Performance is in line with expectations
(1) in 2015, the company achieved revenue of 784 million yuan, an increase of 22.53% over the same period last year, mainly due to the rapid growth of sales revenue of products such as monitoring and system integration, liquid crystal display screens, etc.; the attributable net profit was 35.1627 million yuan, down 57.51% from the same period last year. (2) due to the continuous investment in mobile Internet projects, urban cloud parking networking projects and the seasonal characteristics of income, the company achieved revenue of 140 million yuan in the first quarter of 2016, an increase of 27.87% over the same period last year, a net loss of 11.84 million yuan and a loss of 123%.
Trend of development
The company accelerates its transition to the mobile Internet, recruiting partners with peripheral offers, and cloud parking accelerates promotion after upgrading its products and business models. (1) the peripheral preferential projects have evolved into the business platform of B2b2C, which really realizes the "de-intermediation" of the sales channel and helps suppliers to greatly reduce the channel construction cycle and channel cost. At present, the project is recruiting partners throughout the country; (2) in the field of cloud parking, in terms of products, during the reporting period, the company upgraded the hardware equipment and system of the cloud parking lot, which greatly reduced the hardware cost; in the promotion mode, the company will promote to B-end customers in the mode of giving away equipment, provided that the company has the right to use the advertising space of the gate. By the end of December 2015, the company's cloud parking project had signed 504 pilot parking lots; in 2016, the project will focus on promoting all residential areas across the country, with a total of 870 parking lots signed by April 15.
The company is expected to grow into a smart community Internet platform integrated service provider. The company vigorously develops and promotes cloud intercom, residential doorman, peripheral discount, and cloud parking Internet projects, and makes timely adjustments according to the actual situation; in the future, it is expected to build a residential ecosystem based on the overall community security solution provider, cloud community, cloud behavior extension, to the intelligent community Internet platform integrated service provider.
Profit forecast
It is estimated that the company's operating income for 2016-2017 will be 940 million yuan respectively, an increase of 19.9% and 20.8% respectively over the same period last year, and the attributable net profit will be 7.814 million yuan respectively, an increase of 92.0%, 15.7% and 0.14 yuan respectively over the same period last year.
Valuation and suggestion
Maintain the recommendation. The company accelerates its transition to the Internet, maintaining a target price of 20 yuan and a recommendation.
Risk.
(1) significant reduction in housing completion or new construction; (2) corporate transformation and community O2O market expansion are not as expected; (3) plate systematic valuation correction.