Event description
Annual report: annual operating income reached 904 million yuan, up 7.9% from the same period last year; net profit attributable to 23 million yuan, up 24.9% from the same period last year; discounted EPS0.03 yuan.
The first quarter report of 2016: Q1 realized operating income of 194 million, an increase of 31.8% over the same period last year, and realized net profit of 2.85 million yuan, an increase of 3.7% over the same period last year.
Event comment
The performance of special energy-saving deep-processed glass is eye-catching throughout the year. The same 7.9% increase in revenue for the whole year was mainly due to an increase in sales of low-radiation glass equipment and deep-processed glass by 67.9% and 43.1%, respectively. In addition, pretreatment equipment began to contribute to revenue. The gross profit margin increased by 3.3 percentage points over the same period last year. Mainly due to the increase in sales of special energy-saving glass with high gross profit margin this year. The expense rate is 4% higher than that of last year. The management fee increased by 3.2 pct due to the increase in R & D investment, and the sales rate increased by 0.8 pct due to the increase in advertising investment and employee salary. The impairment of assets for the current period decreased by 3 million yuan compared with last year, while the investment income decreased by 2.7 million yuan. In the end, the company's net profit attributable to the company increased by 24.9%. The current period of Tianjin subsidiary due to the implementation of the special energy-saving glass contract with Apple Inc, realized revenue of 250 million, attributable net profit of 70 million.
Q1's performance is growing steadily. Q1 increased its operating income by 32% as a result of the increase in sales. The gross profit margin increased by 3.5 percentage points over the same period last year. The expense rate has slightly increased by 1 pct compared with last year, of which the management fee has been increased due to the increase in salary. Non-operating income decreased by 3 million due to the decrease in subsidies, while investment income increased by 2 million due to financial income. In the end, the net profit of attribution increased by 3.7%.
Annual and interim performance guidelines. The total revenue of the company plans to guarantee 900 million yuan, strive for 1 billion yuan, plan to realize net profit: ensure 25 million yuan, strive for 50 million yuan. 2016H1 expects to achieve a net profit of 1780-29.67 million yuan, an increase of-25% and 25% over the same period last year. Judging from the performance guidance, the company is optimistic that the performance will maintain steady growth in 2016.
Layout glass deep processing "Industrial 4.0", the new business has made a breakthrough. In 2015, the company established Shanghai Beibo Automation and acquired Shenzhen Zhenxing and Bai Rongzhen established Guangzhou Beibo Zhenxing, mainly engaged in deep processing warehousing, cutting, printing and other pre-processing equipment sales and automation programs. In 2015, the company made a breakthrough in this part of the business, realizing the sales of pretreatment equipment of 9.23 million yuan. The automatic connection system has also completed the process research and development. at present, the project has obtained the market sales order and entered the production and manufacturing process.
Downstream recovery, demand stabilized. Q1 main downstream real estate start-up recovery is obvious, car sales are higher than the same period last year, the follow-up is expected to transmit to the glass demand side. It is estimated that the EPS in 2016 / 2017 will be 0.071 yuan and 0.119 yuan, and the corresponding PE will be 113,67 times. Maintain the "overweight" rating.