Operating income and net profit decreased by 44.48% and 71.87% respectively compared with the same period last year.
In 2014, the company completed a total operating income of 572 million yuan, realizing a net profit of 17.5915 million yuan belonging to the owner of the parent company, down 44.48% and 71.87% respectively from the same period last year, and achieving basic earnings per share of 0.08 yuan. The company intends to pay a cash dividend of 0.25 yuan (including tax) for every 10 shares on the basis of 224 million shares of total share capital.
The depression in the downstream steel industry has led to a sharp decline in performance and a low proportion of completed and settled projects.
The company is mainly engaged in the production and sales of "three electricity" products such as industrial computer control systems, electric drive assemblies, industrial testing and control instruments, as well as providing engineering and technical services in the field of metallurgical automation. In the past few years, the income in the iron and steel industry accounted for more than 85%. The recession in the downstream industry has led to a rapid decline in revenue and profit scale in recent years. The company's newly signed and completed projects decreased significantly in 2014, and the proportion of initial orders completed during the reporting period was only 25.7%. The company's annual revenue in the iron and steel industry reached 435 million yuan, down 50.6% from the same period last year, and the total sales revenue of "three power" products was 529 million yuan, down 38.7% from the same period last year. Of this total, the income from industrial computer control systems was 212 million yuan, down 61.5 percent from the same period last year, and the income from the construction general contracting business this year was 30 million yuan, down 77.7 percent from the same period last year.
Speed up the expansion of non-iron and steel fields, robot business is gradually carried out.
In recent years, the company has actively explored the field of industrial automation outside the iron and steel industry. At present, the company has relevant engineering cases in mining, chemical fertilizer, cement and other fields. In 2014, the company achieved sales revenue of 130 million yuan in non-iron and steel fields. According to the company's development strategy, we will continue to launch three power industry series products in the future, and expand its application to many industries, such as light industry, petrochemical, construction, building materials and environmental protection. In addition, the company's business in the robot field is also gradually advancing, with products covering all kinds of material conveyor systems, robot palletizing systems, film winding machines, pallet conveying systems, etc., which can be widely used in food, beer, beverage, daily chemical, pharmaceutical, chemical fertilizer, chemical, building materials and dairy products and other industries. At present, the overall scale of the company's robot business is still small, and the complete set of robot palletizing equipment has been successfully applied in Dongguan Haida Feed and Red Bull Beijing production base.
Risk hint.
The continued downturn in the downstream steel industry led to a sharp decline in the company's orders to be rated as "overweight".
It is estimated that the company's EPS from 2015 to 2017 will be 0.15 EPS 0.19 won 0.26 yuan, corresponding to the current PE respectively 95X/72X/54X. Considering the acceleration of the company's automation business expansion in the non-steel sector, the robot business is gradually launched and is rated as "overweight" for the first time.