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键桥通讯(002316)年报点评:业绩大幅增长 转型加快多领域布局

Key Bridge Communications (002316) Annual report comments: substantial growth in performance, transformation and acceleration of multi-field layout

東北證券 ·  Mar 18, 2016 00:00  · Researches

Investment events:

The company released its annual report for 2015, with an operating income of 848.498 million yuan, an increase of 63.94% over the same period last year, and a net profit of 23.1397 million yuan belonging to shareholders of listed companies, an increase of 21.69% over the same period last year.

Summary of the report:

The performance has increased significantly and the operating efficiency has been improved. 2015 company seizes the great opportunity of the construction of rail transit and intelligent transportation in the 12th five-year Plan, actively seizes the domestic market, and the previous bid-winning projects have also been implemented one after another this year. In addition, the company relies on brand, capital and credit advantages to actively expand downstream supply channels and expand the proportion of channel supply income. Due to the long construction period of some intertemporal projects, the company's provision for bad debts of accounts receivable resulted in a loss of 10.4955 million yuan in asset impairment.

Internet + helps with the transformation of traditional business. During the reporting period, the company participated in the establishment of Huaihai data Company, named the big data Research Center of Imperial Institute of Technology, and cooperated with the ninth power. At the same time, the company plans to raise 1.1 billion yuan to invest in a comprehensive R & D platform based on the Internet of things technology. In the future, with the support of big data, the Internet of things + cloud technology will help the company strengthen research and development and fine services, and promote the company's transformation from a private network communication service provider to an information technology one-stop service provider.

New shareholders move in to integrate resources and layout of Internet finance. On the basis of continuing to focus on the four main industries of electric power, rail transit, highway and intelligent transportation, the company actively introduces a number of people with rich experience in Internet, finance and other fields to the board of directors to provide accumulation and groundwork for the company to open up new business growth points. The company plans to increase investment in the financial technology cloud service platform project and the acquisition of Yinghua Leasing, and set up a pioneer fund to acquire Hong Kong Yisheng Securities, which is expected to provide strong support for the company's combination of industry and finance, with broad future space.

Investment advice: the company is expected to maintain a "overweight" rating of 0.10 EPS 0.14 yuan in 2016 / 2017.

Risk Tip: the new business layout is lower than expected.

The translation is provided by third-party software.


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