Main points of investment:
The company has vigorously promoted the post-service market, and the fundamentals have changed significantly. Great changes have taken place in the company, fully embracing the post-service market. The company actively promotes the post-service market, and currently focuses on building a large platform for bills of exchange acceptance and the use of the Internet to promote "DiDi Global Inc. security". The company's vigorous promotion in these two markets is not only in line with the general direction of China's economic development, but also opens up more market capitalization space for the company.
A) the company participates in the acceptance platform and is involved in the 100 trillion bill market. The company announced on April 11 that it had established a joint venture with Xi'an Maike in Qianhai, Shenzhen, to form a Shenzhen Maike commodity financial services bill platform company, with a stake of about 28.6% in Xiamen. Shenzhen Maike Financial Services is located in Qianhai, an important place of financial innovation. Shenzhen Maike Financial Services is the only financial bill platform based on trade and logistics background in China, which can realize the cross-border discount of bills based on the trade background. at the same time, it is proposed to build an Internet platform for bill funds and intermediary integrated services. In 2015, the company is expected to achieve 160 billion flowing services and 50 million net profit, and the net profit in 2016 / 2017 is expected to reach 150 million yuan and 300 million yuan respectively.
B) the company plans to invest 160 million yuan to promote the security service package on JD.com platform and set up "similar DiDi Global Inc. security". Small shops and home security market is rising rapidly, and then the service market is obviously insufficient, the company plans to promote security installation and update and other post-service market. The company plans to raise 160 million yuan to establish a security post-service platform, the initial promotion will be with the help of JD.com virtual service platform. The company plans to set up nearly 2000 operating sites in China by the end of 2016, while relying on the holding subsidiary Anni Digital to train relevant professional installation personnel, we are optimistic about the development of this market.
The company is a state-owned enterprise in Xiamen and will benefit from the reform of state-owned enterprises in the future. The company is controlled by Xiamen State-owned assets Supervision and Administration Commission, and the reform of state-owned enterprises is in full swing. We judge that the follow-up company will actively promote the improvement of the incentive mechanism and fundamentally strengthen the corporate governance structure. If the governance structure is improved, the company may face a new round of take-off.
The Optoelectronic Internet of things will provide better performance support for the company. The company actively promotes the business of LED and RFID. On the one hand, it expands its production capacity and strengthens its competitive barriers; on the other hand, it makes use of its resources to strive for municipal projects. A) under the premise of the rapid expansion of the LED industry, the company's performance can grow rapidly. The RFID company has cut into the food traceability and clothing industry, and will look for new application scenarios in the future, and the overall performance is expected.
For the first time, the buy rating is given, with a target price of 51 yuan. From 2015 to 2017, we estimate that the sales revenue of the company will be 26.7 billion yuan, 27.2 billion yuan and 27.8 billion yuan respectively, and the net profit will be 163 million yuan, 264 million yuan and 367 million yuan respectively, and the corresponding EPS will be 0.53,0.85,1.18 yuan respectively. We use the distribution valuation method, the reasonable market value of the company is 16 billion yuan, corresponding to the target price of 51 yuan, buy rating.
Risk hint: the company's business promotion is not as expected, systemic risk.