The exchange loss led to a loss in a single quarter, and the forecast of net profit of 160 million yuan remained unchanged for the whole year. The company reported a net profit loss of 13.696 million yuan per quarter, down 105% from the same period last year, and 66.604 million yuan in the first-third quarter, down 2.24% from the same period last year. The main reason for the loss in a single quarter is the impact of exchange rate fluctuations, and the exchange loss is expected to be about 80 million. Since the settlement is based on the exchange rate on September 30, there are a lot of losses currently included, and we expect a partial rebound in Q4. Considering that the company is currently listing to transfer part of its stake in San'an Electronics, the full-year net profit forecast remains unchanged at 160 million.
Maike Financial Services has generated profits, and the full-year net profit is expected to be between 3000 and 50 million. Maike Financial Services Q3 has begun to generate profits, with an estimated scale of about 20 million. Converted to Xiamen Xinda itself will be between 500 and 6 million, we expect that the net profit scale of Q4 Maike Financial Services may remain at about 20 million, so the annual net profit will be between 3000 and 50 million yuan. As Maike Financial Services itself has a relatively rich source of tickets, we maintain a net profit of 150 million yuan in 2016.
Xiamen Cinda is still at a low valuation and market capitalization. From the perspective of overall development, Xiamen Cinda is the Internet financial enterprise with the lowest valuation in the market. With the strong support of Qianhai area and relying on the huge trade volume of Maike Metals and Xiamen Cinda, the bill platform is expected to become the largest Internet bill platform in China. Given that China's bill market is as high as 100 trillion a year, McKinsey has plenty of room for follow-up.
Xiamen Xinda is the state-owned enterprise with the smallest market capitalization in Xiamen, and there is much room for follow-up state reform. The company is the state-owned enterprise with the smallest market capitalization in Xiamen, and it is also the only state-owned enterprise with technological elements. We judge that with its own resource endowment, Cinda has a great hope to become the integration platform of Xiamen science and technology and finance, and the national reform may promote the increase of enterprise market value.
We maintain our buy rating with a target price of 51 yuan. We estimate that the company's sales revenue from 2015 to 2017 will be 26.7 billion yuan, 27.2 billion yuan and 27.8 billion yuan respectively, and the net profit will be 163 million yuan, 264 million yuan and 367 million yuan respectively, and the corresponding EPS will be 0.53,0.85,1.18 yuan respectively. We use the distribution valuation method, the reasonable market value of the company is 16 billion yuan, corresponding to the target price of 51 yuan, buy rating.
Risk hint: systemic risk, McKinsey's progress is lower than expected risk.