Summary of the report:
Acquire Haike accommodation and create a financial holding platform
The company plans to acquire 100% stake in Haike Rongtong. At present, Haike Rongtong is mainly engaged in third-party payment and Internet lending platform business. The company will use Haike Rongtong as a platform to layout third-party payment and Internet lending platform business, and develop business in Internet crowdfunding, Internet microfinance and other areas, further promote the company transformation, and improve the layout of the pan-financial sector.
Set up Yongda innovation, layout direct investment field
The company has set up a wholly-owned subsidiary Yongda Innovation Financial Services (Shenzhen) Co., Ltd. in Qianhai, Shenzhen, through this platform, the company will better manage its shareholding enterprises and improve the company's profitability by constantly seeking good sources of assets for the company.
Continue to participate in increasing the stake of Fushun Bank, and the return on investment has been significantly improved.
The company has participated in increasing capital and shares of Fushun Bank for many times. at present, it holds 9.28% of Fushun Bank's shares, making it the largest shareholder of Fushun Bank. In 2015, the company's investment income reached 73 million yuan, accounting for 82.61% of the net profit. Participation in Fushun Bank will not only help to improve the company's investment income, but also provide cooperation in capital custody and credit for the company in other financial businesses.
Join hands with Xinhua Kang to bid for the insurance company
The company has signed a strategic partnership framework agreement with Qianhai Xinhua Kang Financial Holdings (Shenzhen) Co., Ltd. to carry out comprehensive cooperation in Internet finance, wealth management, asset management and other pan-financial fields. In addition, the company is currently bidding for equity in life insurance companies, which, if successful, will help to further consolidate the financial control platform.
Profit forecast: from 2016 to 2018, the company is expected to achieve net profit of 278 million yuan, 323 million yuan and 351 million yuan belonging to the parent company. After dilution, the EPS is 0.26,0.30,0.32 yuan respectively, and the corresponding PE is 41 times, 36 times and 34 times respectively. Give a "buy" rating.
Risk tips: blocked fixed growth plan, slow growth of Haike financing order collection business, impact of Internet financial regulation, decline in customer demand of traditional electrical switch business, etc.
