Matters: the company released its results for the first three quarters of 2014. From January to September, the company achieved a total operating income of 423 million yuan, down 2.88% from the same period last year. The net profit belonging to the owner of the parent company was 44.4 million yuan, an increase of 14.22% over the same period last year, and earnings per share was 0.1464 yuan. The company's performance is in line with our expectations.
The traditional main business is growing steadily.
In the first three quarters, the company's operating income fell 2.88 percent year-on-year, and net profit after deducting non-profit fell 1.75 percent year-on-year, mainly due to a high base in the same period last year. Judging from the company's non-operating business for the whole of last year, the demolition of the training building led to an increase in non-operating expenses (5.45 million yuan), thus dragging down the performance of last year. Therefore, under the condition that the company's operating results are not affected by this, the growth of net profit is expected to return to normal. We maintain our previous judgment and estimate that the growth of net profit for the whole year will be 10% 15%.
The operation of Haitong platform is still in its infancy.
During the reporting period, the company's investment income decreased by 279200 yuan, or 125.36%, compared with the same period last year, due to the impact of the operation of Haitong Company. According to our understanding, at present, Ali's use of the Haitong platform is still limited to specific customers, and the traffic import side has not been fully released, and the further expansion of the target group in the future will depend on whether China Sea can further provide competitive prices. We believe that the current Haitong platform will also take the introduction of traffic as the main goal, and it is less likely to earn the price difference through the platform in the short term.
When the reform is carried out, pay attention to the further transformation and evolution of the group.
Driven by the second transformation of the group, the company's internal organizational structure has been adjusted since the beginning of this year, and a new security department has been added to prepare for the company's future incentives, extension development and extension growth. the construction and operation of Haitong platform in July has also taken a solid step for the company to transform into the group-related industry. We believe that the current reform of state-owned enterprises will still evolve around the two directions of asset regulation and mixed ownership, and the group will carry out shipping information business centered on a science and technology platform in the future. Haitong platform may also focus on this core for business development and module docking.
Profit forecast and investment advice.
We maintain the previous profit forecast and estimate that the net profit returned to the parent company from 2014 to 2016 is 0.54,0.65 and 87 million yuan respectively, and the corresponding EPS is 0.18,0.22,0.29 yuan respectively. We are firmly optimistic about the business model of the Haitong platform, the stable operation of the company's traditional main business, and the development opportunities of shipping informatization promoted by the group. It is estimated that the potential market capitalization of the company will reach 7.7 billion yuan, and the target price will be raised to 25.41 yuan. Maintain the "recommended" rating.
Risk hint.
Haitong operation is lower than expected risk, enterprise reform and transformation risk, performance growth does not meet the expected risk and so on.
