Comments on the three Quarterly report:
From January to September 2016, Tongda shares achieved operating income of 1.175 billion yuan, an increase of 40.53% over the same period last year. The net profit of shareholders belonging to listed companies was 69.079 million yuan, up 76.4% over the same period last year. After deducting non-shares, the net profit of shareholders of listed companies was 56.711 million yuan, an increase of 62.82% compared with the same period last year.
The company achieved revenue of 523 million yuan in the third quarter, an increase of 35.36% over the same period last year; the net profit of non-return was 22.9247 million yuan, an increase of 168.55% over the same period last year; the increase in net profit of the company was mainly due to the profit growth of the merger of Chengdu Airlines and the parent company.
Chengdu Airlines vigorously promoted the development of military business and signed a production base project of about 530 million yuan. Since the company completed its acquisition of Chengdu Airlines in the first half of 2016, it has made great efforts to develop its military business. in July 2016, it signed the "Investment Agreement for the R & D and production Base Project of Aeronautical structural components and Plasma Sterilization equipment" with the Management Committee of Chengdu Cross-Strait Science and Technology Industry Development Zone, to build the most advanced international intelligent aviation parts manufacturing production line and high-end medical equipment R & D and production base. The project is implemented by Chengdu Airlines.
Pay close attention to the traditional cable business and win the bid for the State Grid project. While marching into the military field, the company did not relax the traditional wire and cable business, and won the bid for the State Grid transmission line material ground wire project during the reporting period, with a total value of about 34.41 million yuan, accounting for about 2.78% of the company's business income in 2015. help the company maintain healthy development of traditional cable business.
Announce a non-public offering plan to raise 907 million yuan to enrich the company's wire and cable product line and enhance the company's manufacturing capacity in the field of aviation parts. The outline of China's 13th five-year Plan clearly puts forward "promoting low-carbon development of transportation and strengthening rail transit construction". It is estimated that by 2020, the traffic mileage of urban rail transit in China is expected to reach 8500 km, an increase of more than 150% over the end of 2015. at the same time, the rapid development of China's aerospace industry has become an important field to promote the transformation and upgrading of China's industry. The company plans to raise 907 million yuan in a non-public offering, of which 285 million yuan will be used for rail transit and high-end special cable manufacturing projects, and 622 million yuan for aviation parts manufacturing base construction projects.
Profit forecast and investment advice. Considering the rapid expansion of China's aviation market and the improvement of the localization rate of aviation parts, Chengdu Airlines, a subsidiary, is expected to bring great growth to the company's performance. The company's traditional cable business is also expanding to rail transit cables and special cables, which is expected to provide a new growth point for the company. We predict that the EPS of the company from 2016 to 2018 is 0.22,0.27,0.33 yuan per share, and the corresponding PE is 56.7,46.5,38.2 times, respectively.
Risk hint: the risk caused by the uncertainty of civil-military integration policy; the risk of research and development of new products.
