Main points of investment:

The company released its 15-year first-quarter results report on April 28th, saying that in the first quarter, the company posted a net loss of 30.055 million yuan, compared with a loss of 39.9451 million yuan in the same period last year. Operating income was 337 million yuan, an increase of 136.51 percent over the same period last year, and a basic loss per share of 0.0746 yuan. The company is expected to make a net profit loss of 4500-50 million yuan in the first half of 2015, compared with a loss of 59.19 million yuan in the same period last year.

Industry characteristics: bright prospect and grim form

In the past 14 years, the overall operating situation of the optical communications industry is grim, and the overall performance of the industry is declining. However, the nature of optical communications as a national strategic emerging industry and national strategic basic industry has not changed, the "Broadband China Strategy" has been further accelerated, and the three major telecom operators have just opened the curtain of 4G construction. So the future of the industry is still clear. However, due to the rapid development of the domestic optical communication industry and the continuous expansion of the industrial scale in recent years, the overall trend of periodic oversupply and overcapacity of optical fiber and cable products has not been alleviated, and competition in the industry has intensified. Product prices fell further and began to erode gross profits. The company's business performance is basically the same as the same period last year, so this year's performance will not improve much. In the first quarter of this year, the company is based on the "refinement, excellence and strength" of the existing stock projects, pay close attention to production management, reduce production costs, and actively expand new market areas on the basis of maintaining existing customers and market share. The company's optical cable products continue to supply to operators, optical fiber products for the first time become an official supplier of China Telecom Corporation, and will start batch supply in 2015. During the reporting period, optical fiber, optical cable, quartz materials and products were basically sold out, producing 12.36 million core kilometers of optical fiber, realizing sales of 12.42 million core kilometers, achieving sales income of 470 million yuan, producing 2.62 million core kilometers of all kinds of optical cables and selling about 2.5 million core kilometers of optical cables. achieve sales revenue of 260 million yuan.

Steadily increase and expand the optical fiber industry and expand the field of smart cities

At present, the company implements the non-public offering of new shares, and all the funds raised have been put in place, and the preparatory work for the implementation of the investment project has been started one after another, raising nearly 900 million yuan to build the "PSOD optical fiber prefabricated rod casing expansion project" and the "optical fiber prefabricated rod project". Up to now, the company has completed the capital increase of Tianjin Jiuzhi Optoelectronic material Manufacturing Co., Ltd., the main body of the PSOD light rod casing project, according to the requirements of the relevant agreement, the registered capital of the company has increased from 13 million yuan to 200 million yuan, the first phase of the project has been officially launched, and the light rod project has also entered the early design stage.

At the same time, Tianjin Tiandi Weiye Technology Co., Ltd., a holding subsidiary, has further advanced into the field of "smart city", the strategic commanding point of the information field, on the basis of consolidating and expanding the main system integration business and the construction of platforms in related software fields. The four projects undertaken by the company have been successfully selected into the "National 100 Classic projects of Intelligent Building".

Profit forecast

According to the company's current operating condition and the forecast after the implementation of SEO, the annual revenue of the company in 2015-16-17 is expected to be 12.1max 15.1 / 1.92 billion and EPS is-0.05max 0.06max 0.18 yuan respectively. Give a neutral rating.