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华平股份(300074)中报点评:新业务开拓助业绩早日走出低迷

Huaping shares (300074) report comments: new business development to help performance out of the doldrums as soon as possible

東北證券 ·  Sep 8, 2015 00:00  · Researches

In the first half of 2015, the company realized operating income of 94.7294 million yuan, down 28.53% from the same period last year. The net profit attributed to shareholders of the listed company was-20.356 million yuan, and earnings per share was-0.0386 yuan. Among them, the income in the second quarter was 65.3685 million yuan, and the net profit was 4.5092 million yuan, which was significantly better than that in the first quarter.

The company's loss in the first half of the year was due to a decrease in income from a major customer in an army, while the expansion of new business led to an increase in expenses during the period. The company is actively developing new business to reduce the risk of significant performance fluctuations caused by reliance on large customers.

On the basis of traditional business such as video conferencing, surveillance and command and smart city, the company actively develops online classroom, video banking, digital operating room, emergency command and other industry video application business. In the second half of the year, the company's online classroom business is expected to form significant revenue orders in many regions of the country; in the field of digital operating rooms, the second generation digital operating room terminal ORC200 is launched, and market sales will be launched in the second half of the year.

Another key business to develop is Internet mobile healthcare. The company launched Youyi APP and officially put it into operation. At present, the platform has more than 10,000 registered users. The company acquired 31.11% equity of Henan Xinyihua Medical Technology Co., Ltd., the leading enterprise of Henan NCMS system, and signed a framework agreement for strategic cooperation with Yibao Internet Medical Information Technology (Beijing) Co., Ltd. layout of mobile Internet medical business industry chain; plan to raise funds through non-public offerings to invest in the construction of primary health care and family doctor service platform.

It is estimated that the net profits attributed to the shareholders of the parent company from 2015 to 2016 are 3 million yuan and 20 million yuan respectively, corresponding to 0.01,0.04 yuan for EPS, respectively. The company is currently in a period of declining income from major customers and low performance of new business development, taking into account the imaginative space for future new business development and asset mergers and acquisitions, maintain the investment rating of increasing holdings.

Risk tips: new business development is not smooth, performance recovery growth is lower than expected and so on.

The translation is provided by third-party software.


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