Main points of investment
The company released its annual report in 2016. during the reporting period, the company achieved operating income of 1.398 billion yuan, an increase of 6.98% over the same period last year, a net profit of 111 million yuan belonging to shareholders of listed companies, an increase of 3.11% over the same period last year, and a net profit of 82 million yuan after deduction, an increase of 32.59% over the same period last year. The overall performance of the company is slightly lower than market expectations.
The company's financial indicators remained robust in 2016. Of this total, the sales cost was 73.7884 million yuan, an increase of 9.72% over the same period last year, and the management fee rate was 107 million yuan, an increase of 18.73% over the same period last year. The increase in the two expenses was mainly due to the company's expansion of offline power service business. The financial cost was 47.9348 million yuan, a decrease of 23.41% over the same period last year, mainly due to the completion of non-public offerings of shares during the reporting period.
The expansion of the company's electricity service business is still the biggest attraction in 2017. as of April 2017, the company has carried out offline service network layout in Guangzhou, Zhaoqing, Shantou, Jiangmen, Dongguan, Nanning, Foshan and other places. At present, the company focuses on the distribution of electricity service subsidiaries in Guangdong and other provinces of South Power Grid and Guangdong Power sales Company, based on the energy field, and is committed to helping customers to use energy safely, economically and comfortably.
The company's layout for the power system reform is scientific and reasonable, and the offline operation and maintenance network is gradually entering the cash period. It is estimated that from 2017 to 2019, the EPS will be 0.39,0.49,0.61 yuan respectively, and the corresponding PE will be 44.06,35.61,26.29 times respectively.
Risk tips: 1, the promotion of electricity service is not as expected; 2, the risk of slow implementation of power reform policy
