Report guide The company released its 2017 three-quarter report. The company achieved cumulative revenue of 2,067 billion yuan during the reporting period, an increase of 6.51% over the same period last year. Net profit attributable to shareholders of listed companies was RMB 33.1544 million, an increase of 2275.18% over the same period last year. Basic earnings per share were 0.0394 yuan/share, an increase of 2362.50% over the same period last year. Key investment points The company's three-quarter report is in line with expectations. Judging from the company's current business situation: 1. The company's sustainability since the second half of last year has strengthened refined management and effectively controlled costs, while actively developing customers and maintaining a steady increase in revenue from traditional businesses, keeping the company's traditional business operating conditions on an improving trend. 2. In the first half of this year, the company resolutely disposed of burdened assets, not only returning funds in a timely manner, but also cutting off bleeding points in traditional business and ensuring that traditional business-side performance was turned from loss to profit. 3. At the same time, the company has already obtained a considerable revenue scale from IDC and its value-added business, and the gross margin is much higher than that of traditional business. 4. The company's new management team has pioneered new asset photovoltaic projects. This year's initial contribution is expected to be one of the main reasons for the company's high performance next year. 5. The configuration of Apple 8/x has changed significantly compared to the 5-7 generation, and demand for new testing equipment is expected to increase dramatically. Maizhi Technology, a subsidiary of the company, is already participating as a supplier of Apple testing equipment. It is expected to maintain steady growth this year, and is expected to achieve a high growth rate of 50% next year. 6. The company's smart home series products have entered the commercial promotion stage. Currently, the products follow the high-end route. The software and hardware are higher than similar products in the market, and are expected to become a new growth point in the future. Profit forecasts and valuations. Judging from the current situation, as we expected, the company's performance in the first three quarters is already basically close to last year's full year. We expect the company to maintain a good trend in the fourth quarter, and the annual performance growth rate is expected to grow by more than 100%. We expect that in 2017-2019, the company will achieve revenue of 3,339 million, 3,524 million, and 3.744 billion yuan, net profit of 83 million, 118 million, 136 million yuan, and EPS of 0.10 yuan, 0.14 yuan, and 0.16 yuan, corresponding to PE 113 times, 81 times, and 71 times. We conservatively estimate that if the current PV order proceeds smoothly, according to current order expectations, it will complete revenue of about 2.5 billion dollars next year, and the corresponding net profit will be about 150 million yuan. According to our original forecast of the company's performance plus the increase in photovoltaics, and the calculation cloud's contribution to the company's performance next year, the company is expected to reach about 280 million next year. Judging from the company's current market value of 9.5 billion dollars, the company's valuation next year will be 33 times. It has investment value and is given an “increase in holdings” rating.
锦富技术(300128)季报点评:主业已稳 新业可期
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