Main points of investment
The company released the third-quarter report of 2017: the company's operating income in the first three quarters of 2017 was 774 million yuan, an increase of 2.81 percent over the same period last year; the net profit attributed to shareholders of listed companies was 77.2197 million yuan, an increase of 11.12 percent over the same period last year, corresponding to 0.08 yuan of EPS. It is estimated that the net profit of shareholders of listed companies in 2017 is 107 million yuan to 139 million yuan, an increase of 0% over the same period last year.
In the first three quarters, the company's revenue increased by 2.81% compared with the same period last year, and the expense rate increased by 3.29%. In the third quarter, the company's comprehensive gross profit margin increased by 6.83% month-on-month, and profitability continued to improve. In the first three quarters, the company achieved revenue of 774 million yuan, an increase of 2.81% over the same period last year; the comprehensive gross profit margin was 30.37%, down 0.45% from last year; and the rate of three expenses increased by 3.41%, representing a significant increase. Among them, affected by the increase in sales contract fees, sales expenses increased significantly by 54.73% compared with the same period last year, accounting for 6.92% of revenue, an increase of 2.62 percentage points over the same period last year. From a quarterly point of view, the company's revenue in the third quarter was 313 million yuan, down 5.14% from the same period last year; the comprehensive gross profit margin was 35.12%, up 3.45% from the same period last year, and 6.83% higher than the previous quarter.
Accounts receivable improved significantly, asset impairment losses decreased significantly, and net interest rates increased by 0.75 percentage points compared with the same period last year. The management system of accounts receivable has been improved. in the first three quarters, the amount of money recovered by the company has increased and the amount of goods with an age of more than one year has increased compared with the previous year, the provision for bad debts has decreased, and the loss of asset impairment has dropped sharply compared with last year. The net interest rate increased by 44.3223 million percentage points. Affected by the increase in orders, at the end of the period, the company's inventory balance was 382 million yuan, a substantial increase of 53.79% over the beginning of the period.
The employee stock ownership plan is carried out smoothly, and then the incentive fund plan is promoted, and the company's management mechanism continues to improve. The pilot scheme of employee stock ownership has been submitted to Zhuzhou SASAC for examination and approval, and the company will organize and implement it immediately. In September, the company proposed to implement the incentive fund management plan from 2017 to 2019, so as to attract and stabilize the core talent team such as middle and senior managers and key backbones, bind the interests of employees and the company's long-term development plan, and further improve the company's management mechanism.
Profit forecast and rating: the company's EPS in 1719 is expected to be 0.13,0.15,0.18 yuan respectively, taking into account the company's leading position in lifting equipment, as well as the future growth potential in smart parking, new energy and other areas to maintain the "buy" rating.
Risk hint: the competition of lifting equipment is intensified; the development of new business is not as expected.