Event

According to the 2017 semi-annual report released by the company, the company's operating income during the reporting period was 437 million yuan, an increase of 55.51% over the same period last year; the net profit of shareholders belonging to listed companies was 58.5318 million yuan, up 69.39% from the same period last year, corresponding to an EPS of 0.11 yuan.

The revenue structure was optimized, and the Sun Company created a consolidated statement during the reporting period, achieving a revenue of 171 million yuan, accounting for 39.13% of the total revenue, and a gross profit of 59 million yuan, accounting for 39.69% of the company's total gross profit. The gross profit is 34.80%, contributing to the main performance increment. After the acquisition of Hongtu, the industry application and platform business of geolocation information services based on pan-terminal operation of Bohan Weiye will be able to carry out large-scale and systematic operations more quickly and effectively, opening up the company's development space in the Internet of things, smart city, smart management and other directions.

The revenue of the traditional main integrated logistics service was 166 million yuan, an increase of 8.58% over the same period last year, and the gross profit margin was 1.97% lower than last year to 19.52%. The revenue of smart mobile services was 86 million yuan, an increase of 3.12% over the same period last year. Gross profit increased by 13.09 percentage points over last year to 65.32%, accounting for 37.55% of the gross profit.

On the whole, the total operating income of the company was 437 million yuan, an increase of 55.51% over the same period last year; the net profit of shareholders belonging to listed companies was 58.5318 million yuan, up 69.39% from the same period last year. The proportion of intelligent mobile services and surveying and mapping services with a high gross margin has expanded, and the income structure has been continuously optimized.

Deep ploughing the logistics industry for many years, integrated logistics services to expand to multi-industries

Integrated logistics section, the company provides integrated logistics solutions by embedding internal business processes such as customer procurement, production and distribution, and provides professional services and other value-added logistics services including scheme design, transportation, warehousing, loading and unloading, distribution and information processing according to customer needs. Founded in 2000, the company started as the warehousing and distribution business of the electronics industry, and was recognized by Huawei, ZTE and other well-known enterprises to build a national network; after the gem was listed in 2012, it was supported by informationization. integrated logistics services will be expanded to electronics, fast consumer goods, furniture, food, large-scale machinery and equipment and other industries, achieving endogenous growth. The company gradually attracts new customers, weakens the risks of major customers, and has in-depth cooperation with EMS, JD.com and other enterprises.

In June 2017, holding Chengdu de Tao, entered the tobacco logistics industry, and further expanded the business scope of the logistics sector. Chengdu de Road is mainly engaged in logistics and transportation activities including tobacco, tobacco leaves and finished tobacco, with Sichuan Jiaozi as its main customer. During the reporting period, the revenue of the integrated logistics services sector reached 166 million yuan, an increase of 8.58% over the same period last year, and the gross profit margin decreased by 1.97 percentage points to 19.52% compared with last year. It is expected that with the expansion of the enterprise logistics sector, the company will carry out logistics and transportation business involving more industries, and the revenue scale is expected to continue to grow, but it is expected that gross profit will continue to be under pressure due to the structural cost pressure of the industry in the short term.

Conforming to the development trend of the Internet of things, the company building the three major platforms of Mobile Internet of things operation is one of the earliest enterprises to enter the field of mobile information operation services, with industry first-mover advantage and technology leading advantage. relying on the core technical achievements deposited in the first market platform guided by "Internet of things + mobile terminal" for many years, through the secondary development of the application layer. The formation of the "Internet of things + ubiquitous terminal"-oriented secondary market platform Through integrated networking technology, big data industry application capabilities and GIS technology advantages, gradually establish a "GIS+ Internet of things + big data industry application" as the center of the third market platform plan. Under the guidance of the company's three major platform strategies, the gross profit margin of intelligent mobile services business reached 65.32% in the first half of the year, accounting for 37.55% of gross profit, strong profitability, adding huge market space for the whole industry of the Internet of things, and optimistic about the future development of the operation business of Mobile Internet of things.

Bo Han Weiye, a wholly-owned subsidiary, steadily expanded the business of the primary market platform in the first half of 2017, based on its technological achievements in the primary market platform and replicable market competitiveness, in the secondary market platform and data China "hundred school project" to create an integrated cooperation model of industry-university-research, while trying to cooperate in intelligent service robots. In the first half of 2017, Bohan Weiye realized operating income of 257 million yuan and net profit of 63 million yuan.

Group operation extension growth, building "big logistics" ecological circle company has completed Pengjin shares and Bo Han Weiye, Hongtu innovation and acquisition, business scope and areas continue to increase, there are 16 ginseng and holding subsidiaries, is gradually moving towards collectivization. Initially build a large logistics platform of "logistics, business flow, capital flow and information flow", extend the upstream and downstream business of the business sector, focus on the high growth and high value-added areas of the industrial chain, and achieve coordinated growth of extension and multi-industries. The overall strategic goal is clear, aiming at the intelligent logistics industry, which is in line with the long-term development trend of the industry.

Profit forecast and investment suggestion

It is estimated that the company's revenue from 2017 to 2019 will be 903 million, 1.084 billion and 1.246 billion, the net profit will be 212 million, 251 million and 286 million, the EPS will be 0.40,0.47,0.54 yuan, and the corresponding PE will be 28 times, 24 times and 21 times. The company's comprehensive logistics sector is growing steadily, the operation goal of Mobile things is clear, the strategy of large logistics framework is clear, adding the future potential of the Internet of things industry and the first-in advantages accumulated by the company at this stage, the company is optimistic about the long-term development of the company. Combined with the current valuation of Shenwan logistics secondary sub-industry, the average PE of the industry over the past 17 years is 33 times, with a target price of 13.2yuan, giving an "overweight" rating.

Risk hint

The development of the industry is not as expected, enterprise management conflicts, major customer risks and so on.