Xiamen SASAC listed companies, mainly engaged in electronic information and supply chain: Xiamen Xinda is a listed company under SASAC and the actual controller, Xiamen International Trade Holdings, which is the investment management platform for commercial and trade enterprises of Xiamen SASAC. The core business areas of Xiamen Xinda Co., Ltd. include two major areas, namely, the electronic information industry and the supply chain industry. Among them, the electronic information industry mainly includes optoelectronic business and Internet of things business, while the supply chain industry mainly includes bulk trade business, automobile sales business, real estate business and similar financial business.
Commercial trade and real estate are the main sources of profit, and the profit share of the information industry is on the rise: in terms of income structure, the operating profits of commercial trade (including bulk trade and automobile sales), information industry, real estate, warehousing and other businesses accounted for 78.27%, 17.59%, 3.94% and 0.20%, respectively. Among them, commercial trade occupies an absolutely dominant position in business income and gross profit contribution; the real estate business contributed nearly 1/3 of gross profit before 2013, but it has gradually shrunk in recent years; the status of the information industry is gradually improving and is the direction of future development; warehousing and other services account for a relatively small proportion and have little impact on the company's performance; the financial business began to participate this year and has no performance contribution for the time being.
The business cycle of electronic information is upward, which is the key layout direction of the company: the state vigorously promotes the electronic information industry, and the electronic information industry shows a trend of rapid growth. The company's information business is mainly engaged in optoelectronics and the Internet of things, are strategic emerging industries, for the company's key layout direction, business volume is expected to achieve substantial growth. Among them, the optoelectronic business has formed a situation of common development of packaging products, road lighting products and indoor lighting products, and Wulian has gained a high market share in the market segment of electronic label products.
The non-public offering breaks the capital bottleneck and promotes the expansion of the information business: in June 2015, the company issued an announcement that the number of non-public offerings would not exceed 75.581395 million shares, the issue price would not be less than 17.20 yuan per share, and the funds raised would not exceed 1.3 billion yuan, focusing on investing in the company's electronic information business, including security and optoelectronic LED industries, to help the information business expansion.
Transition supply chain management, layout financial business: in March 2015, the company participated in the investment and establishment of Xiamen Sanan Xinda Financial Leasing Co., Ltd., with an investment of 500 million yuan, accounting for 50% of the equity, making it the largest shareholder. The initial stage of the establishment of financial leasing companies is mainly for photovoltaic, photovoltaic and other new energy industry equipment financial leasing. In April 2015, the company invested 200 million yuan to participate in Shenzhen Maike Commodity Financial Services Co., Ltd., holding a 28.6% stake, making it the second largest shareholder. Financial services company is the first domestic commodity financial service company, mainly engaged in bill intermediary, trade bill management, bill fund product business and so on. Through the layout of financial business, the company promotes the further development of supply chain business and forms a new profit growth point.
Benefit from the reform of Xiamen state-owned enterprises, there are asset injection expectations: as a listed company of Xiamen SASAC, its controlling shareholder Xiamen International Trade Holdings has a large number of companies with a wide range of business, and there is the possibility of business complementarity with the company. In the context of the reform of state-owned enterprises in Xiamen, assets are expected to be injected.
Investment advice: under the overall recession of commercial trade and real estate business, the company is actively transforming the layout of emerging businesses such as information technology and quasi-finance, and its performance is expected to usher in a reversal. As one of the two listing platforms of Xiamen International Trade Holdings, the company is expected to benefit from the asset injection opportunities brought about by the reform of Xiamen state-owned enterprises. From 2015 to 2017, the EPS is expected to be 0.68,1.18,2.03 yuan, and the current share price is 17.2,9.9 and 5.8 times corresponding to PE, covering the company for the first time and giving the company a "recommended" investment rating.
Risk hint: the risk of failure of additional issuance, the risk of performance falling short of expectations, and the risk of failure of asset injection expectations.