Events:
On the evening of March 24, the company released its 2016 annual report. The total operating income of the company was 4.994 billion yuan, up 28.54% from the same period last year, and the net profit was 146 million yuan, up 124.42% from the same period last year. In the first three quarters of 2016, the company made a net profit of 90 million yuan, while in the fourth quarter, the company made a net profit of 56 million yuan.
Conclusion:
One of the important reasons for the increase in the company's total revenue: the operating results of Shenzhen Lianmao, a wholly-owned subsidiary of the company, have been included in the merger since July 2015, excluding Shenzhen Lianmao's operating income from January to June in the same period last year; at the same time, sales of Shenzhen Yue Optoelectronics and Shenzhen Lianmao increased significantly during the reporting period.
Intelligent terminal components one-stop solution provider. At present, the company is involved in three main products in the manufacturing industry of electronic components and components in the upper reaches of the intelligent mobile terminal industry chain, including window protection screen, touch display module, precision structure and so on. 13 years acquisition of Shenyue Optoelectronics into the touch display industry; 14 years acquisition of Lianmao plastic, into the field of precision structures; 15 years of investment in fingerprint identification module production line, has achieved mass production; May 16 investment of 482 million yuan to expand the production scale of metal precision structures, with the advantage of existing plastic + metal CNC technology, integrate the industrial chain and optimize the production structure. In September, 16, we will increase the production capacity of new product lines such as layout fingerprint recognition module, 3D cover glass, car electronic cover and so on. With this series of integration, the company is constantly moving forward to be the leading "one-stop solution provider for intelligent terminal components" in China.
The customer base of the new business is constantly expanding. The mobile phone manufacturer headed by Apple Inc will promote the rapid promotion of 3D glass cover and OLED display module, bringing greater demand growth to the company's products. Relying on the advantages of mobile phone cover products, long-term experience in cooperation with international high-end brand customers, and the advantages of the standardized management system established by the company, the company continues to develop cooperation with international high-end automobile brands.
The continuous improvement of the market share of domestic intelligent terminals brings new opportunities. With the advantages of complete set of integrated technology and production capacity of "plastic metal structure + glass (3D glass)", the company has further enhanced customer stickiness, including domestic first-line mobile phone manufacturers (Huawei, BBK, XIAOMI, etc.). In the domestic mobile phone market share continues to improve under the background of the industry facing major development opportunities.
Strengthen R & D and upgrade the business model. The company invested 215.8368 million yuan in R & D, which increased by 54.75% compared with the 139.4733 million yuan invested in the previous period, accounting for 4.32% of total revenue. The company further promotes the amoeba management model, deepens management innovation, and improves management efficiency. The restricted stock incentive plan was adopted during the reporting period, which effectively combines the interests of shareholders, the company and the personal interests of employees, enhances the cohesion of the company, and ensures the realization of the company's future development strategy and business goals. to provide sustainable driving force for the development of the company.
Profit forecast and investment advice:
It is estimated that the operating income of the company in 17-18 is 7.482 billion yuan and 9.041 billion yuan respectively, and the net profit is 314 million yuan and 545 million yuan respectively. The corresponding EPS is 0.49 yuan and 0.84 yuan respectively, and the PE is 25 yuan and 15 yuan respectively.
Risk Tips:
Sales of smart terminals fell short of expectations.