Main points of the report
Event description
Yanhua Intelligent released the 2016 mid-term report, with operating income of 509 million yuan during the reporting period, up 26.38% from the same period last year, gross profit 20.30%, down 1.52%, and net profit attributable to 39 million yuan, up 11.62% from the same period last year.
Based on this, it was calculated that the company's revenue in the second quarter was 268 million yuan, up 27.59% from the same period last year, the gross profit was 20.79%, down 2.66% from the same period last year, and the attributable net profit was 29 million yuan, up 8.91% from the same period last year.
Event comment
The improvement in the performance of medical treatment and construction has promoted the growth of both revenue and net profit of the company: last year, the company controlled the acquisition of Chengdian Medical Star and strengthened the layout of smart medical business. in the first half of the year, smart medical revenue increased by 111.11%. At the same time, intelligent buildings, which account for the largest proportion of revenue, increased by 15.42%, leading to a 26.38% increase in revenue.
In terms of profitability, the company's gross profit margin fell slightly as a result of the decline in the gross profit margin of the intelligent building.
In terms of expenses, due to the amalgamation of electricity and medical stars, the sales expenses increased by 62.37%, and due to the construction of the smart city project and the national development investment of the "smart city model", the financial expenses increased by 110.34%, resulting in a net profit of 39 million yuan, an increase of 11.62%.
The company issued a performance forecast that the net profit in the first three quarters was 0.52 billion yuan, an increase of 0% 50% EPS0.07 million yuan over the same period last year. Based on this, the net profit in the third quarter was calculated to be 0.13 to 39 million yuan, an increase of-23.25% 126.77% EPS0.02 yuan 0.05 yuan over the same period last year.
Deepen extension mergers and acquisitions to build the core competitiveness of smart health care: after the acquisition of Chengdian Medical Star in 2015, the company participated in subscribing 13.85% of the shares of Xinxin Information with 18 million of its own funds this year. In addition, the proposed fund-raising projects include: Changchun Comprehensive Cloud Information platform for the aged, Chongzhou Intelligent Medical Project, etc., and the actual R & D and development of the company's series of "cloud products" have laid the foundation for the company's core competitive advantage in the field of smart health care in the future.
Actively expand business transformation, multi-point architecture "Zhicheng model": the company continues to expand new business areas, increase business coverage, and make substantial progress in various fields. The company is "smart and environmentally friendly".
The field has realized 11.42 million yuan of contracts, the data center division has successively undertaken a number of data center design projects across the country, and intelligent energy-saving business has also made breakthroughs in BIM consulting business and green facility operation and maintenance. In the future, the company's business will blossom more points, around the "Zhicheng model" to improve the core competitiveness and comprehensive service capabilities.
It is estimated that the company's EPS in 2016 and 2017 will be 0.20 yuan and 0.24 yuan respectively, and the corresponding PE will be 47 and 39 times respectively, with a "buy" rating.