1. Background of report
According to the company announcement, the net profit attributable to shareholders of listed companies is estimated to be 30 million yuan to 40 million yuan in 2012, an increase of 20.13% 60.17% over the same period last year.
two。 Our analysis and judgment
(a) speeding up the structural transformation of TV business the poor performance of the company's TV business in the past is mainly due to the fact that the company has lagged behind its competitors in the transformation from CRT to LCD TV. Since 2012, the company has accelerated its internal restructuring and adjustment, increased the proportion of LCD TVs, and improved its product structure, which is the main reason for the improvement of the company's performance in 2012.
(2) the environment of black TV industry is improving. Since 2012, the competitiveness of Japanese color TV manufacturing has declined, providing opportunities for the expansion of domestic color TV manufacturing scale. Domestic upstream high-generation panels, open up the industrial chain on-line, conducive to the competitiveness of domestic enterprises. At the same time, the great development of e-commerce has opened up new channels for the sale of color TV sets, the absolute dominant position of home appliance stores has been shaken, and the bargaining power of the color TV manufacturing industry has been strengthened. (3) the factory renewal project of the company is advancing. The relevant departments of Shenzhen have agreed in principle to the company's "renewal plan project". The construction area of the demolition land is 37000 square meters, the market price is about 20, 000 yuan per square meter, and the land value is about 740 million yuan. the project is located as a comprehensive project such as business apartment, commercial office, business service industry, industrial R & D, industrial supporting and so on.
(4) the company's net profit margin is extremely low, there is plenty of room for profit improvement, and the company's net interest rate is very low. At present, the net interest rate is only 0.1%, which is much lower than that of other competitors in the industry, and the company has great profit flexibility. The lower net interest rate is mainly due to the low product positioning of the company, resulting in the average price lower than the industry average and the low market share of the first and second tier. Since 2012, the company has increased product research and development, cloud TV, dual channels and other new products are in the forefront of new technologies in the industry, the company's profit level, there is great room for improvement, performance flexibility.
(v) complying with the upgrading of consumption, new technology upgrading and development space Konka has taken the lead in the industry in terms of cloud TV technology, developing cloud TV in an all-round way, and the intelligence represented by cloud technology conforms to the trend of consumption upgrading and technology development of color TV industry. The company has signed a cooperation agreement with CNTV to expand the field of digital electronics, and the future market prospect is promising.
3. Investment suggestion
Taken together, the company's 2012 / 2013 revenue is expected to be 182 yuan and 20.3 billion yuan respectively, an increase of 12% and 12% respectively over the same period last year, net profit increased by 20% and 241% respectively, reaching 30 million yuan and 100 million yuan, respectively, and EPS is 0.03 yuan and 0.09 yuan respectively. At present, the company's PB is 1.1x, which is significantly lower than that of its main competitors, and PB has a high margin of safety. The company's net interest rate is only 0.1%, the profit is flexible, and it is given a "neutral" rating. 4. Risk hint
With fierce competition in the industry, competitors have started a price war; the progress of the company's product structure adjustment is lower than expected; and the progress of the plant renewal project is lower than expected.