Main points of investment
1. The company's overall revenue is stable, and the huge investment in the drone business leads to a decline in return profit. The company achieved a slight increase in revenue in 2016, up 1.47% compared with the same period last year. The return net profit declined greatly, down 28.69% compared with the same period last year. The main reason is that Manta Intelligence continues to increase investment in research and development of new UAV products and market investment, resulting in a large increase in costs, while the R & D and design of new UAV products are completed in the second half of the year. It went public late and did not get sufficient orders, resulting in a loss in 2016 for Manta Intelligence, which affected the company's overall performance.
two。 The company's cost level and R & D investment increased significantly compared with the same period last year, and continued to promote product innovation. The company's overall expense rate in 2016 was 22.4%, an increase of 3.7% over the same period last year, of which the sales expense rate and management expense rate were 8% and 13.1%, respectively, an increase of 0.7% and 2% over the same period last year, mainly due to the increase in market investment in Manta intelligent drone products. The financial expense rate was 1.3%, an increase of 1% over the same period last year, mainly due to the increase in interest.
The company invested 47.53 million in R & D in 2016, accounting for 5.84% of its operating income, an increase of 2.29% in the same period, mainly due to the large increase in R & D investment by subsidiaries Fushun Optoelectronics and Shenzhen Manta. The sharp increase in R & D expenses reflects the company's determination in product innovation.
3. The UAV business is being shipped in bulk, and the charge pile delivery is being promoted in an orderly manner. Looking forward to the 17-year performance release, the new Manta intelligent UAV product S6 leads the trend in terms of design appearance, portable and intelligent interactive functions, and forms a competitive position different from the existing products in the market. 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, and it is expected to bring flexibility to the company's performance.
Fushun Optoelectronics received a large order of 300 million yuan in charging piles in 2016. at present, the delivery of charging pile products is advancing in an orderly manner. according to the contract arrangement, the existing charging pile business will contribute 100 million yuan in revenue each year in 2017 and 2018. in addition, the company is actively expanding the strategic layout of emerging industries such as automotive core parts and intelligent consumer electronics, and the company's charging pile business is expected to meet the order tide again.
Yujie Intelligent, a subsidiary, actively opened up major customers in 2016, the product competitiveness is outstanding, and the packaging equipment business has achieved more than 5 times growth, which is expected to become a new business support point of the company in the future.
4. The company is actively looking for opportunities for epitaxial development, and it is expected that the company is actively seeking opportunities for epitaxial development, focusing on consolidating the company's strategic layout in emerging industries such as automotive core components and intelligent consumer electronics. finally formed in the application of optical technology, intelligent consumer electronics, intelligent high-end manufacturing, automotive core parts in the four areas of perfect industrial layout.
During the reporting period, the company set up two industrial M & A funds and completed equity investments in two projects, promoting the company's business extension in emerging and hot industries.
The company announced yesterday that it is planning major matters involving the purchase of assets, which belong to the field of new energy and new materials. The company's extension layout continues to advance, and the extension landing is worth looking forward to.
5. Profit forecast
It is estimated that the company will achieve a net profit of 90 million and 119 million in 17-18 years, corresponding to 0.25,0.32 yuan for EPS and 58X and 44X for PE, maintaining a strongly recommended rating.
6. Risk hint
The new business expansion is lower than expected.