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Steel and silver e-commerce released employee stock ownership plan, interest binding is optimistic about future development

Westdollar.com April 18, 2018 00:00 Tianfeng Securities Shen Haibing View original PDF

Shanghai Steel Union (300226)


The company's subsidiaries issued the third employee stock ownership plan. The shareholding plan share does not exceed 9,632,100, the total amount of funds does not exceed 220,575.09 million yuan, and the price of the company's underlying stock is 2.29 yuan/share. Among them, Mr. Huang Jian, the director and general manager of the company, Mr. Wang Xiaonan, the deputy general manager, Ms. Xu Saizhu, Mr. Yu Dahai, the secretary of the board of directors and the chief financial officer of Mr. Wu Jian, subscribed for a total of 2.48 million shares, accounting for 25.75% of the initial scale of the employee stock ownership plan. .

Employee stock ownership plan binds employee benefits and is optimistic about the company's future development

The employee stock ownership plan is for the company to issue shares. The initial proportion of the company's directors (excluding independent directors) and senior management's subscription share to the total share of the employee stock ownership plan does not exceed 25.75%. The total number of underlying stocks corresponding to the company's total effective employee stock ownership plan share shall not exceed 10% of the company's total share capital, and the total number of participants shall not exceed 234. According to the annual report of the steel and silver e-commerce 2017, the total number of employees of the company is 856. The proportion of employees holding this share exceeds 27.34%, covering all core employees and senior management of the company, and is deeply bound to the interests of the company, optimistic about the future development of the company.

The two major businesses of consignment and supply chain services are mutually reinforcing, and the e-commerce platform enters the performance harvest period.

The transaction scale of the steel and silver e-commerce consignment business continued to expand. The commission income of the transaction service business increased significantly year-on-year, and the gross profit of the consignment business increased substantially. At the same time, the company's supply chain service product model ran through, “help you pick” and “leave you flowers”. Products such as "Bet with you" are operating well. We believe that in 2018, if the application for the company's 3 billion bank credit line is approved, the company's fund size will be further expanded after the private placement of 1 billion yuan to raise funds. The increase in financing scale will accelerate the growth of supply chain services; the average commission service fee The scale of the consignment trading platform will be further expanded, and the consignment model will maintain high growth into the harvest period.

The expansion of data and information business across categories has accelerated, and revenues are expected to continue to grow rapidly in the next few years.

The company has expanded its petrochemical sector by changing the management of Shandong Longzhong to deepen its industry experience in the steel information field. We believe that there are many types of commodities in the petrochemical industry, and the space for data and information business is huge. The expansion to petrochemicals is only the beginning, and it is expected to continue to expand to other major categories such as nonferrous metals in the future. In addition, the company's data and information global competitiveness continues to increase, pricing power continues to increase, the proportion of overseas income is expected to continue to increase.

Investment Advice

We believe that the company is a leader in steel e-commerce and commodity big data, and is a scarce stock of the A-share "unicorn." We expect the net profit of the parent company to be 1.77/2.66/439 million yuan from 2018 to 2020. We will not consider the impact of the rights issue, and maintain the target price of 80 yuan/share, corresponding to 72 times PE in 18 years, maintaining the “Buy” rating.

Risk warning: The trading volume of the steel market is cold; the data information business is not expanding as expected

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Shanghai Steel Association fundamental data
  • Total share capital of 159 million shares
  • Circulating shares of 152 million shares
  • Earnings per share 0.38 yuan
  • Undistributed profit per share -0.12 yuan
  • Net assets per share of 5.59 yuan
  • Return on equity (7.04%)
  • Net profit 604.917 million
  • Net profit growth rate 165.01%
Shanghai Steel Union Investment Rating
Overall rating in January
Overall rating in March
Statistical period Buy Overweight neutral Reduction Sell total
Within one month210003
Within three months210003
Within six months12300015
Within a yeartwenty four600030
Shanghai Steel Union's profit forecast
                                index 2017A 2018E 2019E 2020E
Earnings per share (yuan) 0.30 0.97 1.62 2.51
Net profit (100 million yuan) 0.48 1.55 2.59 3.99
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Buy Overweight neutral Reduction Sell
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