吉艾科技(300309)中报点评:业绩快速增长 AMC业务蓬勃发展

Jiai Science and Technology (300309) report comments: rapid growth in performance and vigorous development of AMC business

招商證券 ·  08/22/2018  · Researches


The company's revenue in the first half of the year was 361 million, an increase of 49.24% over the same period last year. The net profit after deducting non-production was 145 million yuan, an increase of 134.09% over the same period last year, of which the net profit contributed by AMC plate was 169 million yuan, the oil service plate was a slight loss of 1.18 million yuan, and the net loss of refining and chemical plate was 1.28 million yuan.

The company announced the profit distribution plan: as of June 30, 2018, the total share capital of the company increased by 8 shares for every 10 shares to all shareholders on the basis of 484026066 shares, with a total increase of 387220852 shares, and the total share capital of the company was changed to 871246918 shares.

The main reason for the lower than the performance forecast is that some of the disposed non-performing assets are expected to fail to recognize the current income due to the repayment time exceeding the reporting period, and to be confirmed in the third quarter profit reporting period.

The company issued a pre-increase announcement for the third quarter, with an estimated net profit of 285-315 million yuan in the first three quarters, an increase of 171% over the same period last year. Due to seasonal factors of AMC business and partial divestiture of oil service plate.


1. The light asset model is running smoothly, and the performance of AMC is soaring.

(1) the scale of special financial assets is in good condition.

From the perspective of stock: by the end of the reporting period, the accumulated financial special assets held and managed by the company's AMC business totaled about 32.361 billion yuan (including 14.762 billion yuan for self-held assets and 17.599 billion yuan for management services assets). By the end of the reporting period, the remaining financial special assets held and managed totaled about 24.731 billion yuan (including 10.663 billion yuan for self-held assets and 14.068 billion yuan for managed service assets). From the perspective of the current period, the new financial special assets held and managed in the first half of this year totaled about 16.304 billion yuan. By the end of the reporting period, the scale of assets that had been effectively resolved and disposed of was 7.629 billion yuan, and it is estimated that the scale of de-chemical in the first half of this year will exceed the level of last year at about 40-5 billion yuan.

(2) Rapid growth of income contribution

In the first half of this year, AMC contributed 327 million yuan in operating income, an increase of 129.17% over the same period last year. Of this total, AMC restructuring services earned 241 million yuan, compared with the same period last year, + 54.93%, + 54.93%,-1.99%,-1.99%, and + 82.67%, respectively.

(3) rational use of leverage and light asset model to open up the room for growth.

In order to break through the bottleneck of its own capital restrictions, the company develops the service business model in the management of AMC funds. By the end of the reporting period, the company's cumulative management service assets reached 17.599 billion yuan, accounting for 54% of the total, up from 25% at the end of 2017. During the reporting period, the new management service assets reached 13.607 billion yuan, with an exit scale of 3.531 billion yuan.

The company makes rational use of leverage in many ways. For part of the creditor's rights, the company will not pay the transfer of the creditor's rights until the creditor's rights are settled or disposed of. For the transfer of claims that have not yet been paid, the items of other non-current liabilities and current liabilities due within one year shall be listed. As of the end of the reporting period, the company's other non-current liabilities and within one year

2. Employee Stock ownership Plan is deeply bound to the core talents of AMC.

Yao Qing, general manager of AMC, currently owns 5.16% of the company directly and 0.775% of the company through the employee stock ownership plan, with a total shareholding ratio of 5.935%, ranking the fourth largest shareholder, deeply tied to the interests of the company. The equity transfer of Gao Huaixue, a major shareholder, has come to an end. 1.14% and 5.06% of the shares have been transferred to the third phase of the employee stock ownership plan and to Yao Qing, the general manager of AMC, respectively, to bind the hearts of the people with equity to protect the AMC business. From the point of view of the cost price of the employee stock ownership plan, the total share of the employee stock ownership plan (Phase II + Phase III) held by the employees of the AMC team accounts for 2.734%, and the average stock ownership cost is 22.2 yuan, which has a certain margin of safety from the current price.

3. AMC exhibition industry is rapid, with horse racing and enclosure all over the country.

The company's AMC business has been successfully expanded and distributed throughout the country. As of the reporting period, the company has established a total of 14 AMC subsidiaries. According to the latest announcement, on July 2, 2018, the company signed a "Joint Venture Cooperation Agreement" with Tibet Investment, which will jointly contribute 1 billion yuan to set up Tibet Jichuang Asset Management Co., Ltd., in which the company holds 80 per cent of the shares. To implement the localization strategy, most of them set up local subsidiaries in cooperation with local shareholders, with Ji Ai as the major shareholder. In view of the extremely high localization requirements of AMC business, it is necessary to fully understand the local political and business environment. 11 of the 14 subsidiaries work with local shareholders as 51 per cent shareholders.

4. The oil service plate is gradually stripped off, and the refining and chemical project is expected to be ignited in the third quarter.

The oil service business is gradually spun off, shrugging off the burden and carrying it light. On June 19, 2018, the company formally transferred 100% equity of Jiai (Tianjin) Petroleum Engineering Co., Ltd. to Huang Wenqi, a concerted actor of the actual controller, with a price of 406 million yuan. The equity transfer smoothly reduced the related party debt by 406 million yuan, reduced the company's loan interest expenses, and increased the current income by about 6 million yuan. Since the company started the divestiture of the oil service business in early 2017, the oil service subsidiaries have been disposed of one by one through industrial and commercial cancellation, equity transfer and other means.

Tajikistan project officially put into production, refining and chemical business ushered in a turnaround. The company started the construction of a refining and chemical project with an annual output of 1.2 million tons in Tajikistan in January 2015. after the completion of the first and second phases of the refinery, the total investment is expected to be 290 million US dollars. Due to the national economic crisis in Tajikistan, the first phase of the project, originally scheduled for completion in 2017, was postponed to the end of the second quarter of 2018 and officially put into production in the third quarter. After the normal operation of the first phase, the construction period of the second phase will be greatly shortened and put into operation smoothly, and the company's oil refining and chemical business will usher in a profit inflection point.

Investment advice: maintain the company's highly recommended rating, based on: 1) the AMC business is progressing smoothly and the performance continues to grow; 2) the core team has rich disposal experience, and the company has long-term competitiveness; 3) the policy promotes the vigorous development of the AMC industry; 4) the employee shareholding of the core team accelerates the landing, and the shareholding of Yao Qing, the leader of AMC, is close to 6%. The average cost price of the second and third phase shows the margin of safety. The company is expected to achieve a net profit of 450 million yuan in 2018, with a target price of 27.89 yuan (excluding rights), corresponding to 30 times PE in 18 years and 40% space.

Risk hints: the disposal value and progress of non-performing assets packages are not up to expectations; the regulatory policy is stricter

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