Main points of investment
The pilot project of employee shareholding of the company has been approved by SASAC. Recently, the company received a notice from Hunan SASAC on allowing Zhuzhou Flyover Crane Co., Ltd. to carry out employee stock ownership pilot (Hunan State-owned assets reorganization [2017] 250th), and agreed to carry out employee stock ownership pilot.
Employee stock ownership helps to stimulate employee motivation and further improve the corporate governance mechanism. The development of employee stock ownership will help to stimulate the initiative and creativity of core employees, realize the sharing of risks and interests between employees and enterprises, and the long-term unity of employees' interests and company interests, and help to further improve the company's business performance and improve governance mechanism. effectively promote the realization of the company's strategic development goals.
The strategic development idea of "one body and two wings" is based on the high-end intelligent equipment manufacturing industry to promote the transformation and upgrading of enterprises. In addition to lifting equipment, the company actively layout new energy and three-dimensional parking equipment to open up new growth points. The company invests in Runway Liheng and enters the field of three-dimensional parking equipment. At the same time, lay out the new energy vehicle industry chain, participate in Inbor, enter the field of lithium battery equipment, and seek diversified development opportunities. In February 2016, the company and professional institutions initiated the establishment of Guangzhou Yipo New Energy Industry Equity Investment Partnership with a total size of 300 million yuan, which will focus on the new energy vehicle power battery manufacturing equipment industry; in June 2016, the company and Shenzhen Zhongke Liheng initiated the establishment of Hunan Tianqiao Liheng parking equipment Co., Ltd., layout intelligent three-dimensional garage industry. Through cooperation with professional teams and with the help of its experience, technology, capital and other superior resources, the company has laid out new industrial growth poles and accelerated the pace of transformation and upgrading.
Earnings forecast and rating: we expect the company's EPS from 2017 to 2019 to be 0.18, 0.21, 0.24, respectively, maintaining a "buy" rating.
Risk tips: 1) a sharp decline in fixed asset investment in the metallurgical industry; 2) the risk of business integration.