The company promotes equity incentives to demonstrate confidence in future development.
On September 12, the company's stock options and restricted stock incentive plan were granted for the first time, granting 6.5 million options and 957000 restricted stocks to the incentive object, accounting for 3.88% of the current total share capital. The exercise price of the incentive plan option is 21.68 yuan per share. The grant price of restricted stock is 10.84 yuan per share, and the incentive costs from 2017 to 2020 are expected to be 4.07 million, 16.28 million, 8.95 million and 3.58 million.
Traditional business seeks transformation, underwriting and great development of financial business.
The company has formed the "350N" of 365 Taofang, 365 gold service, which three main bodies and N incubation projects.
Business system. In the first half of 17 years, the company's traditional business was hit, which dragged down the company's performance as a whole. the company's online marketing service revenue was 190 million (- 32.98%) and offline research consulting and other income was 4.056 million (- 5.79%). Mainly because the advertising, e-commerce and research consulting business are sensitive to regulation, affected by the strictest "four limits" in history, the company will increase the adverse impact of "underwriting" business hedging in 17 years.
The scale of the company's financial business jumped in the first half of 17 years and became a new engine of growth. Internet financial platform service revenue was 30.968 million (+ 580.71%), gross profit was 97.36% (+ 9.94pct), and business gross profit was 30.15 million, which was much higher than that of the previous year.
The leasing service platform has entered the expansion stage. Since this year, the sharing trillion stock market has become an important part of building a long-term mechanism, and the stock era has gradually opened.
In 2015, the company began to build the leasing service platform "which to rent" and the leasing finance business, and will enter a 1-10 expansion phase in 17 years. The company serves large B-end leasing enterprises, small B-end professional landlords and C-end tenants, providing a full range of financial, management systems, marketing platforms and intelligent equipment and other services.
"Love which" PC, touch screen, mobile phone version of the platform has been online, in the number of new users, the number of housing, the number of phone calls have increased.
Investment advice:
The company's traditional business transformation, reimbursement and financial business rapid growth, the company launched options and restricted stock incentive plan draft has been issued, demonstrating the company's confidence in the future development, the company's financial and leasing platform has gradually entered the expansion stage since 2017. the future performance is expected to achieve steady growth, we expect the company's net profit from 2017 to 2019 to be about 116 million, 131 million, 152 million The corresponding EPS is 0.60,0.68 and 0.79 yuan, and the corresponding PE is 37x, 33x and 28x. It is covered for the first time and given a "buy" rating. The six-month target price is 32.5 yuan.
Risk tip: the progress of the company's apartment business is lower than expected.