Main points of investment:
Investment suggestion: as the only listing platform of Guangzhou Light Industry Group, the characteristics of large groups and small companies are obvious, the reform of state-owned enterprises is gradually rolled out, and the overall listing of Lingnan Holdings will strengthen the injection of assets under Guangzhou Light Industry Group. In the future, the acceleration of national reform, the landing of industrial fund M & A projects, and the implementation of land collection and storage will form a strong catalyst. Considering the dilution effect of the implementation of fixed increase, the company will lower its EPS:0.22 (- 0.04) / 0.42 (- 0.07) / 0.54 (- 0.10) yuan in 2015-2017 and maintain the target price of 20.8 yuan and "overweight" rating.
Lingnan Holdings suspension restructuring, Guangzhou state-owned enterprise reform may reopen the most exciting part. On April 4, 2016, Lingnan Holdings suspended trading and planned to acquire high-quality tourism industry assets under Guangzhou Lingnan International Enterprise Group to realize asset restructuring. 2016 will be the year when the reform of state-owned enterprises will be carried out in an all-round way. Guangdong is at the forefront of the reform of state-owned enterprises. Guangzhou's state reform plan has been formally introduced, with a clear reform goal, route and timetable, and competitive municipal state-owned enterprises may be listed as a whole in 2020. Guangzhou Friendship Financial assets injection is the best case. Langqi is the only listing platform of Guangzhou Light Industry Group. Guangzhou Light Industry Group has a revenue of more than 40 billion yuan in 2015. it has famous brands such as Langqi, Pisces, Black Mei, Wuyang Watch and so on. With the advance of the reform, the group asset integration is expected to be further strengthened.
The incentive mechanism is perfect, and the internal extension is added to create a daily chemical platform. The company's fixed increase plan has been implemented, the employee stock ownership plan has been implemented, and the incentive mechanism has been straightened out, taking a solid step towards creating a big platform for Langqi. At the same time, the company has set up a merger and acquisition fund, which is expected to use industrial capital to intervene in the upper and lower reaches of the supply chain of the daily chemical industry, providing a high-quality project choice for further mergers and acquisitions. It is expected to create a daily chemical platform through asset integration and epitaxial mergers and acquisitions.
Risk hint: the progress of reform is lower than expected; asset integration is uncertain.