积成电子(002339)中报点评:二季度业绩大幅改善 发挥优势转型微能源网空间广阔

Jicheng Electronics (002339) report comments: the performance of the second quarter has been greatly improved and there is a broad space for the transformation of micro-energy networks.

廣發證券 ·  08/18/2016  · Researches

The performance improved significantly in the second quarter, turning a loss into a profit compared with the first quarter.

In the first half of 2016, the company achieved operating income of 521 million yuan, an increase of 28.31% over the same period last year, and a net profit of 20.06 million yuan, an increase of 2.75% over the same period last year. Among them, the net profit in the second quarter was 54.34 million yuan, an increase of 81% over the same period last year, and a loss of 34.29 million yuan in the first quarter, substantially turning losses into profits.

The order of electric power automation is abundant, and the integration of three tables is spread all over the country.

In terms of power automation business, the company seized the opportunity of the national network company to collect recruitment and the market outside the industry, and the newly signed contract value was 612 million yuan, an increase of 18.2% over the same period last year; in terms of public utility automation business, the company launched intelligent gas meters and water meters based on cellular narrow-band Internet of things (NB-LOT technology), and the company's intelligent meter reading solution was successfully extended to the mobile animal networking business. After the successful application of the first three-in-one pilot project in Changzhou, the company has successively landed in Chongqing, Yangzhou, Zhengzhou, Leshan and other places, and has been launched in more than ten prefectures and cities across the country, with the first market share.

With the steady progress of demand-side management, micro-energy network wide space company has successively signed cooperation agreements with Yishui county government of Shandong province and Yiwu county government of Xinjiang to carry out demand-side-oriented micro-energy network operation and service project. The company increased its investment in Jiangsu Leke Energy Saving Technology Co., Ltd., and its shareholding proportion increased to 22.08%, creating conditions for speeding up the construction of a demand-side micro energy network with multi-energy complementarity. Shenzhen Huijie Electric Power selling Co., Ltd., a shareholding company of Jicheng Energy Co., Ltd., was listed as the second batch of electricity sales companies in Guangdong.

Actively lay out the energy Internet and give a buy rating

The company grasps the power reform tuyere and transforms the micro-energy network based on the traditional business advantages, which is expected to open up the growth space. From 2016 to 2018, EPS is expected to be 0.50,0.62 and 0.71 yuan per share, corresponding to PE of 34X, 27X and 24x, with a buy rating.

Risk hint

The policy landing is lower than expected; market competition aggravates the risk.

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