Main points of investment:
The company's speakers, hairdressing appliances and other traditional business steady growth to provide performance support. The company's income from hairdressing and small household appliances business reached 250 million yuan in the first half of 2015, an increase of 26.58 percent over the same period last year, and revenue from multimedia audio products reached 230 million yuan, an increase of 27.61 percent over the same period last year. In addition, on 9.22, the company invested in Le Yunrui to obtain wireless Internet audio technology to enhance the traditional business growth space with the help of "interconnection +" thinking.
With the acquisition of Opunda, the new business metal structure is in a period of rapid development. The substitution of metal structural parts for plastic structural parts of consumer electronic products makes the industry enter an explosive period. Opengda products and customer resources are excellent, can have many aspects of synergy with the company. Oupengda's high performance commitment of no less than 132 million yuan and 158.4 million yuan in net profit in 2015 and 2016 shows the company's confidence in rapid development. In the first half of the year, the revenue of the metal structure business reached 215.9149 million yuan, an increase of more than 70% over the same period last year, making it the third largest business. Benefiting from new quality projects and economies of scale, the business is expected to maintain high growth.
Endogenous + epitaxial in-depth layout of multiple smart wearable product lines. Through independent research and development, the company has launched smartwatches, smart bracelets and other products, while extension actions continue: increasing capital, optical communication layout, health monitoring; investment in Otto technology committed to smart wearable terminal products, Otto cool mirror is worth looking forward to; invest in Apko layout sensors; hand in hand Suzhou medical strategic cooperation great health. What is worth paying attention to is that the company's smart wear business has made substantial progress: obtaining NQA's ISO13485:2003 quality management system certification certificate, and cooperation with Lenovo Huawei will get more than 2.5 million large orders.
Profit Forecast:
The company's traditional business is developing steadily, and the high growth of smart wear and metal structure business is expected.
It is estimated that the EPS from 2015 to 2017 will be 0.68,0.94 and 1.24 yuan respectively, which will be rated as "overweight".
Risk Tips:
The popularization progress of smart wearable devices is lower than the expected risk, and there is a risk of performance fluctuation in the period of high growth.