The main business bottomed out and rebounded, in line with expectations
The company announced its 2017 results forecast on January 30. It is estimated that the net profit attributable to shareholders of listed companies for the whole of 2017 is 20 million yuan to 24.86 million yuan, an increase of 23.48% and 53.48% over the same period last year, which is in line with our expectations. The main reasons are: in 2017, the company actively expanded its business, the products were further recognized by the market, and the revenue increased, resulting in an increase in profits; the country issued stricter environmental standards, the rubber tire industry had an increased demand for environmental governance, the company strengthened its expansion in the field of environmental protection, and orders continued to increase, which had a positive impact on the company's profits; extension mergers and acquisitions expanded revenue, completed asset delivery, and began to consolidate. In addition, the company estimates that the amount of non-recurrent profit and loss in 2017 is about 1.6291 million yuan, mainly due to the income from government subsidies. Maintain a "buy" rating.
With the landing of mergers and acquisitions, the company's net profit is expected to achieve high growth in 2018.
The acquisition of Qingtu Intelligent (Beijing) Technology Co., Ltd. by the company's major asset restructuring project was examined and approved by the China Securities Regulatory Commission, and the delivery and industrial and commercial change registration were completed during the reporting period. the performance from December 19, 2017 to December 31, 2017 was incorporated into the company's consolidated statement, bringing revenue and profit growth to the company. Clearing Investment Intelligence has a revenue of 242 million yuan in 2016 and is expected to at least double the company's revenue in 2018. On the other hand, it is also expected to integrate with the company's original business. Wang Zhan, the original shareholder, created the world promise that the 18-year net profit of Clearing Smart in 2017 was 55 million yuan / 70 million yuan respectively, with a cumulative total of not less than 215 million yuan in 17-19 years. Looking forward to 2018, we believe that the company's full-year net profit is expected to achieve high growth.
The main business picks up, mergers and acquisitions are implemented, and the "buy" rating is maintained.
The company is the leader of industrial intelligent conveying batching system, with intelligent manufacturing and environmental governance as the two main industries. 771 million mergers and acquisitions of Clearing Investment Intelligence, expanding from intelligent transportation to intelligent display and control, intelligent equipment. The company expects to achieve a net profit of 20 million yuan to 24.86 million yuan belonging to shareholders of listed companies in 2017, an increase of 23.48% and 53.48% over the same period last year, which is in line with our expectations. It is estimated that the fully diluted EPS in 2017-19 is 0.18 / 0.74 plus 0.90 yuan, and the reasonable price range is 30.3-35.50 yuan, corresponding to 41-48 times PE in 18 years, maintaining the "buy" rating.
Risk hint: macroeconomic fluctuation risk; post-merger integration is less than expected risk.
