Event: the company released its annual report for 15 years, and its performance was basically the same as that of 14 years.
According to the 15-year annual report, the company achieved an annual operating income of 203 million yuan in 15 years, an increase of 0.3% over the same period last year. The net profit returned to the home was 79.98 million, down 5.4% from the same period last year, mainly due to the decline in government subsidies in 2015. After full dilution, EPS is about 0.67 yuan.
The profit level of the company is relatively stable.
In 2015, the company's gross profit margin was 57.8%, an increase of 1.5 percentage points over the same period last year. Considering the annual price reduction requirements of the main engine factory, as well as the cost reduction of the company's raw materials, the reduction of manufacturing costs and the hedging of price increases brought about by product upgrading, we judge that the company's gross profit margin will be relatively stable in the future.
Commercial vehicle CAN bus leader, the main products still have room for further improvement
The company's bus body CAN bus products have the first market share in the country. With the increase in sales of large and medium-sized new energy buses, the upgrading of emission regulations and the extension of the company's products to trucks, the company's main business has some room for growth, and we judge that the overall market assembly rate may reach 80% to 90% in the future.
Car networking and cloud bus system may become another growth point of the company in the future.
In terms of function, vehicle networking products are mainly divided into vehicle terminal and back-end big data platform. The company's strategy has clearly proposed the layout and development of vehicle networking cloud bus system, and the construction of a complete system, including big data platform. Enhance R & D capabilities and core competitiveness.
Investment suggestion
Regardless of the dilution of equity brought by high delivery and transfer, we estimate that the EPS of the company in 16-18 years is 0.73,0.82 and 1.01 yuan respectively. The company's main CAN bus products benefit from the increase in sales of large and medium-sized new energy buses and the upgrading of communication protocols brought about by the upgrading of emission regulations, and the matching rate on buses is expected to be further improved. coupled with the gradual extension of the company's products to trucks, there is some room for growth. in addition, the company has the possibility of epitaxial expansion and is given a "buy" rating.
Risk hint
Competition in the automobile industry has intensified; the company's product sales have fallen short of expectations.
