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浙江东方(600120)中报点评:金控战略有序推进 量子通信催化密集

招商證券 ·  Aug 24, 2016 00:00  · Researches

  Zhejiang Dongfang released its 2016 mid-year report. In the first half of the year, it achieved operating income of 2.62 billion yuan, a year-on-year decrease of 18.5%; realized net profit of 340 million yuan, an increase of 31.6% over the previous year. In recent years, the company has focused on cultivating financial services around financial holding platforms. The three major business units of industrial and financial investment, asset management, and financial leasing have begun to take shape. If the restructuring is successful, it will be injected into trusts, futures, insurance and other businesses. The company also invests in the sub-communications industry, intensively catalyzes, and maintains a “Highly Recommended - A” rating. Acquire multiple financial assets to create a multi-license financial control platform. The company's restructuring plan is to acquire 56% of Zhejiang Gold Trust's shares, 100% of Dadi Futures's shares, and 50% of China and Korea Life Insurance's shares. Zhejiang Gold Trust mainly invests in infrastructure construction and real estate in the form of trust loans. Dadi Futures focuses on developing risk management business, while China Korea Life focuses on the sale of life insurance, annuity insurance and health insurance products. Coupled with the original leasing business, diversified development has greatly enhanced the vitality and competitiveness of the company's financial sector, helping the company initially form a financial holding platform covering multiple licenses such as trusts, futures, insurance, leasing, direct investment, and funds. Investing in the quantum communication industry is beneficial in all kinds of catalysts. With the successful launch of the quantum satellite and the upcoming completion of the Beijing-Shanghai Main Line, the two major catalysts are beneficial to the quantum communication industry, leading the industry to perform well in the secondary market. Zhejiang Dongfang's joint venture Zhejiang Guomao Oriental Investment Management Co., Ltd. (Zhejiang Oriental holds 49% of the shares) and its Zhaofu Fund (Zhejiang Oriental holds 26.5% of the shares) invested 40 million yuan in Zhejiang Shenzhou Quantum Network Technology Co., Ltd., and invested 108 million yuan in HKUST Guodun Quantum Technology Co., Ltd. In the future, Zhejiang Oriental may become a larger quantum information capitalization platform. Shenzhou Quantum and HKUST National Shield are two major domestic quantum information companies. 1) Shenzhou Quantum is a team established in 2014 by Pan Jianwei's team of a large number of sub-communication technologies of Zhongke. The company will build quantum communication network infrastructure in Zhejiang Province to provide highly reliable and secure network operation services based on quantum technology. Currently, the company is building China's first commercial quantum communication trunk line, the “Hangzhou-Shanghai Quantum Commercial Trunk”; 2) The HKUST National Shield originated from the China University of Science and Technology. It is the first innovative enterprise engaged in the industrialization of quantum information technology in China. It is the largest quantum communication equipment manufacturer and quantum information system service provider in China. Currently, it produces quantum communication equipment and equipment. Sales achieved net profit of more than 50 million yuan in 2015. Risk warning: Business transformation falls short of expectations.

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