Annual report data:
The 2016 company achieved annual revenue of 636 million yuan, an increase of 25.5% over the same period last year, and a net profit of 116 million yuan, an increase of 126.1% over the same period last year.
Comments on the annual report:
The contribution of new energy performance increased, and during the reporting period of subsidiary disposal and optimization of asset structure, the company's contribution to new energy power further increased, with annual revenue of 86.53 million yuan, an increase of 448.9% over the same period last year, and the gross profit margin remained at the industry-leading level of 61%. By the end of 2016, the company's grid-connected photovoltaic power station 184.75MW, the total installed capacity in the construction / preparation period has reached 420.75MW, and it is expected that the business contribution of this unit will continue to increase in 2017. In addition, in 2016, the company spun off three companies, including Huizhou Rainbow and Grey Weikang, which made a positive contribution to the annual results and optimized the overall asset structure.
The new energy Internet card is accurate and the layout is complete.
Since 16 years ago, by investing in a number of high-quality enterprises in the field of new energy, the company has realized the technology, management and market reserves for energy storage, charging facilities, smart parking, Internet bus travel customization platform and so on. For the company to build an intelligent microgrid network represented by integrated optical storage and charging stations, intelligent photovoltaic station operation, online new energy vehicle platform + offline charging equipment network + community of new energy vehicle O2O platform construction and other energy Internet solutions laid the foundation, the follow-up is expected.
Half of the employee stock ownership has been completed, binding the core employees to enhance cohesion the company has announced the first phase of the 210 million employee stock ownership plan, setting the priority share after the inferior at a ratio of no more than 2:1, and locking itself for one year. The employee stock ownership plan will cover 176 core employees below Dong Jiangao, which will help to attract and retain excellent management and technical backbones, and comprehensively enhance the cohesion and comprehensive competitiveness of the company. At present, the shareholding plan has purchased a total of 18075246 shares through the secondary market, accounting for 0.96% of the company's total share capital, the completion rate is 55%, and the average transaction price is 6.40 yuan.
Profit forecast and valuation
We estimate that the company's EPS will be 0.11,0.16,0.18 yuan respectively from 2017 to 2019, and the corresponding PE will be 55 times, 39 times and 35 times respectively, maintaining a "buy" rating.
Risk hint: the construction of photovoltaic power station is not up to expectations, and the ecological circle of new energy vehicle operation is lower than expected.
