I. the optical fiber and cable business is booming, and the optical rod breakthrough is worth looking forward to.
Since the divestiture of industrial real estate in 2016, the company's current business is mainly divided into three parts: optical communications, system integration and quartz pipe. According to the data of the 2017 semi-annual report, the revenue of optical communications was 791 million yuan, the system integration was 173 million yuan, and the income of quartz pipe was 8 million yuan, up 15.85% and 17.92% respectively over the same period last year, accounting for 81.2%, 17.72% and 0.78% respectively.
In the optical fiber and cable business in the field of optical communication, the company currently has a production capacity of 24 million core kilometers of optical fiber and 4 million kilometers of optical cable, and the optical rod field is looking forward to a breakthrough. According to the company's three quarterly reports, the main foundation of its 500-ton optical fiber prefabricated bar manufacturing project has been completed, and the main structure construction is under way; all 200 tons of imported process equipment for the first phase of the project have arrived, and other auxiliary equipment is being purchased as planned. At present, the company's production and sales ratio of optical fiber and optical cable is basically close to 100%, and the subsequent sustained growth will encounter bottlenecks. If the optical rod production capacity can be released smoothly, the company will form a "bar-fiber-cable" integrated industrial structure, which will greatly enhance the company's profitability.
Light stick large casing business, the company produced 48 tons in the first half of the year, achieving 1470 million revenue, an increase of 796% over the same period last year. The plant, equipment and facilities of the new 120-ton project have been completed one after another, and the production capacity is expected to be greatly expanded.
In the field of system integration, the company's holding subsidiary Tiandi Weiye continues to expand its engineering projects in system integration, weak power, intelligence, information security and other related fields, with relatively stable growth. New growth is expected to be achieved in smart cities, smart homes and other fields in the future.
II. Epitaxial layout Internet SaaS plate
The company recently announced that it plans to buy a total of 90% of its shares in the micro-venture network from Shanghai Micro-Chuang Software, Chengdu Star Cloud, Li Houyi and Shanghai Rongfu by issuing shares and paying cash. It also plans to raise matching funds from the controlling shareholder, Tibet Jinzhan, in a non-public offering, with a total amount of no more than 230 million yuan.
According to the company announcement, Mini Chuang Network was founded in July 2015, mainly to meet the Internet transformation needs of traditional enterprises, and is a leading SaaS service provider. Micro-innovation network Internet background is deep, its controlling shareholder Shanghai Micro-Chuang Software is Microsoft Corp shareholding company, the actual control is Tang Jun.
Minimally invasive network products are mainly committed to providing customers with one-stop "Internet +" transformation services, using Internet platform and information technology to provide standardized products, customized systems and tools, and launch Internet + series products and a package of solutions. The main functional modules include: enterprise e-commerce system, brand content system, operation management system, social customer relationship management system and supply chain management system. From the official website, partners include Nivea, Daijin Air conditioning, Unilever and so on.
Third, profit forecast: in the short term, the high prosperity of the company's optical fiber and cable industry and the company's breakthroughs in the field of light sticks, and in the medium to long term, minimally invasive networks contribute to the sustained growth of traditional enterprises in the field of Internet transformation and upgrading, as well as the company's sustained layout in the Internet field. Leaving aside the minimally invasive network for the time being, it is estimated that the EPS in 2017-2019 will be 0.07,0.13 and 0.16 yuan respectively, giving the "overweight" rating for the first time.
Risk hint: optical rod technology breakthrough is uncertain; acquisition is uncertain