The company issued an announcement that Qingkang Venture Capital intends to transfer its 4345.96 million shares by means of public solicitation and transfer, accounting for 18.68% of the company's total share capital, and intends to transfer its status as the largest shareholder. The transfer price is not lower than the arithmetic average of the daily weighted average price for the 30 trading days prior to the suggestive announcement and the higher of the company's audited net asset value per share in the most recent fiscal year, the final price will be determined on the basis of comparing the quotations of each transferee.
Comments:
The introduction of new shareholders is expected to bring new strategic resources and promote the continuous improvement of the company's competitive strength. After the completion of the public recruitment of the transferee, Tsinghua Holdings still holds about 8.16% of the shares directly, and the company's management team holds more than 7% of the shares through the asset management plan and the employee stock ownership plan. The resources and scientific research cooperation of Tsinghua University and the sustainable operation of the company's management team have not changed in nature. At the same time, it is expected that the newly introduced shareholders may bring new strategic resources to the company, and the competitive strength is expected to continue to improve.
Third-quarter results have been significantly reversed, on-hand orders to protect the follow-up performance of high growth. Company Q3 achieved revenue of 509 million yuan in a single quarter, an increase of 146% over the same period last year, and a net profit of 90.76 million yuan, an increase of 244% over the same period last year. As of June 30, 2019, according to the data of China recruitment website, the company's winning order increased by 75% year-on-year (not taking into account the order situation of HKUST). Taking into account the rising prosperity of the emergency management department and the accelerated development of the lifeline of the smart city, we are full of confidence in the follow-up growth of the company's orders and performance.
With the gradual improvement of 5G infrastructure, the urban lifeline is expected to accelerate the landing. One of the typical application scenarios of 5G is the urban Internet of things, and the company's urban lifeline is "Internet of things + platform software". The gradual maturity of 5G is expected to accelerate the landing of the urban lifeline. It has landed in Hefei, Huaibei, Wuhan and Xuzhou before, and recently continued to win the bid in Foshan. The urban lifeline has been replicated in different places, and the follow-up development is worth looking forward to.
Profit forecast: we maintain the forecast that the company's net profit for 19-21 years is 203 million yuan, 306 million yuan and 462 million yuan respectively, the corresponding valuation is 45 times, 30 times and 20 times, the target price is 52.50 yuan, and the "push" rating is maintained.
Risk hint: the overseas political and economic situation is unstable; the progress of order acceptance is not as expected.
