This report is read as follows:
The company announced that the non-public offering was approved by the Securities Regulatory Commission, and the introduction of Cao Guoxiong, Xie Shihuang and other industrial capital bosses helped the company take the first step in the transformation, which showed confidence in long-term development by locking up the current premium issue for three years.
Main points of investment:
The company's announcement of a non-public offering has been examined and approved by the CSRC, indicating that the company is in an orderly process of introducing industrial capital bosses such as Cao Guoxiong and Xie Shihuang to help the company's transformation. We believe that the company will gradually expand from single aquaculture to the comprehensive utilization of water surface resources such as water environment control, photovoltaic power generation, health tourism and sports. Additional issuance will be the first step in the company's transformation, and it is expected that the company will have a further extension and layout in the future. In 2015-2017, the company's EPS is expected to be 0.02, 0.03, 0.06 yuan respectively (not considering the impact of additional issuance and new business), maintaining the "overweight" rating, with a target price of 20.3 yuan.
Dingzeng will take the first step, and the premium issue shows confidence in long-term development. In 2015, the company decided to gradually expand from single lake aquaculture to water environment management, photovoltaic power generation, lake sports, health, leisure and entertainment, so as to enhance the value of per unit yield on the lake surface. at the same time, through Internet marketing, Internet finance, "industry + capital" mergers and acquisitions and other ways to achieve industrial transformation and upgrading of the long-term development strategy. 2016 is the first year of the company's transformation strategy, and the fixed increase plan has been examined and approved by the CSRC. Dingzeng will introduce industrial capital leaders such as Cao Guoxiong (partner Matrix Partners) and Xie Shihuang (Vice President of BABA Group) to help the company transform. At the same time, the fixed price increase of 10.15 yuan per share (locked for three years, without repricing) is 11.3% higher than the current price (9.12 yuan per share), which also demonstrates the confidence of major shareholders and industrial capital in the long-term development of the company.
The lake is rich in resources, and the expansion of new areas is worth looking forward to. The company has 1.8 million mu of lake resources, and has successively invested in Nanjing wind small fish e-commerce, Qianhai Great Lake supply chain, Yuanjin Institute (P2P), Tibet Great Lake investment, big lake aquatic shelled turtle, Yangcheng Lake hairy crab and other companies in the aquaculture industry chain. gradually enhance the added value of the company's products. At the same time, it is worth looking forward to the layout of water surface resources in new fields such as healthy tourism sports, photovoltaic power generation, water environment control and so on.
Core risk: transformation promotes low expectations