This report is read as follows:
Former regional retail giant, transformation sharing travel, Nuggets future car. With the collection of their own superior resources such as people, cars and data, it is expected to share the ultimate future of self-driving. For the first time, the overweight rating was given.
Main points of investment:
For the first time, the overweight rating is given, with a target price of 28.4 yuan. It is estimated that the EPS of the company's main business from 2015 to 2017 will be-0.64, 0.02, 0.04 yuan. If the merger and acquisition is successfully completed, the net profit of the preparatory examination in 2016-2017 will be 126 million yuan, corresponding to 1.71 billion yuan of EPS. Combining the two valuation methods of PE/PEG, it gives the company a target price of 28.4 yuan and gives an overweight rating for the first time.
Former regional retail giant, the transformation of car networking business, Nuggets future car. Affected by multiple factors, the growth of the company's main business is weak, and its sustainable profitability is gradually losing. It is proposed to achieve a comprehensive change of the main business through the acquisition of rental cars. After the completion of the acquisition, the main business of the listed company will be changed to the car Internet business, this restructuring will greatly improve the asset quality and sustainable management ability of the listed company, and achieve a comprehensive transformation.
The high-speed development of the shared economy market has brought unremitting impetus to the growth of performance for rent. Yi Rent is the first vehicle networking platform in China to provide all-round services for enterprises and Internet chauffeured cars. The suitable rental car network has more than 1000 self-operated vehicle license plates and covers 27 cities. The fast-growing car-sharing market brings unremitting impetus to the company's future performance growth.
With the collection of their own advantageous resources, it is expected to share the ultimate future of self-driving. Self-driving + shared travel is the ultimate mode of industrial development in the future. The maturity of self-driving hardware will bring opportunities for the development of follow-up software and operation. According to ABI Research, 400 million people worldwide will rely on self-driving car sharing services by 2030. As a sharing service platform to master people, cars, data and other superior resources, the company will face major development opportunities in the field of shared self-driving, which is expected to achieve the ultimate future of shared self-driving.
Risk hint: the progress of reorganization is not as expected, the development of vehicle network is not as expected, and the risk of being ST