Event description
Snow Wright released the third quarterly report of 2016: from January to September, the operating income was 573 million yuan, an increase of 5.31% over the same period last year, and the net profit belonging to shareholders of listed companies was 37 million yuan, an increase of 11.25% over the same period last year. The net profit of shareholders of listed companies reached 18 million yuan in the third quarter, an increase of 40.05% over the same period last year.
Event comment
Single-quarter income fell slightly compared with the same period last year, and the increase in gross profit margin led to an improvement in performance.
Since the beginning of this year, with the gradual pick-up of the LED market as a whole, sales growth has also intensified at the same time, the price of LED ball bulb lamp tends to decline. In the third quarter, when drones have not yet been sold on a large scale, the company's revenue fell slightly year-on-year or the result of an increase in prices.
The consolidated gross profit margin rose to 30.5% in the third quarter, the highest in a single quarter in recent years, which may be due to the adjustment of product structure. Compared with the light source products with declining gross profit margin, lamp applications and intelligent packaging equipment have higher added value, or a key breakthrough for the company.
The company predicts full-year profit growth of 0% muri 30%, which is calculated to be-3% muri 69% in the fourth quarter. Most of this year's profits are contributed by the subsidiary Fushun Optoelectronics, while its product sales are mainly municipal, traffic and road construction projects, and the end of the year will focus on acceptance recognition and repayment, so the fourth quarter is the key profit period. Considering the market development of new products, the annual growth rate may be in a high range.
With the rapid growth of intelligent packaging and the signing of large orders of charging piles, the company proposes the industrial layout of optical technology application, consumer electronics, high-end manufacturing and automotive core parts to open a new era of transformation.
Manta Smart S6 makes its debut. Based on the new chip architecture (non-Qualcomm Inc), combined with the advantages of independent research and development of the underlying system and technology, S6 not only achieves perfect camera functions under the beautiful fuselage, but also develops more games. S6 is expected to become the first phenomenal portable UAV product with leading overall quality.
Emerging businesses such as drones are poised to start, and are optimistic about the company's medium-and long-term development prospects:
Based on the theme of "Lighting" and "Light Health" to create a full range of optical technology applications, brand and sales channel construction is expected to achieve initial results; cooperate with Fushun Optoelectronics to open a new space for LED-related applications.
The holding Manta intelligent UAV has strong R & D strength, large R & D investment and abundant production capacity. The new portable product S6 was released in August and may become a phenomenal product in the blue ocean selfie market.
The development model of "endogenous growth plus extension development" has been established, and it is expected to continue to carry out capital integration around the upstream and downstream of consumer electronics, new energy vehicles and other industrial chains in the future.
Performance forecast and investment advice: net profit for 16 and 17 years is expected to be about 0.77 yuan and 111 million yuan, EPS is about 0.21 yuan and 0.30 yuan per share, corresponding PE is 73 and 50 times respectively, maintaining the "buy" rating.