The company has established in-depth cooperation with Maike Metals and will build a large financial group with bulk trading platform and Internet financial service institutions in the future. The company and Maike Metal and other seven parties jointly invested in the establishment of Dashangdao Commodity Trading Market Co., Ltd., the company contributed 150 million yuan, accounting for 15% of the equity. The e-commerce platform system of "Big Business Road" will build the only third-party commodity trading platform like LME at this stage around the construction of electronic trading platform, warehousing and logistics platform, financing settlement platform and information network platform.
Dashang Road has its special dominant position, and based on its complete structure, it will derive a series of financial products such as medium and forward futures services, over-the-counter derivatives services, bill services and so on. At present, Xiamen Xinda Qianhai platform is mainly engaged in bill services. with the start of the large business road, it will open up room for growth for Qianhai Financial Service. we believe that Qianhai Financial Services will continue to enrich its own financial instruments system and continue to pump water with the help of the big business road platform. to make excess profits.
The financial services business is on the right track and has begun to contribute profits in the second half of 15 years. In April last year, the company announced a joint venture with Maike to establish a commodity financial services bill platform company, accounting for 28.6% of the equity. Financial Services Company is the only financial bill platform based on trade and logistics background in the country, which can realize the cross-border discount of bills based on the trade background. It is expected to achieve 160 billion yuan in 2015, with a net profit of 4000-50 million, while the net profit in 2016 and 2017 will still explode, reaching 120 million yuan and 240 million yuan.
The "highly recommended-A" investment rating is covered for the first time. We predict that the linkage between the company's block trading platform and financial services business will bring double profit growth in the future. The estimated earnings per share for 15 years and 16 years are 0.45 yuan and 0.55 yuan respectively, corresponding to 35 times PE for 16 years, covering the "highly recommended-A" investment rating for the first time.
Risk hint: market systemic risk, "big business road" e-commerce platform is not as expected.