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三维工程(002469)中报点评:行业低迷拖累业绩 转型光热、环保成下半年看点

Comments on the report of three-dimensional Engineering (002469): the industry downturn dragged down the performance transformation, and environmental protection became a highlight in the second half of the year.

長江證券 ·  Aug 2, 2016 16:00  · Researches

Main points of the report

Event description

3D Engineering released the mid-year report in 2016. during the reporting period, the operating income was 167 million yuan, down 42.51% from the same period last year, the gross profit was 31.99%, down 2.81% from the same period last year, and the attributable net profit was 21 million yuan, down 68.14% from the same period last year.

Based on this, it is calculated that the company's revenue in the second quarter was 81 million yuan, down 57.90% from the same period last year, the gross profit was 25.66%, down 6.73% from the same period last year, and the attributable net profit was 2 million yuan, down 93.72% from the same period last year.

Event comment

The sharp decline in revenue led to a downturn in performance: due to the slowdown in economic growth and the decline in the scale of investment in the petrochemical and coal chemical industries, the company's revenue fell 42.51% in the first half of the year compared with the same period last year. In terms of profitability, due to the low prosperity of the coal chemical industry, engineering, design, sales gross profit margins have declined, resulting in the overall gross profit margin fell 2.81 percentage points. In terms of expenses, due to the increase in loan interest of the participating subsidiaries, the financial expenses decreased by 33.58% compared with the same period last year; mainly due to the decline in income and base, the three rates increased by 5.20 percentage points compared with the same period last year. At the same time, the increase in bad debt losses increased the impairment loss of assets by 5 million compared with last year, resulting in a final net profit of 21 million, down 68.14% from a year earlier.

On a quarterly basis, the company's gross profit margin fell more sharply in the second quarter than in the first quarter, down 6.73% from the same period last year, resulting in a 93.72% drop in net profit in the second quarter compared with the same period last year, seriously dragging down the first half of the year.

It is estimated that the net profit in the first three quarters is 0.18 billion yuan, a decrease of 60% over the same period last year. Based on this, the net profit in the third quarter is calculated to be-0.02 billion yuan, a decrease of 40.71% 108.13% EPS0.004 million yuan over the same period last year.

Reduce cost and increase efficiency, sales business performance is excellent: although subject to the downturn of the industry, the main business has been hit, but the company based on reality, cancel the wholly-owned subsidiary Qingdao Hetong, reduce cost and increase efficiency. Focus on the petrochemical e-commerce field, superimposed catalyst business is highly competitive, sales revenue in the first half of the year increased by 80.72% compared with the same period last year, and is expected to further improve in the second half of the year.

Business transformation, light and heat, ship exhaust gas become the focus in the second half of the year: the company makes use of the advantages of petrochemical and coal chemical flue gas treatment to carry out business transformation. At the end of last year, Puyi Environmental Protection entered the field of ship exhaust gas; in the first quarter, it won the bid for China's first large-scale commercial photothermal power plant project, helping the company to cut into the 10 billion new energy market with solar photothermal power generation. In addition, the company makes use of the advantage of capital platform to speed up the integration of high-quality resources. At present, the professional and technical service companies planning to issue new shares, mergers and acquisitions and the company's business complementary are in progress in an orderly manner.

It is estimated that the company's EPS in 2016 and 2017 will be 0.19 yuan and 0.21 yuan respectively, and the corresponding PE will be 48 and 43 times respectively, giving it a "maintenance" rating.

Risk hint: the petrochemical and coal chemical industries continue to decline, and the expansion of new business such as light and heat, ship exhaust gas and so on is not as expected.

The translation is provided by third-party software.


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