Main points of investment:
The performance is lower than expected, maintain the overweight rating, and maintain the target price of 28.4 yuan. In 2015, the company achieved operating income of 1.251 billion yuan, down 16.25% from the same period last year, and its net profit was-163 million yuan, down 16 million from the-147 million previously announced. At the same time, the company's annual report reveals the company's business plan for 2016, and retail revenue is expected to continue to decline. To sum up, the EPS of the company in 2016-2017 is-0.40 (- 0.42) /-0.28 (- 0.32) yuan, and the EPS is expected to be-0.16 yuan in 2018. The company plans to acquire rental cars and enter shared travel. If the merger and acquisition is successfully completed, the 2016-2018 exam net profit will be 0.50 million yuan, corresponding to an EPS of 0.13, 0.35 and 0.54 yuan, maintaining the target price of 28.4 yuan, and maintaining the overweight rating.
Affected by multiple factors, the company's main business income continues to decline, the follow-up multi-pronged performance is expected to gradually stabilize. Due to the overall impact of e-commerce and large-scale commercial complex, the company's operating income decreases year by year, and the traditional main business continues to lose its profitability. The company plans to improve the profit margin of traditional business by adjusting business positioning, optimizing business structure, and strictly controlling expenses, and the performance of the main business is expected to gradually stabilize.
Comprehensive transformation, the acquisition of rental cars network power sharing travel. Easy ride investment promises that the net profit of the rental car network in 2016-2018 is not less than 122.05 million yuan, 188.63 million yuan and 242.08 million yuan, respectively. It is appropriate to rent more than 2000 operating vehicles at present, and the company will continue to expand the scale of the operating fleet and improve the construction of vehicle networking information platform. The vigorous development of shared cars has brought unremitting impetus to the growth of the company's car networking business. we believe that it will be a high probability event to rent and achieve performance commitments, and the company's asset quality and sustainable management capacity will be improved in an all-round way.
Risk hint: the progress of reorganization is not as expected, and the development of vehicle networking business is not as expected.