The performance has entered the upward channel, in line with market expectations
In 2016, Q1 achieved operating income of 53.398 million, an increase of 38% over the same period last year, and its net profit was-485000, an increase of 69% over the same period last year, deducting non-home net profit of-486000, an increase of 69%. The main reason for the year-on-year improvement in the performance in the first quarter was the increase in the number of orders for professional video products and the increase in large-screen sales during the reporting period. At the same time, the company has increased its intelligent business layout to promote the transformation and upgrading of robots and AR applications.
With a strong reserve of robot technology and speeding up the layout of the robot industry, the company has accumulated key robot technologies for more than ten years, and made a great breakthrough in the development of new robot parallel equipment. The development of mobile robot core components has been completed in 15 years. During the reporting period, the production process of the vehicle self-balancing ambulance platform progressed smoothly, and recently entered the stage of test and adjustment, and the first edition is planned to achieve small batch trial sale within this year. A total of 1000 "anti-terrorist robot" intelligent police and mobile police platform products (with a total contract of 65 million) signed by the company in July 2015 are under implementation, and revenue is expected to increase in 2016. In the layout of robot industrialization, the company holds hands with Stanford University's robot research team to develop special robots, participates in Jibo of the United States, and cuts into the R & D, production and manufacturing process of the world's leading intelligent social robot products. In the future, the company will continue to promote the integration of advanced robot technology at home and abroad and improve its core competitiveness.
Invest in American Meta company to intervene in augmented reality, participate in AR ecological construction in January 2016, the company used super-raised funds and its own capital of about 66 million yuan to acquire 178633 shares in the proposed round B preferred shares of American company MetaCompany (Meta), accounting for 3.617% of its fully diluted equity, so as to intervene in the augmented reality industry. In the future, the company will continue to participate in the ecological construction of augmented reality industry, and make continuous layout in key hardware, algorithm technology, content platform, IP incubation, industry application promotion and other AR industry links by way of overseas investment and M & A, so as to create an internationally competitive AR industry chain and application ecology.
Risk hint
Overseas high-end technology investment risks, technology and product research and development risks, product promotion and sales are not up to expectations.
Long-term strategic planning is clear, giving a "buy" rating for the first time
The strategic planning of the company based on professional video transformation of intelligent applications is clear, the layout of robot and AR business is steadily advancing, and the extension expectation is strong. We expect the company's 16-18 net profit to be 3046 pounds 5453 / 88.36 million and EPS 0.14 pounds 0.26 pounds 0.42 yuan, respectively, and the current share price corresponds to a PE of 140 pounds 78 pounds 48X, giving a "buy" rating for the first time.
