Main points of investment:
The company achieved 896554397.72 yuan in main business income in 2013, an increase of 26.88 percent over the same period last year, but the net profit belonging to shareholders of listed companies was 20390619.52 yuan, down 37.32 percent from the same period last year. Slightly lower than the market expected.
The comments are as follows:
The company is one of the important companies in the beverage packaging machinery industry in China.
The total output growth rate of the company's main downstream beverage industry in 2013 was 14.08%, which was higher than that in 2012, but compared with the average annual growth rate of 24.2% during the Eleventh five-year Plan period. The growth rate of the beverage industry has declined sharply in recent years, and the competition in the downstream industry tends to be fierce.
The company is one of the most important companies in China's beverage packaging machinery industry. in order to maintain its original market position, in order to maintain its original market position, the company priced its products strategically and sold to some strategic customers in 2013. as a result, the overall gross profit of the company's products has declined.
The company specializes in revenue growth, but the increase in fees is a drag on performance growth.
In 2013, the company increased its R & D and market investment, which increased by 18.98% over the same period last year, and sales expenses increased by 10.28% over the same period last year. In 2013, the company further opened up the substitute processing market and intensified the construction of the processing market. Overseas investment has increased. With the expansion of the company's production scale, bank loans used to replenish working capital increased, and the company's financial expenses increased by 9.5209 million yuan, or 404.17%, over the same period last year. In terms of product sales, due to intensified competition in the industry, the company has strategically priced its products and sold some strategic customers in order to maintain its market position in the domestic beverage packaging machinery industry. resulting in a decline in the overall gross margin of the product. In 2013, the company's operating profit, total profit and net profit attributable to the company's shareholders were 13.6368 million yuan, 25.0196 million yuan and 20.3906 million yuan respectively, down 42.23%, 36.41% and 37.32% respectively over the same period last year.
The core competitiveness of the company has been further enhanced.
With the increasing pressure of market competition, the company has stepped up its efforts to effectively enhance the overall strength of the company. In 2013, the company launched 68000 bottles / hour PET bottle blow-filling integrated machine, which reached the current international leading level in commercial application; made a new breakthrough in filling machine technology, developed an ultra-clean quantitative filling blow-filling all-in-one machine; Dayilong labeling machine and automatic filling machine both won the title of "Guangdong famous Brand products". The company has also strengthened the research and development of intelligent rear packaging and launched a series of industrial automation robot intelligent equipment, such as intelligent packing machine, intelligent packing machine, intelligent feeder and so on, which effectively broadens the sales field of the company. enhance the company's core competitiveness.
Valuation and investment advice.
The company is one of the important companies in the beverage packaging machinery industry in China. Although the growth rate of the beverage packaging machinery industry has declined in recent years, it has maintained a certain growth rate as a whole. The company is expected to continue to improve its technology on the basis of maintaining the existing market, so as to lay a foundation for steady development in the future. We expect the company to maintain a steady growth rate in recent years, but it is difficult to see a big increase in profits. We expect the company's earnings per share in 2014, 2015 and 2016 to be 0.13 yuan, 0.15 yuan and 0. 5 yuan respectively. 17 yuan, corresponding to the PE of 74 times, 63 times and 57 times respectively, at a high level, but taking into account the rapid growth of the company's industry, maintain the company's holding rating, the target price is 12 yuan.
Key issues of concern
Stock price catalyst (positive): the growth rate of domestic consumption is relatively steady, which is good for the growth of the beverage industry.
Risk hint (negative): the competition in the domestic beverage equipment industry has been fierce.
