The performance is in line with expectations. In 2015, the company achieved operating income of 203 million yuan, an increase of 25.81% over the same period last year, and its net profit was-39.53 million yuan, down 647.79% from the same period last year. In the first quarter of 2016, the operating income was 38.45 million yuan, down 3.03% from the same period last year. The net profit was-5.25 million yuan and EPS-0.033 yuan.
The main business is losing money. The company is a key scientific research and technical support unit of the national postal system, and its main business is greatly affected by the changes in China's postal industry. In recent years, with the substantial reduction of traditional business in China's postal industry, the company's related business has been greatly affected.
Build a new generation of intelligent logistics service system to fully support postal development and strategic transformation. So far, the company has become a comprehensive IT service provider in the postal industry, with a relatively perfect independent controllable software and hardware industry chain, self-developed financial non-tax management system, philatelic business management system, precision delivery and route optimization system, vehicle satellite positioning management system, intelligent parcel cabinets, etc. have been widely used in the postal industry and established a market position.
A number of senior executives of the group parachuted into the new board of directors. The company has completed the new term of the board of directors, with Han Guangyue, general manager of the group's strategic planning department and executive director of China Post Capital, as the company's chairman, Li Yujie, general manager of the group's finance department, and Gong Qihua, deputy general manager of the group's strategic planning department, chairman of China Post assets and general manager of China Post Capital.
The great change of China Post has brought historic development opportunities for the company. "the key industry of modern service industry, the modern industry that promotes the transformation of circulation and the upgrading of consumption, and the leading industry in the field of logistics" is the new orientation of the postal industry. China Post bears the national mission of our country to move forward from a big postal country to a powerful postal country, with trillions of assets and an annual income of more than 400 billion, forming three major sectors: postal business, financial business and express logistics business. The postal network integrates "information flow, network flow and capital flow". It is an inevitable way to accelerate industrial upgrading by connecting the capital market in the future. As the only listed company platform under China Post, the company will usher in a historic development opportunity with the promotion of China Post's strategic transformation.
Investment suggestion: after the company's controlling shareholder changed from Hunan Post to China Post assets, and many senior executives of the group parachuted into the new board of directors of the company, as the only listed company platform under China Post, with the gradual approach of China Post's transformation and upgrading, its future growth path is also gradually clear, and the future assets are injected into the imagination. It is estimated that the 2016-2017 EPS is 0.01,0.06 yuan, maintaining the "buy-A" rating, with a six-month target price of 40 yuan.
Risk hint: the company's business development and asset injection are not as good as expected.