Brief comment on performance
Giant ship shares reported that its operating income was 476 million yuan, down 0.75% from the same period last year, and its net profit was 70 million yuan, down 14.94% from the same period last year, with an EPS of 0.10 yuan. Business analysis
The decline in the tire industry has led to a decline in the company's traditional main business: a double-reverse investigation into China's tire industry was conducted in the United States in the second half of 2014, involving more than 200 Chinese companies with a total amount of US $3.37 billion, equivalent to 1 pound of the annual export value. Under the influence of this incident, the domestic tire industry is facing the pressure of greater demand and declining investment, and the overall prosperity of the industry declined in 2015. The company's traditional main downstream customers are tire manufacturers, and the purchase volume has declined compared with the same period last year. Tire mold business and curing press business achieved revenue of 229 million yuan and 207 million yuan respectively, down 7.53% and 3.6% from the same period last year.
The robot business has been expanded, and the results have been gradually shown: the revenue of the robot business in the company's reporting period is 25 million yuan, which is higher than that of the whole of last year. The company is actively expanding the new field of industrial 4.0, and has cut into the tire industry, mobile phone 3C electronic machining and other fields, and its industry solution has been well received by customers, which shows that it has a strong system integration ability. In addition, during the reporting period, the company also invested in Tianji shares and softMC source code technology of industrial robot control system with Israel SAS company, realized the layout of manufacturing big data and robot control system, and improved the layout of industrial 4.0 field. In the context of intelligent manufacturing, the company is stepping up its layout to enhance its own strength, and we believe that the company is expected to become a comprehensive industrial 4.0 service provider with cross-industry expansion in the future, and the volume of robot business is sustainable. it will become an important performance driving force for the company in the context of the new era. Profit adjustment
Considering that the impact of double opposition to the domestic tire industry in the United States may have a lasting negative impact for more than 1-2 years, we believe that it will suppress the company's performance growth to a certain extent, so we downgrade the company's 2015-2017 performance forecast to achieve 173 million yuan, 240 million yuan and 320 million yuan respectively, corresponding to 0.24 yuan / 0.33 yuan / 0.44 yuan respectively. Investment suggestion
The current PE of the company from 2015 to 2017 is 61 times, 44 times and 33 times, respectively. Considering the gradual improvement of the company's layout in the industrial sector, the future performance is expected to gradually expand, we give the company an overweight rating with a six-month target price of 16 yuan.
