress of fund-raising projects.