The performance growth is in line with expectations, and the capacity extension field opens the future growth space event: the company issued a performance forecast that the net profit in the first half of the year is expected to be 8093-100.2 million yuan, an increase of 5% to 30% over the same period last year.
Comments:
Liquid food packaging equipment leading enterprises, performance growth in line with expectations: the company is a leading liquid food intelligent packaging equipment enterprises, the main products include all kinds of liquid food filling and sealing equipment, intelligent packaging equipment, hollow container blow molding equipment and so on. 80% of the business is concentrated in the field of dairy filling, with customers including Danone, Mengniu, Yili, Guangming, Weiquan and other leading dairy enterprises at home and abroad. The steady growth of the company's net profit in the first half of the year mainly comes from the simultaneous growth of equipment sales revenue.
Yogurt has grown rapidly in recent years, and new products stimulate equipment demand: yogurt and Cold Milk have been favored by consumers in recent years, with an annual growth rate of 20%, and the demand for related equipment is exuberant. In order to promote sales, dairy manufacturers continue to launch new products. Among them, the packaging form of the main new products will be greatly changed, resulting in the demand for new equipment. Since the beginning of the year, the three major dairy manufacturers have launched 6 new products, 12 new products for the whole year, each with annual sales of 2 billion boxes. According to the current production line production efficiency, 150 new production lines are needed, and the annual market space reaches 7.5 billion yuan. For example, considering the demand for popular new products and equipment, upgrading and upgrading of traditional products and other factors, the annual market space is more than 10 billion yuan.
At present, the per capita consumption of liquid milk in China is only 1 / 3 of the world average. With the improvement of economic level and health awareness, consumers' demand for dairy products is increasing, and the market space of packaging equipment will gradually expand.
Improve technical capabilities, expand the field of application: the company's products are non-standard equipment, need strong R & D capability support. The company's R & D personnel account for 15% of all employees, and R & D investment has increased year by year, accounting for 6.88% of revenue in 2016. The company increases the capital of Zhongwu Optoelectronics and acquires 2% equity of Huihui Intelligence, so as to improve the company's technical strength in the field of cold sterilization technology and visual inspection. At the same time, using the technical capabilities tempered in the dairy industry, the company continues to expand into daily chemical, oil, seasoning, medical and other fields, and developed customers such as COFCO, Tomson Bijian, Unilever, etc., and the performance is expected to continue to grow.
Investment suggestion: from 2017 to 2019, the revenue is expected to be 7.48,8.63 and 1.014 billion yuan, and the net profit is 1.96,2.18 and 273 million yuan. As the leading enterprise of liquid food packaging equipment in China, on the one hand, the company benefits from the steady increase in dairy consumption, on the other hand, it makes use of its solid technical level to enter the relatively easy daily chemical, oil and other fields, and has broad growth prospects in the future. firmly optimistic about the development of the company, given the "Buy-A" rating, 6-month target price of 23.5 yuan.
Risk hint: industry competition aggravates risks, and downstream demand falls short of expectations.
