0007 15 trend

The company is a leading enterprise in the commercial retail industry in Shenyang. With the support of the policy of revitalizing the Northeast, it is expected to usher in a brand-new stage of development. The opening of Liaoyang Store, the first supermarket in different places, is the first time that the company has extended its capital tentacles to other cities and taken the first step to expand in other cities. According to the overall goal of building a "Northeast Business Circulation Center", in 2005, Shenyang accelerated the construction and transformation of Taiyuan Street and other prosperous business districts to enhance their functions and levels. Within two years, a number of large-scale commercial facilities, such as Wuzhou Commercial Plaza and Hong Kong Bailibao Boutique Commercial Building, have been opened one after another, and the regional competitive advantage has been further expanded, which is beneficial to the company as a whole.

In the first half of 2006, the company achieved main income of 65.438+009 billion yuan, up 8.6% year-on-year, net profit of 39.44 million yuan, up 0.82% year-on-year, and earnings per share of 0. 1.8 yuan. It is worth noting that the company's net profit during the reporting period was year-on-year.

The slight increase is related to the after-tax preferential treatment obtained by the company in the same period last year. If the net profit excluding non-recurring gains and losses is compared, it will increase by 13.50% year-on-year, exceeding the growth rate of main income. For a company with a single department store as its main business model, this growth rate should still be satisfactory.

Two different stakeholders, Shenyang State-owned Assets and CITIC Trust, both hold 36.37% of the company's shares, tied for the largest shareholder. Historically, the rotation of the chairman mainly came from the relatively stable management in Shenyang.

The recent two equity transfers of CITIC Trust have made CITIC Capital and Beijing New Era potential new shareholders to compete with Shenyang State-owned assets in the future, but it is still unknown whether the potential new shareholders are related. G Shen Zhongxing is currently in Shenyang Department Store.

Leading position in the field, high-quality asset quality, healthy operating conditions and other characteristics, there are not a few commercial operators and strategic investors who covet their equity, and the special shareholding ratio of major shareholders may lead to potential equity disputes.

The equity dispute may even spread to the secondary market, which does not include the potential competition possibility of Yintai.

At present, the valuation level of high-quality commercial stocks is concentrated at 25-30 times. Considering the characteristics of G Shenzhongxing's single department store, high asset quality, and the premium of potential acquisition of circulating A shares, its reasonable valuation is around 10. 1 yuan.