2015 Annual report announcement
The company's 2015 revenue was 2.1 billion yuan, an increase of 14.43%, and its net profit was 68 million yuan, up 42.95% with an increase of 0.21%. The company decided to increase 12 shares by 0.2 yuan for every 10 shares. The company's first-quarter net profit is expected to be 9 million yuan to 11 million yuan.
Main points of investment
The company is a leading provider of building energy saving, intelligent, photovoltaic, door, window and curtain wall systems at home and abroad, integrating R & D, design, production and construction. In 2015, curtain wall business maintained a good growth rate, and gross profit margin rebounded. The income from doors and windows was 1.231 billion yuan, accounting for 59%, an increase of 4.73% over the same period last year, and a gross profit margin of 15.86%, a decrease of 0.43% over the same period last year. The curtain wall income was 836 million yuan, accounting for 40%, an increase of 32% over the same period last year, and the gross profit margin was 16.24%, an increase of 3.52% over the same period last year. Since the company went public in 2010, the compound growth rate of doors and windows is 19%, and the compound growth rate of curtain walls is 31%.
The increase in expenses is controlled, and the growth rate of net profit greatly exceeds the growth rate of income, mainly due to: 1) the increase in non-operating income, 2) the increase in comprehensive gross profit margin; 3) the decrease in tax rates over the same period last year: sales expenses 61.52 million yuan, an increase of 2.39% over the same period last year; management expenses 120 million yuan, an increase of 11.44% over the same period last year; financial expenses 64.39 million yuan, an increase of 48.85% over the same period last year; and R & D expenditure of 64.2 million yuan, an increase of 15.56% over the same period last year. The increase of all kinds of expenses is controlled, and there is no mode of reducing expenditure. According to the annual report, the government subsidy increased by 15.3 million yuan compared with the same period last year, the comprehensive gross profit margin increased by 0.41%, and the tax rate decreased by 4.09%. In terms of tax rate concessions, two more subsidiaries have obtained high-tech certification.
The company has a strong door and window system R & D innovation and technical advantages, door and window research and development is mainly focused on three aspects, energy saving, intelligence and environmental protection. The company's door and window products are typical green building decoration products. The research and development of energy-saving products include: high-energy-saving aluminum door and window system, solar photothermal window system, unit door and window system, passive ultra-low energy consumption building doors and windows, aluminum alloy refractory energy-saving windows. The research and development of intelligent products are: intelligent door and window system, anti-theft safety window system; environmental protection product research and development are: anti-haze window system, aluminum-plastic composite door and window system, aluminum-wood composite door and window system. Through the R & D and innovation of system doors and windows, the company can enhance the market competitiveness and product premium ability, and maintain and enhance the company's technological leading position in the national door and window industry.
The company increased its network investment by 77 million yuan in 2015, and seven regional bases across the country, southwest, southwest and Hainan have been put into production. International business covers Australia, Africa, Southeast Asia, the Middle East and other countries and regions, and Shanghai Shangyuan assets reorganization is imminent. While expanding the large-scale engineering business market of energy-saving doors and windows, the company has completed the retail business planning of Internet + model. The company has reached a cooperation framework intention agreement with Shanghai Shangyuan to reorganize the assets of Shanghai Shangyuan and its subsidiaries. after the cooperation between the two sides, the company makes use of the Shanghai Shangyuan Internet + sales model combined with the rapid construction of offline services. solve the pain point of customized product landing service.
Profit forecast and investment rating: it is assumed that in the next three years, 1) the tax rate preference will remain unchanged; 2) the completion of the acquisition will not be considered for the time being; 3) the operation of each business network is good. We expect the revenue for 2016-18 to be 25,32 and 4.2 billion yuan respectively, the realized EPS to be 0.34,0.42,0.52 respectively, and the corresponding PE to be 41,33 and 27 times, respectively, with a slightly higher valuation, taking into account the company's core technological advantages, growth and high transfer distribution, given a "neutral" rating.
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