Recently, we have tracked Jiayu shares and analyzed the company's operation, incentive mechanism, future development plan and so on.
The main business is expected to increase the procurement share of major customers, while actively layout retail channels. At present, the company's main business (doors, windows and curtain walls) is mainly tooling for the real estate and other engineering markets, of which Evergrande Purchasing accounts for about 20% of the company's revenue. In the future, with the reduction of the proportion of new houses, the concentration of downstream customers will increase. The company is expected to achieve growth by increasing the purchasing share of key customers. At the same time, the increase in the proportion of the stock housing renovation market in the future will be a long-term trend. the company has previously announced that it has signed a cooperation framework agreement with Yangyi, a brand that focuses on retailing, and will focus on strengthening the layout of retail channels (product gross profit margin is higher than tooling channel).
We will actively lay out the new energy industry and get involved in photovoltaic engineering and lithium battery industry chain. In terms of photovoltaic engineering, the company has previously announced that it will undertake photovoltaic engineering orders with a total 820MW of 2.92 billion yuan, according to the completion deadline, a small number of orders are expected to be executed by the end of 2016, a large number of orders are expected to be executed in 2017, and the profit level is expected to be slightly higher than that of the original main business. In the lithium battery industry, the company controls 55% of Runfeng New Energy through a 20% stake in Jiayu New Energy, which currently focuses on automotive lithium batteries, and the announcement expects a net profit of 1.6,2.0,2.6 and 300 million yuan from 2017 to 2020.
Cooperate with Changtai and Harbin University of Technology, holding Opko Star, layout robot, automation and other directions. The company cooperates strategically with Changtai Robot and Harbin University of Technology Group, whose robot technology is relatively leading in the industry and is expected to contribute value-added services in the field of doors, windows and curtain walls. In addition, the company controls 51% of Opcom, the largest supplier of Aikang Technology, and its business mainly distributes automated production lines and high-end heat pipe energy storage links.
Give a rating of "overweight". While consolidating the advantages of the main business, the company is actively transforming to the field of new energy and robots, and has more room for imagination in the future. Recently, the company has announced the partner plan, the management of each subsidiary can invest 33%, at the same time, the second phase of the employee stock ownership plan has been completed, the average shareholding price is about 6.86 yuan per share, the incentive mechanism has been significantly improved compared with the previous period. It is estimated that the company's EPS in 2016-2018 will be about 0.12,0.21,0.30 yuan. The company will give 35 times the PE in 2017, covering it for the first time, and giving the target price 7.35 yuan.
Risk hint. The results of the case-filing investigation are uncertain; the progress of the transformation is lower than expected.