Investment in R & D and gross profit margin increased, and the increase in net profit of 002771.CH/ was mainly due to increased impairment of assets; information technology business such as Cloud Video, Cloud Computing, big data, Internet of things, VR/AR and other information technology business was progressing smoothly and was expected to become an important growth point for the company's future performance; and data center business accelerated development and regional market blossomed in many places.
Event
True TV publishes its 2016 annual report.
1. True TV released its 2016 annual report. During the reporting period, the company realized operating income of 794 million yuan, an increase of 12.10% over the same period last year; the net profit of shareholders belonging to listed companies was 69.0358 million yuan, up 14.98% from the same period last year; and the net profit of shareholders of listed companies after deducting non-recurring profits and losses was 63.6687 million yuan, an increase of 11.15% over the same period last year.
2. Profit distribution plan for 2016: cash dividend of 3 yuan (including tax) for every 10 shares, and 10 shares for every 10 shares of the capital accumulation fund.
Comment
The investment in R & D of n company has further increased, the gross profit margin has increased, and the increase in net profit is mainly due to the increase in asset impairment loss. During the reporting period, the company's R & D investment totaled 33.7376 million yuan, an increase of 58.16% over the same period last year, and the gross profit margin increased by 2.2 percentage points to 24.41% from 22.21% in 2015. In addition, the sales fee was 31.3131 million yuan, an increase of 4.72% over the same period last year, the sales expense rate decreased 0.28% to 3.94%, the management expense rate was 81.9452 million yuan, an increase of 38.99% over the same period last year, and the management expense rate increased by 1.99% to 10.31%. The financial expense was-792000 yuan, down 15.06% from the same period last year, and the financial expense rate was the same as last year. The loss of asset impairment increased by 7.123 million yuan.
Many information technology businesses, such as Cloud Video, Cloud Computing, big data, Internet of things and VR/AR, are progressing smoothly and are expected to become important growth points for the company's future performance. The company's strategic positioning is accurate, combined with its own business advantages and technological advantages, put forward the "3 cloud, 3 +, 3 platform" strategy. During the reporting period, the company set up a cloud video business department and successfully launched its own brand "True Huitong", which successfully solved the multi-party communication application needs of all kinds of customers and had a broad market prospect. We will vigorously expand cloud computing and cloud computer room business, and further promote the all-round development of data center business. The company also set up big data business team during the reporting period. In order to actively expand the development of the Internet of things business, the company set up a wholly-owned subsidiary Tianjin True thing, which has become an effective network support for the company's multimedia video business. Cloud video, cloud computing, big data, Internet of things, VR/AR and many other information technology businesses are expected to become important growth points of the company's performance in the future.
The development of data center business is accelerating, and the regional market is blooming. During the reporting period, the company's data center business achieved an operating income of 162 million yuan, accounting for 20.35% of the company's operating income, an increase of 56.90% over the same period last year. The newly acquired NetRunjiecco is an industry leader in the field of cloud computing and data center network construction. vigorously develop cloud data center business combined with cloud computing. The regional market blossomed at many points, and all the regional markets grew by a large margin. During the reporting period, the company's regional market achieved operating income of 302 million yuan, an increase of 14.15% over the same period last year, which was higher than the company's overall operating income. North China, with Beijing as the center, accounted for the main part, while revenue in central China increased by 95.17% over the same period last year. Revenue in northwest China increased by 83% over the same period last year, and revenue in East China increased by 28.26%.
Valuation
We forecast that the company's operating income will be 961 million yuan in 2017 and 1.182 billion yuan in 2018, and earnings per share will be 0.96 yuan and 1.25 yuan respectively.
