Events:
The 17H1 income of Snowman shares was 417 million yuan, up 17.87% from the same period last year, and the net profit was 10.797 million yuan, a year-on-year increase of 382.3%. The net profit after deducting non-return was 565000 yuan, down 72.25% from the same period last year, and earnings per share was 0.02 yuan. At the same time, it is forecast that the net profit from January to September in 17 years will be 13 million yuan to 15 million yuan, an increase of 2% to 17% over the same period last year. Be optimistic about the long-term layout of the company, corresponding to 65 times PE in 2018, and maintain prudent recommendations.
Comments:
1. The income of oil and gas equipment doubled, the net profit of return to the mother surged 382.25%, and the income of Snowman shares in the first half of 2017 was 417 million yuan, an increase of 17.87% over the same period last year, of which the compressor was the fastest growing, with an increase of more than 40% over the same period last year. The nearly two-fold increase in oil and gas equipment is mainly due to the fact that Jiayun oil and gas only made tables in May-June in the same period last year, and ice products contributed the most revenue. The non-operating income is 12.574 million yuan, of which the government subsidy is 8.3076 million yuan, which is divided according to the business section as follows:
1) Compressor revenue was 109 million, accounting for 26.14% of the revenue, an increase of 42.25% over the same period last year; gross profit margin was 19.71%, a decrease of 2.13% over the same period last year. The company's double international brands jointly develop and form a synergistic effect with other businesses. High-temperature heat pump products can perfectly replace boilers. There is a broad market in the north, especially in Beijing-Tianjin-Hebei region, and the compressor is expected to maintain 30% growth in the next 3-5 years. As the scale effect appears, the gross profit margin will also increase steadily.
2) the revenue of ice-making products was 138 million yuan, accounting for 33.02% of the income, down 28.9% from the same period last year; the gross profit margin was 34.74%, an increase of 3.86% over the same period last year. The comprehensive market share of traditional refrigeration business is the first in the world, and cold chain food plus ice activity two-wheel drive will create a new business growth point in the future.
3) the income from oil and gas equipment was 113 million yuan, accounting for 27.17% of the revenue, an increase of 184.12% over the same period last year, and the gross profit margin was 33.38%, an increase of 4.89% over the same period last year. Jiayun Oil and Gas, a domestic oil and gas service leader, was acquired at the end of 2015, and the transaction was completed in July 2016. Benefiting from the recovery of the petroleum and petrochemical industry in the first half of the year, both revenue and gross profit increased significantly. Jiayun's oil and gas revenue increased by 45% compared with the same period last year, and the net profit reached 24.48 million yuan, an increase of 37% over the same period last year. Jiayun promised to deduct the non-return profit of not less than 44.72 million yuan this year, which is expected to exceed the promised profit.
4) the income of the central air conditioning business is 56.937 million yuan, accounting for 13.67% of the income, an increase of 33.49% over the same period last year; and the gross profit margin is 13.96%, basically the same as the previous year. The central air-conditioning business is mainly done by Hangzhou Longhua Environment, a wholly-owned subsidiary, which is mainly engaged in air-conditioning installation. Thanks to the pull of air-conditioning by the real estate industry, Longhua environmental income has also increased compared with the same period last year.
5) the international income continues to grow, and the gross profit margin is even higher: in the first half of 2017, the overseas income was 105 million yuan, an increase of 29% over the same period last year; the gross profit margin was 42.19%, almost twice the gross profit margin of the domestic market, an increase of 7.73% over the same period last year, partly due to export tax rebates and a better overseas competitive environment. Corporate ice making has become a global brand.