Core ideas:
1. Investment event
The company announces the controlling shareholder, and the shareholding directors introduce strategic investors through the transfer of some of their shares through agreement.
two。 Analysis and judgment
State-owned background shareholder Zhongying fund strategic shareholding. Zhongying Fund signed a share transfer Agreement with Ms. Wang Yingyan and Mr. Pan Naiyun on July 28, 2019, in which Ms. Wang Yingyan and Mr. Pan Naiyun transferred 62619970 shares and 2640791 shares of Meishang Ecological shares held by Zhongying Fund to Zhongying Fund, totaling 65260761 shares (accounting for 9.6784% of the company's total shares). The total transfer price is 881020273.50 yuan, and the transfer price per share is 13.50 yuan. Before this transfer, Ms. Wang Yingyan held 250479882 shares of the company, accounting for 37.1471% of the total share capital of the company. After this transfer, Ms. Wang Yingyan held 187859912 shares of the company, accounting for 27.8603% of the total share capital of the company, and was still the controlling shareholder of the company. Ms. Wang Yingyan and Mr. Xu Jing held a total of 209131095 shares, accounting for 31% of the total share capital of the company, and they are still the actual controllers of the company.
The combination of strong and strong forces is expected to complement each other's advantages. The full name of Zhongying Fund is Hunan Xiangjiang Zhongying Industrial Transformation and upgrading Investment Fund Enterprise (Limited Partnership). It is a limited partnership controlled by Hunan Xiangjiang Zhongying Investment Management Co., Ltd., which is the capital operation of Hunan Xiangjiang New area Development Group Co., Ltd. (hereinafter referred to as Xiangjiang Group). Xiangjiang Group is actually controlled by the State-owned assets Supervision and Administration Commission of Changsha Municipal people's Government. Xiangjiang Group is mainly engaged in district development, urban operation, financial services, industrial investment and other business. In the development section of Xiangjiang Group, there is a large space for cooperation between infrastructure construction, land primary and secondary development and the company's municipal landscape and real estate landscape business; the cultural tourism project and park green space in urban tourism operation are similar to the company's ecological cultural tourism business; the focus of cultural tourism and energy environmental protection in industrial investment is also consistent with the company's ecological cultural tourism and ecological products. The business of the financial investment section can provide diversified financial services for the company. Zhongying Fund has invested in Meishang Ecology and become an important strategic shareholder, and the two sides are expected to establish a comprehensive, in-depth and sustainable strategic partnership in the aspects of industrial coordination, market and resource sharing, financial support and business support. it is expected to further strengthen and consolidate the company's competitive advantage and industry position in the three major business areas of ecological restoration, ecological culture and tourism and ecological products. Jointly build Meishang Ecology to become the leading enterprise in the ecological landscape construction industry.
The organic mulch helps the company to open up the room for growth. Through years of independent research and development, the company launched the innovative product "Muji" organic mulch in 2017. Wood interest is a new type of surface organic mulch, which is mainly made from organic wastes such as landscaping and greening, and is developed after recycling and related technology. it is known as "urban vacuum cleaner". It has the functions of regulating soil physical and chemical properties, increasing soil fertility, keeping soil moisture, adjusting temperature, restraining weeds, reducing dust, beautifying the city, controlling PM2.5, etc., which provides a solution to the difficult problem of urban garden waste treatment in China, and is of great significance for promoting ecological balance and beautifying the natural environment in the future. In 2018, the company's wood interesting organic mulch products have been successfully sold to more than 28 provinces and more than 50 cities across the country, and are gradually becoming the new favorite of middle and high-end real estate garden projects, municipal greening projects and ecological restoration projects. In January 2019, the company funded the establishment of Wuxi Muqu Technology Co., Ltd., a holding subsidiary. In March 2019, the company completed a new round of fixed growth, and some of the funds raised will be used for the purchase of ecological recycling equipment for garden green waste, aimed at increasing the production capacity of wood organic mulch. In the future, it is expected to rapidly expand the scope of business and expand market share.
3. Investment suggestion
It is estimated that from 2019 to 2020, the EPS of the company will be 0.77max 0.99 yuan per share, and the PE will be 13 times that of 16max, with a "recommended" rating.
Risk tips: the risk of a sharp decline in fixed asset investment; the risk that business development is not as expected; and the risk that the recovery of accounts receivable is not as expected.