Main points of investment
The company released its semi-annual report for 2017: the company's operating income in the first half of 2017 was 462 million yuan, an increase of 9.00% over the same period last year; the net profit of shareholders belonging to listed companies was 42.011 million yuan, an increase of 15.77% over the same period last year, corresponding to 0.04 yuan of EPS.
The performance of material handling equipment and non-ferrous equipment increased significantly, the rebate improved, helping to increase the net interest rate; orders on hand are full, and it is optimistic that the performance will continue to pick up in the second half of the year. In the first half of 2017, the company realized business income of 402 million yuan and 50 million yuan for material handling equipment and non-ferrous equipment respectively, an increase of 21.61% and 47.59% respectively over the same period last year. The company's comprehensive gross profit margin was 27.15%, down 3.01 percentage points from the same period last year. The management system of accounts receivable has improved, the company's provision for bad debts decreased in the first half of the year, the asset impairment loss dropped sharply by 14.5443 million yuan compared with last year, and the net interest rate increased by 0.53%. The amount received in advance increased by 23.86% over the beginning of the period, and the order is not weak in the off-season. It is optimistic that the company's order fulfillment in the second half of the year will bring high performance growth.
The strategic development idea of "one body and two wings" is based on the high-end intelligent equipment manufacturing industry to promote the transformation and upgrading of enterprises. In addition to lifting equipment, the company actively layout new energy and three-dimensional parking equipment to open up new growth points. In February 2016, the company and professional institutions initiated the establishment of Guangzhou Yipo New Energy Industry Equity Investment Partnership with a total size of 300 million yuan, which will focus on the new energy vehicle power battery manufacturing equipment industry; in June 2016, the company and Shenzhen Zhongke Liheng initiated the establishment of Hunan Tianqiao Liheng parking equipment Co., Ltd., layout intelligent three-dimensional garage industry. Through cooperation with the professional team, with the help of its experience, technology, capital and other superior resources, the company speeds up the pace of transformation and constructs multiple growth poles.
The employee stock ownership pilot has been agreed by SASAC, and the corporate governance mechanism will be further improved. The pilot scheme of employee stock ownership has been approved by Hunan SASAC. The development of employee stock ownership will help to stimulate the initiative and creativity of the core employees, realize the risk-sharing and benefit-sharing between the employees and the enterprise, and further improve the company's business performance and governance mechanism. promote the realization of the company's strategic development goals.
Profit forecast and rating: we estimate that the company's EPS from 2017 to 2019 will be 0.15,0.18,0.21 yuan respectively. In view of the company's leading position in lifting equipment and its future growth potential in the field of new energy and three-dimensional parking equipment, maintain its "buy" rating.
Risk hint: the competition for lifting equipment is intensified; the market prosperity of new energy vehicles is lower than expected.