Revenue-10.47%, net profit + 54.59%, profit slightly lower than forecast
The company's annual revenue decreased by 10.47% to 696 million yuan compared with the same period last year, and its net profit increased by 54.59% to 132 million yuan. After deducting 103 million yuan, the net profit increased by 42.75% over the same period last year. The net profit was slightly lower than the previous forecast of 137 million yuan. The company's main subsidiary Bohan Weiye made a net profit of 127 million yuan for the whole year, which was lower than the profit promised at the time of the acquisition of 135 million yuan. The company maintained a positive trend in revenue and profit in the fourth quarter, with sales up 75.9% from a month earlier, up 1.1% from a year earlier, and net profit up 102.7% from a year earlier, up 21.2% from a year earlier.
The strong demand for enterprise-level mobile information integrated services drives performance growth.
The company has technical and operational advantages in the Internet of things and logistics industry. The company's primary market platform (including express logistics, power energy, wireless medical and other industries) the original customer growth, gross profit margin increased by 9.4PCT to 59%, contributing to the performance at the same time for the future development of the company laid a strong technical foundation and experience. In the process of intelligent Internet of things gradually infiltrating into various industries in the future, the company is expected to make use of its long-term accumulated research and development achievements and solutions to make secondary development and breakthroughs in smart medical care, transportation ports, smart tourism and other industries.
Extension expansion helps the strategy of "big logistics" gradually fall to the ground.
The "big logistics" strategy that the company strives to develop is steadily promoted through extension expansion. In the fourth quarter of 2016, Bo Han Weiye, a subsidiary of the company, acquired a 51% stake in Liaoning Hongtu in cash. On the one hand, its geographic location mapping technology helps to open up markets such as the Internet of things and smart city, and realize the industrial layout of "full-process, location-based Internet of things application market, etc.". On the other hand, Hongtu has a profit commitment of 0.62 billion yuan for 2016-18, with an annual growth rate of 20%. Ensure the company's performance growth.
Expand market segments, customer expansion is expected
With the refinement of the social division of labor, logistics enterprises have a significant development trend towards one-stop supply chain solutions, among which traditional logistics and express delivery enterprises are more active. Hua Pengfei does not compete directly with large logistics enterprises in warehousing and trunk lines. but the development of intelligent logistics in the future as the necessary information system and technology to form an effective supplement. At present, the company relies on Bo Han Weiye to enter the EMS system on the one hand to form sufficient cash flow, on the other hand to give the company information system landing and large-scale operation experience accumulation, there are certain advantages in the future competition.
The valuation is becoming more and more reasonable, expect new customers to land and maintain the "overweight" rating.
The company's largest customers accounted for less than 20% of sales in 2016. In the future, with the continuous improvement of "big logistics" services, the company's new customer expansion is expected to continue to land. At present, the company valuation has gradually returned, although it is still at a high level in the logistics industry, but with reference to the computer industry software industry, the valuation has a certain premium. It is estimated that the company's net profit for 2017-19 will be 179Universe 270 million yuan respectively, maintaining the "overweight" rating, with a target price of 27-30 yuan.
Risk Tip: EMS express business shrank sharply, superimposed the company's weak expansion of new customers. Similar information systems developed by express delivery and less-than-truckload giants are open to the public.