Event: the company released its 2017 annual report, with operating income of 1.66 billion yuan during the reporting period, an increase of 9.26% over the same period last year, and the net profit belonging to shareholders of listed companies was 12.4564 million yuan.
From a quarterly point of view, the company achieved revenue of 123 million yuan, 249 million yuan, 475 million yuan and 814 million yuan respectively in the 1234th quarter.
Industrial transformation has achieved initial results, and the income of emerging industries has increased significantly. Traditional industries continue to maintain a steady development trend and maintain good profitability. the sales scale of rail transit industry and supercapacitor system industry in emerging transitional industries has increased significantly compared with the same period last year, and the proportion in the main business shows an upward trend. among them: the operating income of rail transit business in the current period reached 814.9825 million yuan, an increase of 22.86% over the same period last year, accounting for 49.Og% of this year's business income. The operating income of the supercapacitor system in the current period reached 116.5317 million yuan, an increase of 62% over the same period last year, accounting for 7.02% of this year's business income. The company's industrial structure adjustment has achieved results.
Rail transit business has become a new growth point of the company. The trial production of the company's independent research and development of 100% tram has been successfully completed, and related certification has also achieved phased results. During the reporting period, we obtained the order for the track system of Chengdu Rong Line 2, realized the first large-scale use of the new track system on the domestic tram line, and completed the trial of the new system on the Guangzhou subway line. The test results fully meet the expectations, which is conducive to the promotion and use of the company's new track system in other urban rail transit trams and subway lines in China. Make the new track system become an important growth point of the company's rail transit business.
The business of supercapacitors and new energy vehicles is also moving forward in an orderly manner. The performance and quality of Aowei technology supercapacitor products have been favored and recognized by customers at home and abroad, and are actively expanding overseas markets. At present, 8 models of the company's new energy vehicles have been announced, of which 7 have entered the promotion catalogue and now have the basis to promote them to the market. The company plans to introduce strategic partners in the new energy vehicle industry to jointly expand the new energy vehicle business, so that the company will focus more resources on the development of rail transit business.
Investment advice and rating: we expect the company's 2018-2020 net profit to be 23 million, 92 million and 125 million times PE, 53 times and 39 times, with an "overweight" rating.
Risk hint: the rail transit business order is lower than expected.