Revenue decreased by 41.74%, while net profit returned to the mother increased by 200.06%.
The company released a semi-annual report that 16H1 achieved revenue of 666 million yuan, a decrease of 41.74% over the same period last year, a net profit of 72.5958 million yuan, an increase of 200.06% over the same period last year, and a net profit of 71.0607 million yuan, an increase of 829.95% over the same period last year.
The growth of the company's performance is mainly due to a substantial increase in the net profit realized by the participating company Changjiang United Metal Trading Center compared with the same period last year.
Supply chain management and property income decreased significantly, while industrial income increased slightly.
In terms of industry, the sales revenue of supply chain management was 240 million (36.54%), down 64.86% from the same period last year; the sales revenue of the logistics industry was 369 million (56.15%), down 13.74% from the same period last year; and the industrial sales revenue was 48.0475 million (7.31%), up 9.08% from the same period last year. In terms of regions, mainland China's sales revenue was 619 million (92.97%), down 44.04% from the same period last year; Hong Kong sales revenue was 46.774 million (7.03%), up 28.33% from the same period last year.
The gross profit margin and net profit margin increased sharply, and the expense rate increased during the period.
16H1's comprehensive gross profit margin was 17.90%, an increase of 9.14% over the same period last year. Of this total, the supply chain management gross profit margin was 10.34%, up 7.35% from the same period last year; the logistics industry gross profit margin was 19.30%, up 4.71% from the same period last year; and the industrial gross profit margin was 37.72%, down 2.46% from the same period last year. During the reporting period, the rate of expenses during the period was 14.50%, an increase of 7.58 percentage points over the same period last year. Among them, the sales expense rate was 3.81%, an increase of 1.77% over the same period last year; the management expense rate was 9.75%, an increase of 5.01% over the same period last year; and the financial expense rate was 0.93%, an increase of 0.80% over the same period last year. Affected by the increase in gross profit margin and the substantial increase in investment income, the company's net profit rate increased by 8.78 percentage points year-on-year during the reporting period.
Participate in Changjiang United Metal Trading Center to create a new engine of performance growth
In 2013, the company began to focus on the strategic function of "industrial investment and investment services", strengthening the management of existing assets and the expansion of new investment projects, and making use of the advantages of capital platform. strategic local meteorological science and technology, infrastructure, financial services, resources and other new business sectors. The actual control of ① is the Shanghai State-owned assets Supervision and Administration Commission, which is a typical important target of Shanghai's state-owned enterprise reform. ② shares in Changjiang United Metal Trading Center to create a new engine of performance growth. ③ is the leader in the development and production of domestic radiosondes.
Maintain the buy rating
Based on integrated logistics, the company has distributed meteorological, financial, infrastructure and other sectors in recent years, and its performance has increased steadily, and the performance of 16H1 has increased by 200.06% compared with the same period last year. The company's Yangtze River United Metal Trading Center is in good condition and has gradually become a new growth engine for the company's performance. We estimate that the EPS in 16-18 will be 0.65 yuan, 0.91 yuan and 1.23 yuan respectively, and the current stock price corresponding to PE is 35 times, 25 times and 18 times respectively, maintaining the buy rating.
Risk hint: the performance growth of the metal trading center has slowed down, and the economy of the logistics industry has declined.