Event: in the third quarter of 2019, the company achieved revenue of 483 million yuan, an increase of 22.49% over the same period last year, and a net profit of 85 million yuan, an increase of 16.70% over the same period last year.
The performance is growing steadily. In the third quarter, the quarterly income was 175 million yuan, up 24.37% from the same period last year, and the net profit was 20 million yuan, up 6.70% from the same period last year. In the first three quarters, the company's gross profit margin was 42.30%, an increase of 0.78pct over the same period last year; the growth rates of sales expenses and administrative expenses were 13.49% and-12.86%, respectively; and the net profit rate was 18.01%, down 0.85pct from the same period last year. The net operating cash flow in the first three quarters was 38 million yuan, compared with 23 million yuan in the same period last year.
Successfully won the sub-project of "Collaborative Manufacturing Integration (process Manufacturing)" of the equipment Industry Department of the Ministry of Industry and Information Technology.
In May this year, the equipment Industry Department of the Ministry of Industry and Information Technology launched a public tender for "2019 Intelligent Manufacturing system solution supplier". A total of 28 projects in six categories including digital workshop integration, intelligent factory integration, collaborative manufacturing integration and intelligent manufacturing overall planning and design have been issued. In October 2019, the bid evaluation result of "2019 Intelligent Manufacturing system solution provider" project was announced, the company successfully won the sub-project of "Collaborative Manufacturing Integration (process Manufacturing)", and the first batch of 58 enterprises were selected. At present, the company has the service ability of scheme design, integrated implementation and operation and maintenance service in the whole process of collaborative manufacturing integration, with more than 20 core technologies, 51 patents related to intelligent manufacturing and 55 software copyrights. It has created many intelligent manufacturing model projects in energy, metallurgical and chemical industries, such as Oriental Hope, Datang Taizhou Thermal Power and so on.
EmpoworX industrial Internet platform is released on a grand scale. In June 2019, through the innovation of products, applications and business models, Keyuan will focus on the grand release of the EmpoworX industrial Internet platform, which will strive to achieve deep cloud-based interconnection and collaborative manufacturing, promote industrial interconnection and intelligently create new development in the future. At present, the company's industrial Internet platform has been connected to more than 3000 users and nearly 2 million equipment data collection points. We have created many model projects in electric power and chemical industries, such as Qingdao Port, the first automatic terminal in Asia, Jinma Energy, the benchmark for intelligent manufacturing of coal chemical industry, Datang Taizhou Thermal Power Plant, the first intelligent power plant in China, and so on.
Work with a number of groups to build intelligent power plants. In the second half of 2019, the company joined hands with Mengneng Group and Zhangjiagang Huaxing Power to create smart power plant solutions. In August 2019, Mengneng Group and the company signed a strategic cooperation agreement to promote smart power plant solutions to power generation enterprises within Mengneng Group and other power generation enterprises in Inner Mongolia with the help of Keyuan Wisdom EmpoworX industrial Internet platform and smart power plant solutions. In October 2019, the company won the bid Zhangjiagang Huaxing Phase II expansion of two F-class (400MW) gas turbine cogeneration unit project digital power plant management system, in the past ten years the company's NT6000 distributed control system, heating network prepayment system, thermal control instruments and other automation, information products and solutions have been well applied in Huaxing Power.
Investment suggestion: from 2019 to 2021, the EPS is expected to be 0.61 euro, 0.85 and 1.17 yuan respectively, and the current price corresponding to PE is respectively times that of 23-17-12. Maintain a "buy" rating.
Risk hint: fierce competition in the field of industrial Internet platform