Brief comment on performance
In the first quarter of 2017, the company achieved operating income of 179 million yuan, an increase of 21.3% over the same period last year; net profit belonging to shareholders of listed companies was 28 million yuan, an increase of 45.6% over the same period last year; and basic earnings per share was 0.09 yuan.
Business analysis
The acquisition company contributes to the performance growth and optimizes and adjusts the business structure: the company's performance in the current period has increased significantly, and the return net profit has increased by 45.6% compared with the same period last year, mainly due to the increase in the performance of subsidiary Bohan Weiye over the same period last year. Hongtu, founded in November of 16, specializes in surveying and mapping geographic information, and its acquisition will help the company develop in the direction of Internet of things, smart city and smart management, and at the same time improve its profitability. the promised net profit after tax for 2016-2018 is not less than 60 million yuan, 72 million yuan and 86.4 million yuan respectively. In addition, as the company shifted the focus of business development to Mobile IoT, it began to significantly reduce its commodity sales business and supply chain finance business.
It is proposed to change the full name of the company to match the company strategy: the company intends to change its full name from "Shenzhen Huapengfei Modern Logistics Co., Ltd." to "Huapengfei Co., Ltd.". The securities abbreviation "Huapengfei" will not change. As the company speeds up the construction of the integration of modern logistics and information operation services, the revenue of logistics service industry and information service industry has reached 43.6% and 56.4%, and a single modern logistics can no longer cover the connotation of the company's business. The proposed change of the company's full name marks the formation of two major business structures based on mobile IoT and integrated logistics to improve the competitiveness of logistics services.
Around the "big logistics" platform, build an integrated supply chain ecosystem: the company relies on the core technical achievements of the mobile IoT industry to actively develop the "Internet of things-ubiquitous network + ubiquitous terminal"-oriented secondary market platform. At the same time, promote the combination of animal networking and geographic information system, and strive to expand customers in the integrated industry.
In addition, on the basis of stabilizing the existing business and ploughing the existing customer business, the integrated logistics business carries on the integration of trunk transportation, increases the attention and investment to trunk transportation and large-scale transportation, and lays out the development of intelligent logistics prospectively. The company increases Dongguan Huapengfei's capital with its own capital of 145 million yuan to promote the construction project of Dongguan Huapengfei Intelligent Logistics Park, with a total land area of about 37000 square meters, which will quickly make up for the shortage of the company's warehouse. it can provide reliable support for the company to expand its warehousing and distribution business.
Investment suggestion
The company actively through acquisitions to build a "big logistics" platform, and at the same time improve profitability, steadily expand the diversified market of mobile IoT business, and speed up information construction to build an integrated supply chain ecosystem. It is estimated that the company's EPS for 2017-2019 will be 0.64 EPS 0.74 USD, corresponding to PE 0.83 times that of 30-26-23, maintaining a "buy" rating.
Risk hint
Market demand is declining, integration is not up to expectations, and so on.