This report is read as follows:
The chairman of the board plans to increase the shares of the company, and the important shareholder Great Wall Guorong raised its license plate in the past all highlight their confidence in the future of the company.
Indonesian sightseeing car frame parts orders are highly recognized by customers and are expected to continue to receive orders for 18 years. Maintain the target price of 17.02 yuan.
Main points of investment:
Maintain the "overweight" rating, with a target price of 17.02 yuan. On February 23, the company announced that Chairman Wang Min plans to choose an opportunity to increase his holdings in the next 6 months, with an increase of 0.5 billion yuan to 100 million yuan.
The large increase in senior executives' holdings reflects their confidence in the company's future prospects and that the company is undervalued at present. The order for frame parts of Indonesian sightseeing car is highly recognized in December 17, and is expected to continue to be ordered in large quantities in 18 years. The prototype cars planned to come out before and after the Spring Festival are expected to be delayed due to the delay in the design plan. Based on this, the 18-year net profit forecast for 17xxx is now reduced to 6.12 / 747 million, corresponding to an EPS adjustment of 0.62 yuan (- 12.1% Meltel 27.1%), maintaining the target price of 17.02 yuan.
Senior executives increase their holdings, important shareholders raise their cards to boost confidence, and the transformation will eventually usher in the dawn. The chairman plans to increase the company's shares before the restriction on the sale of additional shares is lifted, showing recognition of the long-term value of the company. The current chairman holds 176 million shares, accounting for 14.48% of the total share capital, and the shareholding proportion is not high. The increase is calculated at the latest closing price of 8.98 yuan, equivalent to 0.46-0.92% of the total share capital. Prior to this, Great Wall Guorong raised its shares, and its related parties held a total of 5.01%.
Executives and important shareholders have increased their holdings one after another, indicating that the current stock price is very attractive. combined with the consideration of the company's follow-up rail transit vehicle sales strategy, we do not rule out the possibility of continuing to introduce new strategic investors.
The order for car body parts is strong, and although the sample car is late, it will arrive eventually. The frame parts of 24 sightseeing cars supplied by the company to Indonesia through Zhangjiagang Terui have been delivered one after another, and the delivered parts have been highly recognized by customers. we believe that this is only a small batch trial supply, which is expected to be supplied in large quantities in 18 years. The order of the car shell and deep processing business continues to lay the driving force for performance growth. The company's rail transit vehicle manufacturing system has met the needs of the production of sample cars, which is expected to come out before and after the Spring Festival, but the sample cars may be delayed due to funds, design plans and other reasons.
Catalyst: the purchase demand brought by the acceleration of subway construction in Northeast China; orders for car body frame parts.
Core risk: the progress of rail transit vehicle acceptance is slower than expected.