Main points of investment
1. The cost of research and development of drones is high, and mass shipments start towards the end of the year resulting in losses.
The company cut its forecast because Manta Smart's new drone was not developed and designed until the second half of 2016, was launched late, failed to receive sufficient orders in the fourth quarter, and sales fell short of annual expectations. At the same time, due to Manta Intelligence continues to increase investment in new product research and development and market investment, resulting in a large increase in costs, the final performance of Manta Intelligence in 2016 losses, affecting the overall performance of the company.
two。 Manta drones are being shipped in bulk, looking forward to 17 years of performance release.
Manta small selfie UAV S6 is easy to carry, the price is close to the people, the operation is rookie, and the entertainment function is rich, which forms a differentiated competitive situation with DJI. At present, the S6 UAV has been mass produced and is being shipped in bulk. It is expected that there will be a lot of room for growth in the UAV business in 2017, which is expected to bring flexibility to the company's performance.
3. The company's charging pile business began to achieve revenue, and orders are expected to increase further.
The total order volume of Fushun Optoelectronics, a subsidiary of Snow Wright, reached 315 million in 2016 and began to achieve revenue in 17 years, which will bring strong growth to the company's performance. Fushun Optoelectronics is actively expanding customer resources in areas such as new energy vehicles, and most of the company's traditional customers are qualified for charging pile operation, and charging pile orders are expected to usher in a new peak.
4. Profit forecast.
It is estimated that the company will achieve a net profit of 52 million, 87 million and 121 million, corresponding to EPS of 0.14,0.24,0.33 yuan, and PE of 87X, 52X, 37X, in 16-18 years, maintaining a highly recommended rating.
5. Risk hint.
The new business expansion is not as expected.