Main points of investment:
1. Event
The company issued a suggestive announcement on the evening of April 23, in order to promote the inclusive business of self-service investment and financing that the company intends to develop as soon as possible, and at the same time avoid the risk of early investment, it is proposed to set up "Shanghai Anshuo Zhixin Network Information Co., Ltd." (enterprise name to be approved) (hereinafter referred to as "Asustek Zhixin Network") with Shanghai Zixin Investment Partnership (Limited Partnership) (hereinafter referred to as "Zixin") and Mr. Gao Ming. The registered capital is 50 million yuan.
two。 Our analysis and judgment
(1) with the policy spring breeze blowing, inclusive finance has ushered in the best times.
China's inclusive financial policy continues to promote, inclusive finance ushered in the best era. Internet finance was included in the government work report for the first time in 2014, and this year's government work report once again emphasizes the need to vigorously develop inclusive finance so that all market participants can share the rain and dew of financial services.
Premier Li Keqiang has repeatedly expressed on different occasions that he will promote financial reform and vigorously develop inclusive finance. In January this year, when visiting WeBank, Premier Li Keqiang expressed the hope that WeBank would not only find a way to develop inclusive finance, but also provide experience for other enterprises. When inspecting and investigating Industrial and Commercial Bank of China, the premier stressed that small and micro enterprises are the main carriers of employment, efforts should be made to solve the problems of difficult and expensive financing, and financial institutions should come up with more effective measures to support small and micro enterprises and promote mass entrepreneurship and innovation.
(2) the establishment of a marketing platform for the layout of Pratt & Whitney Finance is expected to open up both the asset side and the flow side, and both B2B and B2C business models are possible.
The future layout of the company is expected to become a large financial assets trading platform, the establishment of Pratt & Whitney Financial Company is an important part of the future layout, is expected to open up the asset side and the flow side, business models B2B and B2C are possible. The company continues to consolidate the asset side, has previously participated in Liangshan Prefecture Commercial Bank and established an Internet Finance Company, taking a key step in Internet Finance; establishing a small loan cloud platform to provide software and hardware, data services and business consulting to small loan companies, and has accumulated a large number of small micro-loan enterprises, including a large number of guarantee companies and small loan companies; layout of credit information and data services wings to realize the realization of Internet finance. In addition, the E-loan China platform under the control of major shareholders is committed to creating loan transactions between the capital demand side (individual and corporate borrowers) and the capital supplier (banks, small loan companies and other financial institutions). It can provide experience and reference for the company's inclusive financial model. To sum up, combined with the company announcement to disclose the purpose of establishing the Asustek Weaving Network of Pratt & Whitney Financial Company, we expect Pratt & Whitney Finance to become a marketing platform, opening up both asset side and traffic side, both B2B and B2C are possible. (3) the joint venture establishment of Pratt & Whitney Financial Company has a more flexible mechanism and sufficient equity incentives, highlighting the importance of "Anshuo Weaving Network", and its future value is worth looking forward to.
Joint venture to set up Pratt & Whitney Financial Company to avoid the risk of early investment and, more importantly, to make the mechanism more flexible. According to the company announcement, 5 million of the capital has been set aside for the core business and technical backbone of external recruitment, such as IOS, Android, JAVA senior development engineers, UI design directors, network security architects, which are urgently needed to carry out Pratt & Whitney financial business. equity incentives are fully in place, reflecting the great determination of the company's layout investment, which fully highlights the importance of the proposed Pratt & Whitney Financial Company "Anshuo Zhixin Network". The value significance in the future layout of the company is worth looking forward to.
3. Investment advice.
We believe that the future layout of the company is expected to become a large financial assets trading platform, taking advantage of the east wind of the inclusive financial policy to set up the layout marketing platform of the Pratt & Whitney Financial Company, which is expected to open up the asset end and the flow end, and the business models B2B and B2C are both possible. the joint venture establishment of Pratt & Whitney Financial Company has a more flexible mechanism and sufficient equity incentives, highlighting the importance of "Asustek Weaving Information Network", and its future value is worth looking forward to. To maintain the profit forecast, we expect the company's EPS for 15-17 to be 0.63,0.78 and 0.99 yuan respectively, maintaining the "recommended" rating.
4. Risk hint.
The progress of inclusive financial business is not as expected; policy risk; increased competition.