Main points of investment
Peace viewpoint:
Xiamen SASAC listed companies, mainly engaged in sub-information and supply chain: Xiamen Xinda is a listed company under SASAC and the actual controller Xiamen International Trade Holdings, which is the investment management platform for commercial and trade enterprises of Xiamen SASAC. The core business area of Xiamen Xinda Stock Co., Ltd. includes two major areas, namely, the information industry and the supply chain industry. Among them, the sub-information industry mainly includes optical business and Internet of things business, while the supply chain industry mainly includes bulk trade business, automobile sales business, real estate business and similar financial business.
Commercial trade and real estate are the main sources of profit, and the profit share of the information industry is on the rise: still in terms of income structure, the operating profits of commercial trade (including bulk trade and car sales), information industry, real estate, warehousing and other businesses accounted for 78.27%, 17.59%, 3.94% and 0.20%, respectively. Among them, commercial trade occupies an absolutely dominant position in business income and gross profit contribution; the real estate business contributed nearly 1/3 of gross profit before 2013, but it has gradually shrunk in recent years; the status of the information industry is gradually improving and is the direction of future exhibition; warehousing and other services account for a relatively small proportion and have little impact on the company's performance; and the financial business has only started to participate this year and has no performance contribution for the time being.
The business cycle of sub-information business is upward, which is the key layout of the company: the state has made great efforts to promote the sub-information industry, and the sub-information industry is showing a trend of rapid growth. The company's information business is mainly engaged in optical and Internet of things, both of which are strategic emerging industries, which focus on the layout of the company, and the volume of business is expected to achieve substantial growth. Among them, Lighting business has formed a common exhibition of packaging products, road lighting products and indoor lighting products, and Wulian has obtained a higher market turnover in the market segment of Lianzi label products.
Private banks break the capital bottleneck and help information business expansion: in June 2015, the company announced that the number of private banks would not exceed 7558.1395 yuan per share, the "strike price" should not be less than 17.20 yuan per share, and the capital raised should not exceed 1.3 billion yuan. Focus on investing in the company's information business, including security and optical LED industry, to help information business expansion.
Transformation of supply chain management, layout financial business: in March 2015, the company participated in the investment and establishment of Xiamen Sanan Xinda Financial Leasing Co., Ltd., with an investment of 500 million yuan, accounting for 50% of the equity, and is the largest shareholder. Financial leasing companies set up financial leasing mainly for photovoltaic, photovoltaic and other new energy industry equipment. In April 2015, the company invested 200 million yuan to participate in Shenzhen Maike Commodity Financial Services Co., Ltd., holding a 28.6% stake, making it a major shareholder. Financial services company is the first domestic commodity financial service company, mainly engaged in bill intermediary, trade bill management, bill fund product business and so on. Through the layout of financial business, the company promotes the development of "supply chain business" and forms a new profit growth point.
Benefit from the reform of Xiamen state-owned enterprises, there are asset injection expectations: as a listed company of Xiamen SASAC, its controlling shareholder, Xiamen International Trade Holdings, has a wide range of business, and there is the possibility of business cloud compensation with the company. In the context of the reform of state-owned enterprises in Xiamen, assets are expected to be injected.
Investment advice: under the overall recession of commercial trade and real estate business, the company is actively transforming the layout of emerging businesses such as information technology and quasi-finance, and its performance is expected to usher in a reversal. As one of the two listing platforms of Xiamen International Trade Holdings, the company is expected to benefit from the asset injection opportunities brought about by the reform of Xiamen state-owned enterprises. It is estimated that the EPS in 2015-2017 will be 0.68,1.18,2.03 yuan, and the current share price corresponding to PE is 17.2,9.9 and 5.8 times, covering the company for the first time and giving the company a "recommended" investment rating.
Risk hints: increase the risk of failure, the risk of performance falling short of expectations, and the risk of asset injection expectations failing.