Seize The Commanding Heights Of Zhejiang'S Foreign Trade Logistics

Zhejiang's cross-border policy is advancing fastest, and Hangzhou of Yiwu quietly takes the lead.

In the future, the growth rate of China's imports and exports has dropped to 5%, and cross-border electricity business pactions still maintain 20-30% growth. Central and local governments have been promoting policies. Zhejiang is at the forefront. Yiwu international trade comprehensive reform zone and Hangzhou cross border e-commerce experimentation area have been set up. The former relies mainly on export processing and settlement areas located in B2B online and offline services, the latter is the B2C cross border electricity supplier import pilot port, so the positioning is B2C and B2B.

The Zhejiang model aims to replicate Yiwu and Hangzhou experience in the province, and the opportunities for industrial enterprises in the industrial chain are greater: the cross-border electricity supplier Zhejiang mode is to achieve rapid replication in the province (planning 3 parks and 100 parks) with the help of Yiwu and Hangzhou operation experience. The commonality of the model is to establish an online integrated government platform to connect the cross-border industrial enterprises (B2B and B2C), logistics and other foreign trade industrial chain companies. As long as the core data are matched through the core links, the entities can manage the online entities under the same line, and the regulatory agencies can release online one-stop approval. The viscosity of cross-border e-commerce customers can be greatly improved, and then seek online logistics services.

The B2C and B2B businesses are flying together, and the company is improving its ecosystem with the help of a pilot park.

The development of Sinop has rich resources of the central enterprises. In March 24th, the company announced the cooperation with Yiwu China World Trade Center comprehensive reform zone (B2B). In the future, it will be involved in the Hangzhou cross border test area (both B2B and B2C). It has fired the first shot to seize the commanding heights of cross-border pactions in Zhejiang.

The ability to import logistics into the company after the paction has been greatly improved and the elasticity is huge.

Logic is expected to be pmitted to the company, and the valuation will be promoted to a large probability event.

We should take an optimistic attitude to build on the promotion of the Zhejiang model, because cross-border electricity providers themselves use the Internet to eliminate the information asymmetry between international commodities. This is the trend of the times. And the valuation of the capital market to the small commodity city can also show that the mode is also optimistic. The efficiency of the company's touches is enhanced, and the capacity of "cash flow" is enhanced. The valuation is expected to match the higher Internet logistics targets (Yi Yatong, Hua Pengfei, Xin Ning). Moreover, the cooperation between the company and Yiwu will be completed through the linkage of the commodity city, and the two cycles can further enhance the valuation of the company.

Earnings forecasts and investment proposals.

2015-2017 years of EPS are expected to be 0.99, 1.18 and 1.39 yuan respectively. Taking into account the trend of the company's main linkage in cross-border electricity supplier flow is becoming stronger and stronger. Combined with the current valuation level of A related Internet logistics stocks, we first gave the company a "buy" rating with a target price of 35 yuan, corresponding to 15-17 years' valuation of 35, 30 and 25 times respectively.

The main uncertainties.

The national cross-border electricity supplier policy is advancing less than expected, and the company's cooperation with Yiwu's international trade reform zone is not as good as expected.