The current situation of the company
The annual income of KuaiBao fell 0.27% year-on-year to 815 million yuan, while the net profit attributed to shareholders of the listed company rose 17.28% to 48.34 million yuan. The steady growth of the main business of the company's generator sets has made up for the sharp decline in Jetstar's new energy revenue, while the continued growth of Zhiguang energy conservation and the transfer of Jetstar's equity have also brought considerable investment income, and the company's overall performance growth is in line with expectations.
Comment
The growth of generating units is steady, and the overseas market is expected to contribute to the increase. The company has maintained its leading position in the field of diesel generator sets in China. While strengthening the advantages of the communications industry, the company has rapidly expanded the revenue scale of high-power products in the data center field, and the annual plate revenue has increased by nearly 30%. In 2017, the company is expected to continue to expand its market share in the data center area and continue to grow. In overseas markets, Hong Kong Tide Power, the generator maker acquired by the company, is expected to contribute more than 5 million yuan in net profit (performance commitment) in 2017.
The electric logistics vehicle rental business will contribute to performance in 2017, but there is still uncertainty. The state subsidy policy for new energy vehicles has been formally introduced, and the subsidy for special-purpose vehicles is in line with expectations.
Although the company's car purchase cost may rise, in view of the cost advantage of electric vehicles and the strong demand of express delivery companies for electric replacement of logistics vehicles, the promotion of the company's leasing business is still making steady progress, with a plan to add 3,000 to 4,000 vehicles in 2017. will begin to gradually contribute to profits. At the same time, the company will continue to invest in the new energy vehicle industry chain, which is expected to provide performance flexibility in the future. However, as the industry needs to go through a period of adjustment after the subsidy retreat and the new energy vehicle catalogue review period, the company's logistics vehicle rental business and follow-up investment progress is still uncertain.
Valuation proposal
We maintain the company's earnings per share forecast of $0.15 per share for 2016-17-18 at $0.22 per share. Maintain the target price of 15.32 yuan (based on the segment valuation method, corresponding to 2017 69x Pmax E). The current share price of the company corresponds to the 2017 Compact 18-year 73Compact 52x Pmax E, and the valuation is still relatively high, maintaining a neutral rating.
Risk.
The promotion of electric logistics vehicle operation has slowed down; overseas business expansion is lower than expected.