The company is a scarce and pure venture stock in the A-share market.
The company is the first venture capital company in A stock market. Due to the characteristics of the times, we believe that the identity of the listed state-owned venture capital company is scarce in the short to medium term. The company's main business is divided into abrasive tools production and venture capital two parts, in which the venture capital business is divided into its own capital direct investment and private equity fund management two parts. The company's performance mainly comes from the investment income of venture capital business.
Venture capital business fund transformation, investment management system, resources venture capital business, the company strives to promote the fund transformation, in order to alleviate institutional restrictions, control project risks and expand the scale of funds. The company's investment management in the field of investment, team configuration, investment process and risk control has a complete business system, sound style. At the same time, it can fully coordinate with the company's major shareholders in business resources.
Multiple factors of policy, market and industry work together to promote the further growth of the company
In terms of policy, the mass entrepreneurship and innovation strategy clearly supports strategic emerging industries, while the company's investment direction focusing on strategic emerging industries has the possibility to further enjoy policy dividends; in the market, the diversification of the capital market continues to deepen, and the turnboard system is expected to enhance the trading activity of the new third board agreement transfer and market-making transfer, respectively, thereby enhancing the overall value of the third board project. The continuous and high-speed review rhythm of IPO will shorten the exit cycle of venture capital projects and enhance the company's exit reserves; in the industry, the scale of fund-raising and investment in the venture capital industry continues to increase, and the industry hub enters the exit and performance cashing period.
Fund-raising, investment and management, and withdrawal support the company's sustained growth.
On the fund-raising side, it is estimated that the company's own funds can support nearly 15 billion of the subscription scale of venture capital funds, which has 6 billion room to increase compared with the annual report of 2015. we believe that the company can ensure its competitive advantage in the industry by optimizing the allocation of investment management team, striving for the qualification of private equity market makers and cooperating with major shareholders. On the exit side, we believe that the company's own capital direct investment projects that enter the exit cycle will continue to get high returns, and it is estimated that the potential total investment income reserve is about 2 billion yuan. The venture capital fund will begin its first liquidation in 17 years, and the performance commission from the fund and the investment income from the company's equity participation will become a new performance increment of the company as a whole.
"overweight" rating for the first time, with a target price of 28.21 yuan per share
Since the company does not have a direct comparable company, the segment valuation method is adopted to value the company's three main types of business, and the market value is conservatively estimated at about 21 billion yuan, corresponding to a value of 28.21 yuan per share, with a space of 17.5% (benchmark price March 23). For the first time, the overweight rating was given. At the same time, we estimate that the company's homing net profit from 2016 to 2018 is 440 million, 360 million and 430 million, respectively, and the corresponding price-to-earnings ratio is 40.6,50.5,42.8times.
Risk hint: the opening degree of diversified capital market construction is not as expected; the fluctuation of capital market leads to the change of company project market value; project risk and operational risk of investment management team