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南京熊猫(600775)年报及季报点评:电子装备平台 资产注入可期
Nanjing Panda (600775) Annual report and Quarterly report comments: electronic equipment platform assets injection is expected

方正证券 ·  {{timeTz}}

公司近日公布年报及一季报。2015 年共实现营业收入36.10 亿,同比增3.61%。归母净利1.44 亿,同比减6.31%;扣非后1.09 亿,同比增9.91%。EPS0.16 元/股,同比减6.14%,ROE4.46%,同比减少0.36 个百分点。 分业务来看,公司电子装备产品营收17.6 亿(占比48.7%),同比增15.2%,毛利率13.95%,同比减0.27 个百分点;电子制造服务业务营收8.9 亿(占比24.6%),同比减6.2%,毛利13.03%,同比减0.05 个百分点;消费电子产品营收7.4 亿(占比20.5%),同比减7.71%,毛利10.67%,同比增0.17 个百分点;其它产品营收1.9 亿(占比0.05%),同比增25.17%,毛利44.24%,同比减5.73 个百分点。 公司一季度营收6.92 亿,同比减20.96%。归母净利润营收3791 万,同比增19.53%;扣非后净利润2123 万,同比减19.14%。本期投资收益5737 万,同比增74.75%,主要由于联营公司本期利润增加所致;营业外收入1595 万,同比增379.22%,主要由于本期确认的政府补贴收入增加所致。 投资要点 1.公司2015 年经营计划基本完成 公司所从事的主要业务是电子装备、消费电子产品的研发、生产和销售以及电子制造服务。其中电子装备主要包括自动化装备、交通电子装备和通信装备等产品;消费电子主要包括数字家庭等相关产品;电子制造包括 EMS 等服务。 电子装备相关业务是公司发展方向和重点。目前自动化装备产品主要是液晶面板和液晶玻璃生产线体及配套的生产、传输设备组件,及相关产业的工业机器人;交通电子装备产品主要是轨道交通ACC 系统、AFC 系统及终端设备;通信装备产品主要是TD-LTE 小基站类产品、各类时频设备和专用通信设备,以及广播电视发射机等相关产品。 2015 年公司经营目标为营收4 亿元,利润总额2.3 亿元,实际完成营收3.61 亿元,完成利润总额2.23 亿元。面对增速放缓的整体经济形势,公司2016 年经营目标为营收3.8 亿元,利润总额2.2 亿元。 2.参股公司的投资收益是公司业绩的主要支撑 南京爱立信熊猫通信、北京索爱普天移动通信的投资收益是公司业绩的主要支撑。2015 年,两家公司合计为公司贡献投资收益1.85亿元。 南京爱立信熊猫通信有限公司(ENC)成立于1992年,公司持股27%、爱立信(中国)持股51%、中国普天持股20%;香港永兴持股2%。ENC主要从事移动通信系统设备、公网通信系统设备等产品的研发及生产。ENC目前是爱立信全球最大的生产、供应中心,主要进行爱立信公司开发产品的工业化和量产工作,面向全球的客户进行交付和发货。 北京索爱普天移动通信有限公司(BMC)成立于1995年,公司持股20%、中国普天持股 27%、索尼移动通信(中国)持股26%、索尼移动通信持股25%、香港永兴持股2%。BMC主要从事索尼移动终端(手机)的生产,是索尼手机最主要的生产基地和供应中心。 2015年ENC营收127亿,同比降6.36%,净利3.07亿,同比增2.8亿;BMC营收228.7亿,同比降24.39%,净利5.1亿,同比降22.8%。 3.集团军工电子装备资产注入预期强烈 公司是中电熊猫集团控制的两家上市公司之一。中电熊猫集团是中国电子信息产业集团(CEC)下属子集团。中电熊猫子公司熊猫汉达、长江信息、科瑞达电子、三乐电子分别从事军用卫星通信、岸基雷达、电子对抗装备及微波组件业务,占CEC军工电子装备业务的一半以上,资产规模与质量可媲美中国电科下属核心研究所。公司目前业务以民用电子装备为主,未来中电熊猫集团有望以公司为平台推动军工电子装备资产的证券化。 4.盈利预测与投资建议 不考虑资产注入,我们预测公司2016-2018年的EPS分别为0.16、0.18、0.23元/股,对应的PE分别为92、81、63倍。考虑到集团资产注入给公司带来的业绩与估值提升,我们对公司首次覆盖,给予推荐评级。 风险提示:传统业务下滑;民用电子装备业务拓展不达预期;集团资产证券化进度不达预期

The company recently released its annual report and quarterly report. Total operating revenue reached 3.61 billion in 2015, an increase of 3.61% over the same period last year. The net profit returned to the mother was 144 million, down 6.31% from the same period last year, while the non-deduction was 109 million, an increase of 9.91% over the same period last year. EPS0.16 yuan per share, down 6.14% from the same period last year, down 4.46% from the same period last year, or 0.36% lower than the same period last year. In terms of business, the company's revenue from electronic equipment products was 1.76 billion (48.7%), up 15.2% from the same period last year, with a gross profit margin of 13.95%, a decrease of 0.27% over the same period last year; revenue from the electronic manufacturing services business was 890 million (24.6%), down 6.2% from the same period last year and 13.03% from the same period last year. Revenue from consumer electronics products was 740 million (20.5%), down 7.71% from the same period last year, and gross profit was 10.67%, up 0.17% from the same period last year; revenue from other products was 190 million (0.05%), up 25.17% from the same period last year, and gross profit was 44.24%, down 5.73% from the same period last year. The company's revenue in the first quarter was 692 million, down 20.96% from the same period last year. The net profit from home was 37.91 million, up 19.53% from the same period last year; after deducting 21.23 million, the net profit was 19.14% lower than the same period last year. The investment income for the current period was 57.37 million, an increase of 74.75% over the same period last year, mainly due to the increase in profits of the associated company in the current period; non-operating income was 15.95 million, an increase of 379.22% over the same period last year, mainly due to the increase in government subsidy income recognized in the current period. Main points of investment 1. The company's business plan for 2015 is basically completed. The main business of the company is electronic equipment, R & D, production and sales of consumer electronic products and electronic manufacturing services. Electronic equipment mainly includes automation equipment, traffic electronic equipment and communication equipment and other products; consumer electronics mainly includes digital home and other related products; electronic manufacturing includes EMS and other services. Electronic equipment-related business is the company's development direction and focus. At present, automation equipment products are mainly LCD panels and LCD glass production lines and supporting production, transmission equipment components, and industrial robots of related industries; traffic electronic equipment products are mainly rail transit ACC systems, AFC systems and terminal equipment; communication equipment products are mainly TD-LTE small base station products, all kinds of time-frequency equipment and special communication equipment, as well as radio and television transmitters and other related products. In 2015, the company's operating target is 400 million yuan in revenue, with a total profit of 230 million yuan, with an actual revenue of 361 million yuan and a total profit of 223 million yuan. In the face of the overall economic situation of slowing growth, the company aims to achieve a revenue of 380 million yuan and a total profit of 220 million yuan in 2016. two。 The investment income of the shareholding company is the main support of the company's performance. The investment income of Nanjing Ericsson Panda Communication and Beijing Sony Ericsson Putian Mobile Communication is the main support of the company's performance. In 2015, the two companies contributed a total of 185 million yuan to the company's investment income. Founded in 1992, Nanjing Ericsson Panda Communications Co., Ltd. (ENC) holds 27 per cent, 51 per cent of Ericsson China, 20 per cent of China Putian and 2 per cent of Hong Kong Yongxing. ENC is mainly engaged in the R & D and production of mobile communication system equipment, public network communication system equipment and other products. ENC is currently the largest production and supply center of Ericsson in the world, mainly engaged in the industrialization and mass production of products developed by Ericsson, and delivered and delivered to customers around the world. Beijing Sony Ericsson Mobile Communications Co., Ltd. (BMC) was founded in 1995. The company holds 20%, China Putian 27%, Sony Group Corp Mobile (China) 26%, Sony Group Corp Mobile 25% and Hong Kong Yongxing 2%. BMC is mainly engaged in the production of Sony Group Corp mobile terminals (mobile phones) and is the main production base and supply center of Sony Group Corp mobile phones. In 2015, ENC revenue was 12.7 billion, down 6.36% from the same period last year, with a net profit of 307 million, up 280 million from the same period last year; BMC revenue was 22.87 billion, down 24.39% from the same period last year, with a net profit of 510 million, down 22.8% from the same period last year. 3. The group is expected to inject into military electronic equipment assets strongly. The company is one of two listed companies controlled by CLP Panda Group. CLP Panda Group is a subsidiary of China Electronic Information Industry Group (CEC). CLP Panda subsidiaries Panda Handa, Changjiang Information, Krida Electronics and Sanle Electronics are respectively engaged in military satellite communications, shore-based radar, electronic countermeasures equipment and microwave components business, accounting for more than half of the CEC military electronic equipment business, and the asset scale and quality are comparable to the core research institutes of China Electric Power. At present, the company is mainly engaged in civil electronic equipment. In the future, China Electric Panda Group is expected to use the company as a platform to promote the securitization of military electronic equipment assets. 4. Profit forecast and investment suggestion Without considering the asset injection, we predict that the EPS of the company from 2016 to 2018 is 0.16,0.18,0.23 yuan per share respectively, and the corresponding PE is 92,81,63 times respectively. In view of the improvement in performance and valuation brought about by the group asset injection, we recommend and rate the company for the first time. Risk tips: traditional business decline; civil electronic equipment business expansion is not up to expectations; group asset securitization progress is not up to expectations

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