Main points of investment
1. And show that Huaxin Mechatronics brings better performance.
The company completed the merger and acquisition of Huaxin Mechatronics on July 31, 2015 and has been included in the statement since August 1. This merger enriches the company's product structure and produces synergy with the original business.
Huaxin Machinery contributed 606 million yuan and 72 million yuan to the revenue and net profit of the company's consolidated statement in 2016, an increase of 238 million yuan and 27 million yuan respectively over 2015, accounting for 74% and 108% of the increase in revenue and net profit reported by the company in 2016, respectively. Huaxin's net interest rate is 11.88%, and the company's other business net interest rate is 5.53%. Thus it can be seen that Huaxin's excellent operating performance is the key factor for the company to face the good.
two。 Joint venture to set up Runway Li Heng to develop three-dimensional parking garage business
With the sustained economic development and the continuous progress of urbanization, China's automobile production and ownership have continued to grow. by the end of 2014, the number of cars in China has increased by 17.07 million, and the number of motor vehicles in the country has reached 264 million, of which 154 million are cars. and most of the cars are concentrated in cities, which brings great pressure on urban traffic. The active development of three-dimensional parking garages can not only solve the problem of low efficiency of land use, but also greatly improve the supply of parking spaces. According to estimates, in the case of the same parking capacity, mechanical three-dimensional parking garages save 50% of land and 80% of land than plane parking garages.
In May 2016, the company joined hands with Zhuzhou Tianyuan Security Housing Development and Construction Co., Ltd. and other three units to jointly invest 50 million yuan to set up Tianqiao Liheng to develop three-dimensional parking garage business. At present, the company's planning in this business section is to first do a good job in the demonstration city project of Shennong City in Zhuzhou, and then radiate to other areas. We believe that the development prospect of the three-dimensional parking garage business is considerable, and the company's move is expected to expand new profit growth points and help the company's strategic transformation.
3. Subscribe for Inbor's equity to intervene in the field of new energy vehicles, set up an industrial fund to promote industrial layout. Inbor's main business is related products of electric vehicle motor control systems. In 2015, the company's related products accounted for 27.45% of the market in the field of motor controllers of pure electric passenger vehicles, and 75.72% in the field of motor controllers of medium and low speed electric vehicles, benefiting from the downstream electric vehicle market. In particular, with the continuous expansion of the new energy vehicle market, Inbor's future performance is expected to continue to rise.
In 2015, Runway Crane paid 22.275 million yuan for a 5.95% stake in Inbol, allowing it to successfully enter the field of new energy vehicles.
In February 2016, the company contributed 60 million yuan to participate in the establishment of an industrial fund, with a total size of 174 million yuan and a shareholding ratio of 34.48%. The industry fund focuses on investing in new energy vehicle power battery related fields. In the future, no less than 70% of the total subscribed capital will be invested in high-end lithium battery equipment and technology, and no more than 30% of the total subscribed capital will be invested in new energy non-equipment enterprises. This move will further promote the company's layout in the new energy vehicle industry and fully benefit from the high demeanor of the new energy vehicle industry.
4. Profit Forecast:
It is expected that the company will achieve a net profit of 173 million, 200 million and 221 million in 17-19 years. Considering the dilution of additional shares, the corresponding EPS is 0.21,0.24,0.26 yuan, and the corresponding PE is 35X, 30x, 27x, maintaining the recommended rating.
5. Risk Tips:
The advance of new business is lower than expected.
