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【海通证券】南京熊猫公司研究报告:借力国企改革东风、有望成为CEC电子装备整合平台
[Haitong] Research report of Nanjing Panda Company: with the help of the reform of state-owned enterprises, it is expected to become an integrated platform for CEC electronic equipment.

海通证券 ·  {{timeTz}}

产业政策推动发展,机遇与挑战并存。电子信息行业作为国民经济的战略性、基础性和先导性支柱产业,“十三五”时期,电子信息行业在产业政策推动和市场需求不断扩大的大背景下将迎来新的发展机遇和更大的发展空间,2015年1-12月,电子信息制造业收入和利润分别同比增长7.6%和7.2%,均大幅高于同期工业平均增长水平。 公司依托国防电子装备产业背景,精耕细作、业绩良好,着力打造国内一流大型电子装备上市公司。公司作为中电熊猫(CEC下属电子装备平台)旗下上市平台,在熊猫电子股权重组落地后重装待发。目前主要产品包括电子装备和消费电子产品,其中电子装备相关业务是公司发展方向和重点。2015年公司营业收入人民币36.1亿元,利润总额人民币2.2亿元,超过公司经营目标,主要参股公司南京爱立信熊猫通信(持股27%,实现投资收益0.83亿元)和北京索爱普天移动通信(持股20%,实现投资收益1.02亿元)均表现良好。 借力国企改革东风,整合科技资源,提升核心技术创新。公司在国企改革政策的推动下重新激发活力,内生与外延驱动下,不断推动机器人与智能制造业务的发展和创新。一方面,通过非公开发行A股募投电子装备、通信装备、轨道交通信息化装备和研发中心项目;另一方面,公司不断加大研发和产业化基地建设力度,打造熊猫电子装备园、熊猫新港工业园等研发和产业化基地,不断完善研发基础设施和产业化条件,形成以智能制造成套系统装备、相关产业工业机器人、轨道交通信息化系统装备、数字电视广播发射机及数字集群相关产品为主的通信装备产业,三网融合智能终端与数字家庭为主的消费电子产业等核心主业。 首次覆盖,给予“买入”评级。我们预计南京熊猫2016~2018年营业收入分别为42.85亿元、48.81亿元、53.30亿元,归属上市公司股东对应的净利润分别为1.85亿元、2.15亿元、2.47亿元,同比增速分别为28.80%、16.11%、15.01%,EPS分别为0.20元、0.24元、0.27元,对应PE分别为81、70、61倍。考虑到公司未来国企改推动下步入发展的快车道,给予2016年动态PE99倍,6个月目标价19.80元,首次覆盖,给予“买入”评级。 行业催化剂。十三五期间国家电子信息产业快速发展,国企改革政策驱动。 主要风险因素。相关主题板块估值体系的波动。

Industrial policy promotes development, and opportunities and challenges coexist. The electronic information industry is a strategic, basic and leading pillar industry of the national economy. During the 13th five-year Plan period, the electronic information industry will usher in new development opportunities and greater development space under the background of industrial policy promotion and expanding market demand. From January to December 2015, the revenue and profits of the electronic information manufacturing industry increased by 7.6% and 7.2% respectively compared with the same period last year. All are much higher than the average industrial growth level in the same period. Relying on the national defense electronic equipment industry background, intensive cultivation and good performance, the company strives to build a domestic first-class large-scale electronic equipment listed company. As the listing platform of China Light and Power Panda (CEC's electronic equipment platform), the company is ready to start after Panda's equity restructuring has landed. At present, the main products include electronic equipment and consumer electronic products, in which electronic equipment-related business is the company's development direction and focus. In 2015, the company had an operating income of 3.61 billion yuan and a total profit of 220 million yuan, exceeding the company's operating target. Nanjing Ericsson Panda Telecom (27% holding). Achieve investment income of 83 million yuan) and Beijing Sony Ericsson Putian Mobile Communications (20% shareholding, achieve investment income of 102 million yuan) performed well. Take advantage of the reform of state-owned enterprises, integrate scientific and technological resources, and enhance core technological innovation. Driven by the reform policy of state-owned enterprises, and driven by endogenesis and extension, the company continues to promote the development and innovation of robot and intelligent manufacturing business. On the one hand, raise investment in electronic equipment, communications equipment, rail transit information equipment and R & D center projects through non-public offering of A shares. On the other hand, the company continues to strengthen the construction of R & D and industrialization bases, build R & D and industrialization bases such as Panda Electronic equipment Park and Panda Xingang Industrial Park, and constantly improve R & D infrastructure and industrialization conditions. to form a communication equipment industry based on intelligent manufacturing complete sets of system equipment, related industrial robots, rail transit information system equipment, digital television broadcasting transmitters and digital cluster related products. Triple play integrates the core industries such as the consumer electronics industry, which is dominated by intelligent terminals and digital homes. Cover for the first time, giving a "buy" rating. We estimate that the operating income of Nanjing Panda in 2016-2018 is 4.285 billion yuan, 4.881 billion yuan and 5.33 billion yuan respectively, and the corresponding net profit belonging to shareholders of the listed company is 185 million yuan, 215 million yuan and 247 million yuan respectively, with year-on-year growth rates of 28.80%, 16.11% and 15.01% respectively, and corresponding PE is 81, 70 and 61 times respectively. Considering that the company will step into the fast lane driven by the reform of state-owned enterprises in the future, it will be given a "buy" rating of 2016 dynamic PE99 times, with a 6-month target price of 19.80 yuan, covering for the first time. Industry catalyst. During the 13th five-year Plan period, the national electronic information industry developed rapidly, which was driven by the policy of state-owned enterprise reform. Main risk factors. The fluctuation of the valuation system of the related topic plate.

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