Main points of investment
The company released the third-quarter report of 2017: in the first three quarters of 2017, the company achieved operating income of 1.464 billion yuan, an increase of 10.49% over the same period last year, and a net profit of 145 million yuan, an increase of 6.30% over the same period last year.
Revenue fell slightly in a single quarter, while operating profit increased by 35.36%. The company's revenue in the single quarter of 2017 was 461 million yuan, down 6.60% from the same period last year. The single-quarter net profit of the company was 47.0733 million yuan, down 28.78% from the same period last year, mainly due to the non-operating income of 30.33 million yuan formed by the acquisition of Dalian Sanyo Minghua Electronics in the same period last year. The company's single-quarter operating profit reached 48.1928 million yuan, a year-on-year increase of 35.36%.
Gross profit margin increased 1.82pct compared with the same period last year, while expense rate decreased 0.50pct. The company achieved a comprehensive gross profit margin of 19.33% in the first three quarters, an increase of 1.82pct over the same period last year. Through the intelligent transformation of the factory, the company can reduce the personnel by nearly half under the condition that the output value remains unchanged. The factory continues to be intelligent, improve efficiency and save costs, so that the company's gross profit margin continues to improve. The main reason for the decline in the company's expense rate is that the management expense rate is 11.31% lower than that in the same period, and the company simplifies the organization and reduces the number of cadres, which significantly improves the management efficiency and saves the management expenses.
The company has no actual controller to build a high-level interest community. The company has implemented two periods of employee shareholding, and the proportion of Zhonghuida's shareholding in the company has reached 20.2%. The interests of management are deeply bound with the interests of the company, and effectively link with Zhonghuida to build a community of cause and interests. Through the establishment of independent engineering companies and service companies to speed up the transformation of the company's profit model, the long-term goal is clear, and the layout of the company has achieved initial results in the aspects of energy recovery, distributed energy and big data.
With the upgrading of consumption, China's cold chain industry will usher in a period of rapid development. The per capita cold storage area of our country is only 1 per cent of that of the United States, the number of highway refrigerated vehicles is only 1 per cent of that of Japan, and the loss rate of agricultural products transportation is up to 25% to 30%. Compared with developed countries, China's cold chain industry has a lot of room for development. With the release of the "opinions on speeding up the Development of Cold chain Logistics, ensuring Food Safety and promoting consumption upgrading", the General Office of the State Council will significantly catalyze the development of China's cold chain industry.
Profit forecast and valuation: the company is the leading enterprise in the domestic cold chain industry, realizing the layout of the whole industrial chain in the cold chain industry. It is estimated that the company's EPS in 17-19 will be 0.28, 0.36 and 0.44 yuan respectively, maintaining the "overweight" rating.
Risk tips: cold chain development is lower than expected, the company manages risks, and new product promotion is not as expected.
