Main points of investment
The company released its 2016 semi-annual report, with operating income of 345 million in the first half of the year, an increase of 26.87% over the same period last year. The net profit of shareholders belonging to listed companies was 32.21 million, an increase of 5.21% over the same period last year, and EPS was 0.40 yuan per share.
Increased R & D investment is a drag on performance, and cloud video products are promoted on the ground. The growth rate of the company's net profit in the first half of the year was much lower than that of revenue, mainly due to a substantial increase of 62.76% in R & D investment. the company began to invest heavily in R & D projects such as cloud video in the second half of last year, although it had a certain impact on profits in the short term, but in the long run, R & D investment will be transformed into productivity in the future, enhance the company's competitiveness and ensure long-term stable development.
The data center business is growing rapidly, and the acquisition of NetRunjecco is a coordinated development. The company has provided data center infrastructure solutions and services to customers since 2009. in the first half of this year, the revenue from data center system construction and services reached 103 million, accounting for 30% of the total revenue, an increase of 466.28% over the same period last year. The company acquired Jeco in the first half of the year, and the completion of the acquisition will greatly enhance the company's overall solution capability in the cloud data center and form a good coordination.
The strategic positioning is clear and the competitive advantage is further consolidated. The company has clearly defined its strategic goal of becoming a leading domestic provider of integrated information technology and multimedia video services and solutions in the next three to five years. Relying on the advantages in the field of multimedia video applications, the company will combine cloud computing, big data and other technologies with the company's business, expand new areas such as cloud data centers, Internet of things, VR\ AR and simulation systems, and add new models such as cloud operation platforms and integrated services.
Profit forecast and investment advice: we give the company profit forecasts for 2016-2018 with the following EPS:
0.89, 1.12 and 1.41 were rated as "overweight".
Risk Tip: cloud video product promotion is not as expected; acquisition progress and integration are not as expected.
