Items:
According to the company's 2014 annual report, during the reporting period, the company achieved a total operating income of 554.8085 million yuan, an increase of 0.88% over the same period last year; an operating profit of 58.1071 million yuan, down 6.74% over the same period last year; and a total profit of 61.7743 million yuan, an increase of 6.45% over the same period last year. The net profit belonging to shareholders of listed companies was 51.0744 million yuan, an increase of 8.69% over the same period last year, in line with our expectations. It is proposed to pay a cash dividend of 0.5 yuan (including tax) for every 10 shares.
Peace viewpoint:
Sound management, smart city may be expected. During the reporting period, the company continued to maintain a stable operating situation, and under the influence of the initial loss of 1.23 million yuan in the construction of China Shipping-Haitong, the net profit still maintained a growth rate of nearly 10%. At the same time, during the reporting period, the company also actively developed smart city projects and won many government and industry awards such as the top ten innovations in Shanghai smart city construction. In the future, the company will take the traditional intelligent transportation business as a breakthrough. Networking, mobile cloud networking, smart computing, big data and other technologies to seek smart city business exhibition may be expected.
The operation progress of Haitong platform is relatively slow. During the reporting period, the Haitong business achieved 0 yuan in operating income and-1.2328 million yuan in net profit. At present, BABA's use of the Haitong platform is still limited to specific customers, and the further expansion of the target group in the future will depend on whether China Haitong can further provide competitive prices. from the recent addition of Haitong platform module to domestic trade business, Haitong platform will still take traffic introduction as the primary goal in the short and medium term.
When the transformation is going on, we look forward to the transformation again. At present, the reform of state-owned enterprises will still evolve around the two directions of asset consolidation and mixed ownership. The reform of China Shipping Group, which was piloted by science and technology in 2014, will be fully implemented in 2015. At that time, in order to tie in with the transformation of the group as a whole, the group's only technology platform company will gain more business development opportunities by way of technology for operation.
Profit forecast and investment advice. Considering the overall effect of the group reform, we adjust the profit forecast for the company. It is estimated that from 2015 to 2016, the company will achieve operating income of 7.65 yuan and 932 million yuan, and the net profit of the parent company will be 0.70 yuan and 101 million yuan, corresponding to 0.23 yuan and 0.33 yuan per share respectively, maintaining the "recommended" rating.
Risk hint. Haitong operation is lower than expected risk, enterprise reform and transformation risk and so on.
