Main points of investment
The company recently released its 2015 results KuaiBao. The company achieved operating income of 147 million, down 9.02% from the same period last year; realized operating profit of 91 million, up 80.12% from the same period last year; realized profit of 96 million, up 76.35% from the same period last year; and net profit of 90 million, an increase of 90.02% over the same period last year.
The results slightly exceeded expectations of the traditional business sound development company, which made a net profit of 90 million in 2015, an increase of 90.02% over the same period last year. The performance slightly exceeded expectations. This is mainly due to the rapid growth in the performance of Fushun Bank, the company's shareholding bank, and the obvious increase in the company's investment income. In addition, with the steady development of the company's traditional electrical switch business and the leading permanent magnet switch technology, it is a national brand and leading enterprise in the domestic permanent magnet switch industry.
After the introduction of professional manager model, the private acquisition of Haike Rongtong Company's original actual controller, the Lu family transferred all its shares last year, the company's ownership structure became decentralized. The company introduced Li Gang, the former vice president of Unicom, as chairman, implemented the professional manager management model, and the company stepped into the track of standardized development and market-oriented operation. In December last year, the company issued a private subscription plan to acquire a 100% stake in Hai Ke Rongtong by issuing shares and paying cash. Among them, it is proposed to issue 123 million shares at 21.65 yuan per share to pay 2.6 billion yuan to the original shareholders of Haike Finance, and to raise 1.224 billion of not less than 31.94 yuan per share in non-public offering to pay the cash difference and supporting fund-raising. The corresponding promised profits in 2016, 2017 and 2018 are 200 million, 260 million and 340 million respectively, which has an obvious effect on the company's performance. Haike financing business and corporate equity banks have a synergistic effect.
Enter the field of direct investment, transform the financial holding platform, set up Yongda innovation, enter the field of direct investment, carry out pan-financial investment, control big data's Tonghua company, and it is possible for the company to cut into credit information. With the help of the development of Internet finance, the transformation of the financial control platform covering the full financial license is an important development strategy for the company in the future. Taking a stake in Fushun Bank and becoming its largest shareholder is the first step in the transformation of the company's financial control platform, and the private acquisition of Haike Rongtong is a steady advance of the company's strategic transformation. we believe that the company will continue to develop insurance, securities, and non-performing assets disposal direction in the future, and complete the full layout of the financial control platform.
Earnings forecast and rating we are optimistic about the performance growth brought about by the company's financial business and diversified layout in the short term, and the revaluation brought about by the company's transformation of financial control platform strategy in the long run. We expect the company's EPS in 2015, 2016 and 2017 to be 0.21,0.47,0.60 yuan. The corresponding PE is 83,37,29, giving the company an overweight rating.
The risk suggests that the competition in the third-party payment market is fierce, the development of corporate gold transformation is not as expected, and the Internet financial policy changes.
