Matters: the company released its semi-annual report, with operating income of 263 million yuan in the reporting period, down 30.66% compared with the same period last year, and net profit belonging to shareholders of listed companies was 12 million yuan, down 60.99% from the same period last year. Implement EPS0.05 meta.
Peace viewpoint:
There are hidden dangers in the operational continuity of the existing first-level opening business, resulting in a decline in the company's performance: as the company's existing first-level land development business is basically located in the Beijing airport core area, with the opening of the airport core area for many years, the existing land resources are already quite limited, resulting in a continuous decline in the company's performance since 2014. At present, although the company is still in the hands of 3000 mu of first-level authorized area of township development in Shunyi, we judge that due to the difficulty of industrial land policy adjustment and demolition in Beijing, the company will face persistent hidden dangers in the future.
Actively strive for change, definitely introduce CDF to reshape the company's strategy: in fact, the company is also aware of the bottleneck of the existing business, and the management is actively seeking change. The company previously announced that the plan to increase the number of shares is 48 million shares to CDB, and plans to raise a total of 600 million yuan. After the completion of the increase, the company's share capital expanded to 300 million shares, of which Beijing Tianzhu Airport Economic Development Company, a major shareholder, accounted for 49%, and Guokai Finance accounted for 16%. At present, the fixed increase plan has been agreed by SASAC in principle, and the follow-up company will continue to promote the introduction of CDF through this increase to promote the transformation and upgrading of the company's existing business.
The major shareholder is rich in resources, and the company is the only land opening platform: since 2014, in order to adapt to the industrial structure and transformation and upgrading, the State-owned assets Supervision and Administration Commission of Shunyi District has integrated the resources of its industrial parks and merged the Airport Economic Development Zone, the Guomen Business District and the airport logistics base into the airport core economic zone. At the same time, the air-facing economic core area will also include the new national exhibition, Jinma Industrial Park, auspicious Industrial Park, Houshayu Airport City and other functional areas into unified planning and unified management, and the exhibition space will be expanded to 170 square kilometers. As the only land development platform, we judge that we will benefit from the business opportunities brought about by the resource integration of major shareholders.
Profit forecast: due to the decline in previous profits, the company's market capitalization is currently the smallest of its kind. We estimate that the company's EPS from 2015 to 2016 will be 0.20 yuan and 0.25 yuan respectively, corresponding to 69 times the PE in 2015. Considering that the introduction of CDF is of inflection point to the company's operation and management, and the company's first-level opening reserves and enterprise resources will also support the company's business upgrading exhibition in the future, we believe that there is much room for improvement in the company's market capitalization. maintain a "highly recommended" rating.
Risk hint: the growth process is not as expected.
