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【信达证券】南京熊猫:业绩符合预期,关注中国电子国企改革进程
[Cinda Securities] Nanjing Panda: the performance is in line with expectations and pays attention to the reform process of China's electronic state-owned enterprises.

信达证券 ·  {{timeTz}}

事件:南京熊猫近日发布2015年年度报告,2015年南京熊猫实现营业收入36.13亿元,同比增加3.16%;归属于母公司股东净利润为1.44亿元,同比降低了6.13%,基本每股收益为0.16元/股,同比降低了6.14%,业绩基本符合我们的预期。 点评: 经营净现金流向好,主营业务盈利能力有待加强。南京熊猫2015年度营业收入和归母净利润与2014年相比变化不大。从利润结构看,本年度营业利润为2.11亿元,其中投资收益达2.07亿元,这表明南京熊猫的主营业务盈利能力不足,净利润来自于两家参股公司南京爱立信熊猫通信公司(持股27%)和北京索爱普天移动通信公司(持股20%)。南京熊猫逐步调整业务结构,提升毛利率相对较高的电子装备业务的经营规模并压缩电子制造服务和消费电子业务的订单数量。另外,得益于本年度货款支付增多,南京熊猫2015年经营净现金达1.09亿元,同比增长147.53%。 持续做强电子装备业务。电子装备业务(包括自动化装备产品、交通电子装备和通信装备)是南京熊猫重点布局领域,正在形成以新型传感器、智能控制系统、工业机器人、自动化成套生产线为代表的智能制造装备产业体系。尤其在工业机器人领域,南京熊猫自主研发的1.4m/6kg型工业机器人(焊接)性能水平达到国内同类产品的前列,部分关键部件实现自主。2015年南京熊猫在上海设立上海熊猫机器人科技有限公司,专业从事机器人及智能制造系统装备研发业务。南京熊猫选择1.4m/2m焊接机器人、165kg六轴通用机器人等型号及控制器、伺服系统等关键零部件为主攻方向,做大做强机器人业务。 中电集团资产整合有加速趋势。2016年“两会”期间,中国电子信息产业集团公司(以下简称中国电子)总经理刘烈宏表示,中国电子将从混合所有制(引进战投)、员工持股和资产证券化三个角度实践国企改革,并明确指出未来中国电子的资产证券化率要提升到80%。2016年2月末,中国电子旗下长城电脑与长城信息实施换股合并,将军工资产中原电子注入上市公司并募集配套资金投资网络安全与国防信息化项目。我们认为,长城系资产整合标志着中国电子“一个板块一家上市公司”的整合思路正式启动。针对南京熊猫而言,2015年南京中电熊猫信息产业集团有限公司(以下简称中电熊猫)已经完成股权梳理,将南京熊猫的控股股东熊猫电子集团有限公司(以下简称熊猫集团)变更为全资子公司。中电熊猫旗下有多个优质军工企业,我们认为,随着中国电子国企改革的逐步实施,南京熊猫有望成为中电熊猫旗下军工资产的上市平台。 盈利预测及评级:我们预计公司2016年至2018年归母净利润分别为1.50亿元、1.48亿元和1.50亿元,对应的EPS 为0.16元/股、0.16元/股和0.16元/股。我们维持对南京熊猫的“持有”评级。 风险因素:电子信息行业市场竞争激烈,公司若不能在研发、质量和营销等方面保持优势,其市场地位有可能受到影响;工业机器人、自动化等产品核心技术研发投入大,技术难度高,存在技术开发风险;中国电子国企改革进度不达预期。

Events: Nanjing Panda recently released its annual report for 2015. the operating income of Nanjing Panda in 2015 was 3.613 billion yuan, an increase of 3.16% over the same period last year. The net profit of shareholders belonging to the parent company was 144 million yuan, down 6.13% from the same period last year, and the basic earnings per share was 0.16 yuan per share. 6.14% lower than the same period last year, the performance is basically in line with our expectations. Comments: The operating net cash flow is good, and the profitability of the main business needs to be strengthened. The annual operating income and net profit of Nanjing Panda in 2015 have not changed much compared with 2014. In terms of profit structure, this year's operating profit is 211 million yuan, of which the investment income is 207 million yuan, which shows that Nanjing Panda's main business is not profitable. The net profit comes from two shareholding companies, Nanjing Ericsson Panda Communications (27%) and Beijing Sony Ericsson Putian Mobile Communications (20%). Nanjing Panda gradually adjusts its business structure, increases the operation scale of electronic equipment business with relatively high gross profit margin, and reduces the number of orders for electronic manufacturing services and consumer electronics business. In addition, thanks to the increase in payment this year, Nanjing Panda's net operating cash reached 109 million yuan in 2015, an increase of 147.53% over the same period last year. Continue to strengthen the electronic equipment business. Electronic equipment business (including automation equipment products, traffic electronic equipment and communication equipment) is the key layout area of Nanjing Panda. An intelligent manufacturing equipment industry system represented by new sensors, intelligent control systems, industrial robots and automatic production lines is being formed. Especially in the field of industrial robots, the 1.4m/ 6kg industrial robot (welding) independently developed by Nanjing Panda has reached the forefront of similar products in China, and some key components are autonomous. In 2015, Nanjing Panda established Shanghai Panda Robot Technology Co., Ltd in Shanghai, specializing in the research and development of robots and intelligent manufacturing system equipment. Nanjing Panda chooses models such as 1.4m/2m welding robot, 165kg six-axis general robot and key components such as controller and servo system as its main direction to expand and strengthen the robot business. The asset integration of CLP Group tends to accelerate. During the 2016 "two sessions", Liu Liehong, general manager of China Electronic Information Industry Corporation (hereinafter referred to as China Electronics), said that China Electronics will practice the reform of state-owned enterprises from the perspectives of mixed ownership (introduction of war investment), employee stock ownership and asset securitization, and clearly points out that the asset securitization rate of China Electronics will be raised to 80% in the future. At the end of February 2016, China Electronics's Great Wall computer and Great Wall Information implemented a stock exchange merger, injecting Zhongyuan Electronics, a military asset, into a listed company and raising matching funds to invest in cyber security and national defense information projects. We believe that the asset integration of the Great Wall system marks the official launch of the integration idea of "one plate, one listed company" of China Electronics. As far as Nanjing Panda is concerned, in 2015, Nanjing CLP Panda Information Industry Group Co., Ltd. (hereinafter referred to as CLP Panda) has completed the equity carding. Nanjing Panda's controlling shareholder, Panda Electronics Group Co., Ltd. (hereinafter referred to as Panda Group) into a wholly-owned subsidiary. CLP Panda has a number of high-quality military enterprises, and we believe that with the gradual implementation of the reform of China's state-owned electronics enterprises, Nanjing Panda is expected to become a listing platform for CLP Panda's military assets. Profit forecast and rating: we expect the company's net profit from 2016 to 2018 to be 150 million yuan, 148 million yuan and 150 million yuan respectively, corresponding to EPS 0.16 yuan per share, 0.16 yuan per share and 0.16 yuan per share. We maintain our "hold" rating on Nanjing Panda. Risk factors: the market competition in the electronic information industry is fierce, and if the company fails to maintain its advantages in research and development, quality and marketing, its market position may be affected; the R & D investment in the core technology of products such as industrial robots and automation is large, the technology is difficult, and there are risks in technology development; the progress of the reform of China's state-owned electronic enterprises is not up to expectations.

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