Core ideas:
The overhaul of Anqing Huapeng equipment affects the growth of main business income for the whole year, the company achieved an operating income of 696 million yuan (YoY-4.08%), a net profit of 51 million yuan (YoY+2.54%), and a weighted average return on net assets of 5.00%, down 3.01pct from the same period last year. Split into quarters, the fourth quarter operating income of 176 million yuan (YoY+8.64%), return to the mother net profit of 3 million yuan (YoY-64.36%), Anqing Huapeng due to equipment overhaul, more investment, relatively long cycle affect the growth of main business income. In terms of dividend policy, the company plans to pay 2 yuan (including tax) to 16 shares.
The ability of raising and putting into production has been gradually released, and IPO, a company with a competitive advantage in the industry, has raised funds for "introducing the construction project of high-end glass production line" and "Jiangsu Shidao Glass Co., Ltd., the construction project of high-grade lightweight glass products" has been officially put into production, and IPO has entered the stage of trial production. In 2016, the company's four major technological reform plans have been implemented one after another, through the introduction of world-class production equipment, in-depth cooperation with international glass manufacturers to improve the company's production technology level, optimize the product structure, and enhance the competitive advantage of the industry.
Foreign investment actively expand marketing channels, promote the transformation and upgrading of the company's development model, the company layout e-commerce business, and expand online marketing channels. Through capital operation and in-depth cooperation with alcohol platform companies, actively promote the upgrading of marketing means. Through increasing capital, fuel cell companies enter the field of new energy, seek transformation and upgrading, build a diversified profit model, and enhance the overall profitability of the company.
Be optimistic about the solid and steady growth of the company's main business, open mind to meet the transformation and upgrading under the guidance of industrial policy, the daily glass market continues to concentrate to the industry leading enterprises, the company's main business is solid and steady, and the national layout of production capacity. It is estimated that the company's operating income in 17-19 years is 8.29,10.16 and 1.195 billion yuan respectively, and the net profit of returning to its mother is 0.66,0.89 and 106 million yuan respectively, and the current market value corresponds to 17 years 80.62xPE. Based on the expectation of the rapid development of the company's new production capacity after it was put into production, it maintained a cautious overweight rating.
Risk hint
The performance of the fund-raising project fell short of expectations, and the progress of transformation and upgrading was slower than expected.