The company plans to sign the Agreement on Equity Transfer and Capital Increase and Share Expansion of Zhong Bai Electronic Payment Service Co., Ltd. with five companies, including Hubei Cooperative Investment Group, Wuhan Guochuang Capital, Shengande Venture, Wuhan Hengyi Property and Wuhan Han Peng Logistics.
Event review
Introduce social capital and stimulate business power. Zhong Bai Payment is a wholly-owned subsidiary of the Company. This time, the company plans to transfer 70% of the equity paid by Zhong Bai to Cooperative Investment Group, Guochuang Capital, Gande Venture, Hengyi Property and Han Peng Logistics. At the same time, the parties concerned will increase their capital by 50 million yuan according to their shareholding ratio. After the equity transfer and capital increase, Zhong Bai Group and its grandson Han Peng Logistics will hold 35% of the equity paid by Zhong Bai and remain the largest shareholder. We believe that the introduction of social capital by the company through equity restructuring will greatly stimulate Zhong Bai's payment management ability and realize the remolding of internal resource value.
Integrate superior resources and develop urban and rural financial services. Equity restructuring will realize the integration of multiple advantageous resources: 65,438+0) urban and rural distribution network resources. The actual controller of the cooperative investment group, Hubei Supply and Marketing Cooperative, has more than 66,000 outlets in Hubei Province, 2,047 1 village-level comprehensive service agencies, 460 various distribution centers, and more than 50 agricultural products wholesale markets. Zhong Bai itself has more than1000 supermarkets in Hubei Province. 2) Financial service resources: Zhong Bai Payment has its own third-party payment license. Guochuang Capital is a large financial group company invested and established by Wuhan State-owned Assets Management Company. A comprehensive and integrated financing service platform has been built, and the platform enterprises have subsidiaries such as guarantee, small loan, financial leasing and pawn. 3) Storage and logistics resources: The storage area of Han Peng Logistics Base is about 60,000 square meters. By integrating the dense supermarket outlets, supply and marketing cooperative resources, financial service foundation and urban warehousing and logistics resources in Hubei Province, Zhong Bai Payment will build a closed loop of e-commerce economy in urban and rural industrial chains with "agricultural products entering the city", "industrial products going to the countryside" and "agricultural supermarket docking" as the core, and make up for the functional gap of urban and rural financial services in Hubei Province.
Investment suggestion: The appraiser with low valuation leads others, ushers in the turning point of performance and operation, and reiterates the "buy" rating. As the leading supermarket in Hubei province, the company has *** 1065 chain outlets as of 20 15Q3, and has set up logistics centers in Wuhan, Hubei Sijiao and Chongqing. We judge that both the performance and management of the company have reached an upward turning point: 20 14 to 20 15, and the company concentrated on endogenous reform: the number of employees decreased by 5,333 in the first half of 20 15, and the warehouse stores were closed in the first three quarters of 20 15. 20 16 company's strategic layout set sail: 1) cooperate with Rosen to accelerate the layout of convenience stores in Hubei; 2) Introduce Yonghui fresh management team to strengthen fresh operation ability; 3) Establish a joint venture M&A fund; 4) Equity restructuring payment companies, and development of urban and rural financial services. We expect the EPS of the company in 20 15-20 16 to be 0.0 1 and 0. 16 yuan respectively. At present, the PS is only 0.26 times, far below the industry average, and we reiterate the "buy" rating.