The company releases its quarterly report for 2017.
From January to September, the company achieved revenue of 120 million yuan, an increase of 24.29% over the same period last year, a net profit of 13 million yuan, a decrease of 33.63%, and a non-return net profit of 8.418 million yuan, down 4.67% from the same period last year.
Brief comment
Revenue increased rapidly in the third quarter, and profit margins decreased significantly.
The company realized operating income of 34 million yuan in the third quarter, an increase of 52.55% over the same period last year, realized net profit of 1.3478 million yuan, down 83.34% from the same period last year, and deducted non-return net profit of-174500 yuan, down 81.67% from the same period last year. The company's operating income decreased in the third quarter, with a gross sales margin of 18.78%, down 5.05% from the second quarter, and a net sales margin of 3.95%, down 13.93% from the second quarter.
Take root in the market of nuclear aluminum materials and actively expand the non-nuclear market
The company is engaged in nuclear fuel aluminum alloy parts and other mechanical processing, relying on the aluminum material industry to produce high-quality aluminum materials. Nuclear material processing as a cutting-edge high-end technology in the material industry, the company has been rooted in the nuclear industry for many years, occupying a large share of the market, showing its strong technical strength. Before 2015, the operating income in the nuclear sector accounted for more than 90%. The follow-up company actively expanded its non-nuclear business and made use of its product advantages to dig deep into the market. by 2016, the company's non-nuclear revenue accounted for more than 20% of its operating income.
Long-term commitment to product research and development, and nuclear power enterprises to establish a good relationship with the company continues to increase investment in scientific research, has 10 core technologies, 8 invention patents, has a certain technology development and new product development capabilities The company has established a good scientific research cooperation relationship with the research institute of CNNC, and achieved remarkable research and development results, showing the company's strong scientific research strength in nuclear materials, and laying a good foundation for new orders for follow-up nuclear power plants. With the third generation of reactor power generation coming, the new approved nuclear power plant is about to usher in a new round of explosion, and the company's new order business is about to explode.
The barriers to entry in the field are high, and the first-in advantage of the industry is obvious.
The nuclear industry is the top technical representative in China, with high technical barriers. As an important R & D supporting unit in the field of nuclear fuel processing equipment, the company has completed various orders in the nuclear industry parameters, which has been recognized by various units in the industry. While the aluminum processing enterprises outside the industry are difficult to overcome industry barriers and become qualified suppliers in this field, the company has a strong industry first-in advantage.
It is estimated that in 2017-19, the EPS of the company will be 0.25,0.40,0.56 yuan respectively, and the corresponding PE will be 101,63,45 times respectively.
Risk hint: the order of the nuclear power project is not as expected; the new approval unit of the nuclear power is not as expected.