Data:
According to the company's 2014 annual report, the operating income reached 1.728 billion yuan, an increase of 9.33% over the same period last year. The net profit attributed to listed companies was 10.3132 million yuan, an increase of 50.01% over the same period last year. The net profit after deducting non-profit was 41.705 billion yuan, an increase of 133.94% over the same period last year.
Summary of the report:
The main business has maintained steady growth. While deeply ploughing the traditional advantageous areas such as construction machinery and commercial vehicles, the company has opened up new fields such as mainframe factory market, agricultural machinery, logistics information, and so on, and its main business income has maintained a steady growth of 9.33%. In addition, the company has a strong ability to control expenses, the proportion of sales expenses in income has declined, and management expenses have increased slightly due to the increase in the number of new R & D projects, coupled with a large decline in non-operating expenses of the company. the company's net profit after deduction has increased by 134%. As the company's agricultural machinery, cloud access and other emerging products gradually contribute to revenue, the company should be able to continue this year's high growth rate next year.
Construction machinery is getting warmer and new markets such as agricultural machinery are being dug. With the interest rate cut by the central bank and the loosening of the national real estate regulation, the real estate recovery will bring benefits to the company's traditional construction machinery business. Belt and Road Initiative, promoted by the state, has also opened up a new space for it. in addition, according to foreign experience, there is huge room for increment and stock in China's mainframe factory market, and the company has carried out in-depth cooperation with the American Tupcom agricultural machinery field. after the mainframe factory, agricultural machinery and other markets are expected to become the company's new high-speed growth engine in the future.
Active product innovation, endogenesis and extension double drive. The company took the lead in entering the preloading market and carried out strategic cooperation with important customers on private cloud services, and its huge amount of data accumulated set up high barriers to entry for competitors. and relying on big data to manufacturers and mechanical users to launch a series of successful products such as micro-heavy industry. In addition, Yuntong, the company's first O2O mobile Internet product, began trial operation in 2014 and is expected to start contributing revenue next year, becoming a new growth point for the company.
Maintain the "overweight" rating. It is predicted that the operating income from 2015 to 2017 will be 2.16 RMB 2.6 / 308 million yuan, the net profit 0.27 pm 0.34 / 39 million RMB, and the EPS 0.17 pm 0.21 RMB 0.24 RMB.
