1. The main business is outstanding, and operating income and net profit continue to grow.
The company's operating income increased from 242.5756 million yuan in 2013 to 391.8394 million yuan in 2016, with a compound growth rate of 17.33%. The company's net profit increased from 15.1238 million yuan in 2013 to 45.0031 million yuan in 2016, with a compound growth rate of 43.83%. The rate of return on total assets and the total net interest rate of assets are higher in comparable companies, and the company's main business is outstanding.
two。 Strong technical R & D strength and customer resources, both product advantages and brand advantages, relying on a strong and stable network of customer resources, the company has established a good brand image and enjoyed high market awareness in the radio and television industry. ensure the stability of the company's production and sales, and significantly improve the company's profitability It has accumulated rich technical experience and reserves in the field of radio and television network equipment and has significant advantages in technological research and development. The company has strong product advantages; it has established a marketing service network with extensive coverage and sound system; and has accumulated rich experience in fund management.
3. Investment advice:
Considering the promotion of "triple play" and "Broadband China" and the transformation of radio and television networks, the demand of radio and television operators for radio and television network equipment continues to grow, and the company has accumulated rich technical experience and stable customer resources in the industry. we expect the company's revenue from 2017 to 2019 to be 533 million yuan, 702 million yuan and 889 million yuan, and net profit to be 82 million yuan, 108 million yuan and 142 million yuan. Corresponding to the PE of 34, 26, 20 times, the first coverage, given a "recommended" rating.
4. Risk Tips:
The risk of industry policy; the risk of dependence on the radio and television industry; the risk of intensified competition in the industry market; the risk of updating industry technology and standards.