\u3000\u3 China Vanke Co.Ltd(000002) 163 Hainan Development Holdings Nanhai Co.Ltd(002163) )
The company issued an announcement on signing a tripartite supervision agreement for raised funds and the arrival of raised funds. Previously, with the approval of the China Securities Regulatory Commission, the company planned to issue 41407900 RMB common shares (A shares) in a non-public manner, with an issue price of 14.49 yuan per share and a raised capital of 600 million yuan. As of the date of this announcement, the funds raised by the company’s non-public offering have arrived. After deducting the issuance expenses excluding tax of 13 million yuan, the net amount of funds actually raised is 587 million yuan.
The market’s doubts about the promotion of fixed assets are weakened, and the injection of tax-free assets into the company is expected to accelerate. The 600 million yuan of additional capital issued by the company to the controlling shareholder Hainan Development Holding Co., Ltd. has arrived. It has swept away the doubts about whether the fixed increase will continue due to price factors in the early stage of the market. With the basic completion of the fixed increase, Haifa control is also expected to further implement the matter of injecting the controlling right of its subordinate duty-free business entity global consumer goods (Hainan) Trading Co., Ltd. into Hainan Development Holdings Nanhai Co.Ltd(002163) .
The global boutique duty-free city made a good start in the first quarter of 22 years, with sales increasing by 252%. The global shopping mall free city Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales channel, through the shaking of live goods, online shopping tiktok, and so on, to force the new retail platform, effectively overcome the negative impact of COVID-19 epidemic on the tourism market and global supply chain, achieved remarkable results in the first quarter of 22, achieved sales increased by 252%, duty-free shopping increased by 360%, and the number of duty-free shopping increased by 200%. In the future, with the injection of controlling rights of global boutiques and the continuous implementation of the construction of Hainan free trade port, relying on the local resource advantages of controlling shareholders and their own core competence, the company is expected to gradually realize transformation and upgrading and enhance competitiveness.
Investment suggestion: stimulated by the tax-free policy, the tax-free market in Hainan will be further expanded. Hainan Development Holdings Nanhai Co.Ltd(002163) with the strong support of the controlling shareholders, the business expansion of the tax-free market will bring strong growth points to the company, which is conducive to the company’s participation in the tax-free market in Hainan and realize business diversification. Taking into account the impact of the epidemic and the decline in the price of photovoltaic glass and other related factors, we adjusted the net profit attributable to the parent company for 21-22 years to RMB 100 / 180 million (the previous value was RMB 1.1 / 180 million), and the corresponding PE multiples were 104x / 56x respectively.
Risk tips: macroeconomic risks; Market fluctuation risk; Repeated epidemic risk, etc
