The company released a semi-annual report for 2017: the company's operating income in the first half of 2017 was 269 million yuan, an increase of 48.54% over the same period last year; the net profit attributed to shareholders of listed companies was 42.231 million yuan, an increase of 15.76% over the same period last year, corresponding to EPS0.09 yuan, of which 32.829 million yuan was deducted from non-net profit, an increase of 66.43% over the same period last year.
The income of energy dispersion XRF increases steadily, and the income growth rate of many kinds of instruments is eye-catching. In the first half of the year, the company's revenue from energy dispersion XRF reached 120 million yuan, an increase of 22.16% over the same period last year, with a rapid growth rate. The revenue growth rate of mass spectrometer, electrochemical instrument and molecular spectrometer was 93.34%, 57.38% and 43.16%, respectively.
The rate of sales expenses decreased obviously, and the investment in R & D was high. The ratio of sales expenses, management expenses and financial expenses in the first half of the year was 20.32%, 20.91% and-4.06% respectively, of which sales expenses decreased by 4.94 percentage points compared with the same period last year. The total proportion of the three fees was 37.17%, a decrease of 0.86 percentage points over the same period last year. The company spent 24.7393 million yuan on research and development in the first half of the year, accounting for 9.20%, adhering to the company's fine tradition of attaching importance to product research and development.
The company is the leader of XRF equipment, and the field of food security is expected to enter the harvest period. The company is the leader of XRF equipment and has the most complete chemical testing equipment in China. The State Grain Administration issues and implements the "High quality Grain Project"
According to the notice of relevant matters, it is planned to invest 25 billion yuan in 2017-2019 to carry out the comprehensive construction of from action demonstration counties and demonstration enterprises to food security inspection system, and then to the comprehensive construction of grain post-natal service system. The annual demand for new equipment is about 2.5 billion yuan, which is expected to bring a new round of opportunities for the company's traditional main business.
Epitaxial mergers and acquisitions strengthen the layout of environmental protection, food safety and medical areas, profit and contribute to performance growth. The company has acquired four subsidiaries in cash, and its exam preparation performance reached 63.84 million yuan and 84.05 million yuan in 17 and 18 respectively.
Through epitaxial mergers and acquisitions, the company has moved from testing equipment to downstream environmental protection engineering and medical third-party testing, into fast-growing industries such as VOCs online monitoring and POCT in vitro diagnosis, and at the same time driving its own testing equipment sales, and consolidated income of Panheke instrument in the second half of the year, which is expected to further improve the company's performance growth.
Profit forecast and rating: optimistic about the medium-and long-term growth trend of the inspection and testing industry, "high-quality food project" is expected to bring new opportunities for the company's traditional main business. From 2017 to 2019, the company is expected to have an "overweight" rating of 0.26 EPS 0.33 won 0.43 respectively.
Risk hint: the price war of testing equipment, environmental protection and food safety policies are lower than expected.
