In 2016, the company's revenue increased by 14.32% over the same period last year, and its net profit increased by 38.62% compared with the same period last year.

In 2016, the company achieved a total operating income of 2.579 billion yuan, an increase of 14.32% over the same period last year, an operating profit of 297 million yuan, an increase of 52.11% over the same period last year, a total profit of 323 million yuan, an increase of 49.64% over the same period last year, and a net profit of 251 million yuan, an increase of 38.62% over the same period last year. 87.81%. Of this total, revenue in the fourth quarter was 931 million, up 23% from the same period last year, and net profit was 91 million, up 45% from the same period last year. Among them, the subsidiary Yongding Zhiyuan realized a net profit of 45.7065 million yuan, fulfilled its performance promise, and increased the company's profit by 25.57 million yuan after the statement. In 2016, the company's main business was robust, and the change in performance was due to the good performance of the communications transmission business and the landing of overseas engineering business orders. The company's sales expenses and management expenses increased by 16.18% and 12.43% respectively in 2016 compared with the same period last year.

Acquisition of Yongding Zhiyuan, layout of Telecom big data

Yongding Zhiyuan, acquired by the company in 2016, is a solution provider of Yongding Group specializing in signaling collection and analysis, business operation support, application security analysis, network security and user behavior analysis in the telecommunications field. It has excellent quality, unique bid-winning and charging model, and is expected to thicken the company's performance for a long time.

Multi-main industries go hand in hand, big data injects new vitality into the development of the company

The company's business has grown steadily, benefiting from the recovery of the industry boom in the field of communications and transmission, the company has grown by 13%; in overseas engineering, the company has made a major breakthrough in overseas engineering, and formally signed an EPC contract with Bangladesh State Grid Corporation with a value of RMB 7.65 billion. Combined with the previous orders of US $300 million, overseas engineering business will give solid performance support to the company's main business. Automotive wiring harness integration to complete the acquisition of the target to complete the performance commitment. In the field of operator big data, through the acquisition of the company Yongding Zhiyuan to achieve the layout, the high degree of product has created its higher profit margin level, which is expected to enhance the company's growth flexibility. It is estimated that the EPS in 17-19 will be 0.40,0.45,0.54 yuan respectively, and the current market value corresponding to net profit PE will be 24X, 21X, 18X respectively, maintaining the "buy" rating!

Risk hint

There are still some formalities for overseas engineering contracts that have not yet been completed, and the effective time is uncertain; there is uncertainty in the ceiling of Yongding Zhiyuan industry; and there is uncertainty about whether profitability can remain with the growth of scale.