Summary of announcement
The company released its three-quarter report in 2016, with revenue of 3.762 billion yuan in the first three quarters, an increase of 49.48 percent over the same period last year, and a net profit of 271 million yuan, an increase of 44.49 percent over the same period last year.
Main points of investment
The net profit of the first three quarters increased by 44.5%. The capital operation or larger space company released the three-quarter report of 2016, with revenue of 3.762 billion yuan in the first three quarters, an increase of 49.48% over the same period last year, and a net profit of 271 million yuan. an increase of 44.49% over the same period last year Q3 achieved an income of 1.471 billion yuan in a single quarter, an increase of 33.41% over the same period last year, and a net profit of 117 million yuan, an increase of 42.94% over the same period last year. In addition, the company's fixed additional funds have been put in place, and the current monetary capital is about 1.988 billion yuan, and the company has already completed the projects involved in the fixed increase, and there may be more room for capital operation in the future.
Compared with the beginning of the year, the company's inventory decreased significantly and its turnover accelerated, while the balance of accounts receivable increased rapidly and changed slowly on a weekly basis, mainly due to the fact that the company's photovoltaic business customers were mainly large power generation groups, local power investment companies, photovoltaic power station builders and distributors, with the characteristics of large amount of money for a single project and long payment cycle.
Continue to promote the implementation of various businesses, new energy power generation began to contribute performance on the one hand, the company focused on superior markets and R & D forces, customer demand-oriented, high-end power equipment, data centers, rail transit, new energy charging business and energy storage business revenue of 843 million yuan.
On the other hand, the domestic photovoltaic market shows a trend of rapid development, and the company grasps the opportunity of the explosive growth of photovoltaic ground power stations connected to the grid, industrial roof projects and poverty alleviation photovoltaic projects, driven by the comprehensive advantages of its own photovoltaic products and system integration, the development, construction and operation of photovoltaic power stations have been rapidly expanded, with an income of 2.862 billion yuan. In addition, the company's report shows that fixed assets have rapidly increased from 406 million yuan in the same period last year to the current 1.333 billion yuan, an increase of 228.15% over the same period last year, mainly because the photovoltaic power stations involved in the fixed increase project have been completed and gradually put into operation. New energy power generation has achieved 52.95 million yuan in revenue this year.
Profit forecast and valuation
We estimate that under the current equity, the company's 2018 net profit will be 4.0,5.66 and 723 million yuan respectively, with year-on-year growth rates of 43%, 42% and 28% respectively, corresponding to 38,27,21 times Pmax E. Maintain the "overweight" rating.
Risk tips: the market demand for IDC is declining, the system integration business is not up to expectations, and the demand for charging piles is insufficient.
