Revenue increased by 21.48%, and net profit increased by 44.59%.
The company released a semi-annual report that 16H1 achieved revenue of 165 million, an increase of 21.48% over the same period last year (16Q1 and Q2 grew by 76.65% and-12.08%, respectively); net profit from home was 97 million, up 44.59% from a year earlier (16Q1 and Q2 grew by 46.16% and 43.64% respectively), and EPS was 0.21 yuan. The performance growth is mainly due to the good efficiency of power generation on the one hand, frequent extreme weather in Hunan during the reporting period, and the company has taken measures such as early storage and tail-blocking dispatching to ensure the steady growth of hydropower business. On the other hand, the rehabilitation business is gradually on the right track. During the reporting period, Kangnian Company turned from loss to profit, achieving an income of 253300 and a net profit of 926700. With the gradual promotion of the company's health industry, rehabilitation pension may become an important pole of performance growth in the future.
The pattern of "hydropower + healthy pension, supplemented by equity investment" has initially taken shape.
First, the actual controller has been changed to Hunan SASAC, mainly engaged in hydroelectric power generation. Hunan Development Group, the largest shareholder, is a wholly state-owned enterprise, and the actual controller has been changed from Hunan Provincial Department of Finance to Hunan State-owned assets Supervision and Administration Commission.
Wholly-owned, holding and shareholding power stations have an installed capacity of 220000 kilowatts. In the future, on the basis of further "tapping potential and increasing efficiency", they may choose the opportunity to acquire high-quality hydropower assets. Second, the "Xiangya model" has its own characteristics and promotes the expansion inside and outside the province in an orderly manner. The company joined hands with the industry authority Dean Zhou Jianglin to successfully build the "Xiangya Model" and constantly improve the layout of the rehabilitation network. Children's Rehabilitation Hospital and Changde Branch Hospital have obtained medical permits and officially opened for business. Join hands with Hubei Qiaoya to build the first third-level rehabilitation college outside the province. Third, the development of high-end health old-age park, the combination of medical and nursing can be expected. Chunhua Health Industrial Park echoes with the Gushan Health Valley project, strengthen the layout in the province, and establish a regional high-end pension brand. Fourth, equity investment provides abundant cash flow. The company actively invests in equity to provide a strong financial guarantee for the transformation.
Cover for the first time, giving a "buy" rating.
It is estimated that the company's EPS in 16-18 is 0.29,0.35,0.39 yuan respectively, and the current stock price is 48 times, 40 times and 36 times respectively corresponding to PE, giving a "buy" rating.
Risk hint
The promotion of the rehabilitation pension project fell short of expectations.