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【兴业证券】南风股份:业绩预告符合预期,工业级3D打印有序推进

興業證券 ·  Jan 19, 2017 00:00  · Researches

The company released the 2016 performance forecast: On January 19, 2017, the company announced the 2016 performance forecast. It is expected to achieve net profit attributable to shareholders of listed companies of about 8444 to 97.76 million yuan throughout the year, an increase of 90%-120% over the previous year. The company's performance forecast is in line with expectations, and the volume and price of the special pipes and special materials business have risen sharply. While deepening and consolidating the market in the field of ventilation and air treatment systems and the field of special pipe fittings for energy engineering, the company continued to strengthen the company's R&D investment in the field of new materials and processes. During the reporting period, the sales volume of the company's ventilation and air treatment business was basically the same. The special pipe fittings and special materials business was affected by the market recovery, and volume and price increased sharply, leading to a significant increase in performance. In addition, in 2015, the company separately calculated asset impairment preparations of 25.2714 million yuan, but there were no such impairment preparations during the reporting period, which had a certain impact on performance growth. Heavy metal 3D printing technology is spreading rapidly, creating new profit growth points. The company actively promotes the industrialization process of heavy metal 3D printing technology and opens up a new path of high-quality, high-efficiency, and low-cost manufacturing of main nuclear power equipment. In December 2016, the ACP100 reactor (small reactor) pressure vessel additive manufacturing (3D printing) test piece independently developed by the Southern Additive and Nuclear Power Research and Design Institute, a holding subsidiary of the company, passed the certification and entered the application performance test; the nuclear power main steam pipeline penetrating part also completed simulation printing in October 2016 and entered the machining processing and testing stage. The company lays out a large 3D printing industry and constructs an industrial-grade 3D printing ecosystem, which is expected to become a new profit growth point in the future. Profit forecast and rating: The company is a leader in the nuclear power HAVC industry. Currently, the company has further obtained military salary quality for nuclear power, benefiting from military and civilian integration, offshore floating nuclear power plants, and nuclear power approval. It is expected to receive a large number of nuclear power orders in the future. Considering the demolition compensation, the company's 16-18 EPS is expected to be 0.18/0.49/0.50 yuan respectively, maintaining the “increase in holdings” rating. Risk warning: The risk of 3D industrialization failure, and nuclear power development falling short of expectations.

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