积成电子(002339)中报点评:营收业绩稳健增长 售电、微网及军工领域多点布局

Jicheng Electronics (002339) report comments: steady growth in revenue performance, multi-point layout in electricity sales, micro-grid and military industry

長江證券 ·  08/10/2016  · Researches

Main points of the report

In the first half of 2016, the company achieved a total operating income of 522 million yuan, an increase of 28.31 percent over the same period last year, and a net profit belonging to the parent company of 20.07 million yuan, an increase of 2.75 percent over the same period last year, according to the event description.

The growth rate of this semi-annual report is within the range of previous performance forecasts, which is basically in line with market expectations. The company also announced that it is expected to achieve a net profit of 7228-86.74 million from January to September, an increase of 0-20% over the same period last year.

Event comment

The increase in expense rate is a drag on profit growth, and the growth rate improved significantly in the second quarter. The company achieved a net profit of 54.36 million from April to June, an increase of 84.04% over the same period last year, a big improvement compared with the first quarter. The profit growth rate of the company in the first half of the year was lower than that of income, mainly due to a rise of 6 percentage points in the expense rate during the period.

Electric power automation business has achieved super-industry growth, and the development of public utility business has accelerated. Although the market capacity of the State Grid Corporation shrank in the first half of the year, and the number and number of tenders declined, the company optimized its marketing organization structure, actively expanded the off-net market, and successfully achieved year-on-year growth in power automation revenue; in terms of public utilities, the company achieved revenue of 97 million in the first half of the year, an increase of 65.65% over the same period last year.

However, affected by the increase in the proportion of sales of meter hardware products, the gross profit margin of the automation business fell by 6.65%.

The electricity sales company entered the catalogue, and the military investment continued to follow. On July 5, Guangdong officially announced the catalogue of the second batch of electricity sales companies, and Shenzhen Huijie Electric Power sales Co., Ltd., which is a shareholder of the company, was successfully included, marking the official landing of the company's electricity sales business. In the follow-up, it is expected that with the help of the smart meter accumulated in the early stage of the company, taking into account the smart energy public cloud platform and resources, and through the demand-side energy consumption big data and the user service entrance, we can quickly open up the customer-side electricity sales and comprehensive energy service market. In addition, last year, the company jointly set up a "Jiucheng military Industry M & A Fund" with Beijing Jiuyuan, with a total size of 1.5 billion yuan, which is mainly used to invest in the military industry information field. Jicheng Electronics has core technology and industrial experience in the field of electronic information. Beijing Jiuyuan is a subsidiary of the China Academy of Sciences, the only nuclear weapons development and production unit in China, and has accumulated a large number of military industrial resources and military-to-civilian project reserves. the military-civilian integration of the two sides is complementary.

We will actively promote the additional issuance plan, and the business of the micro energy network will expand steadily. On May 25, Jicheng Electronic announcement additional issuance Plan (the second revised version), it is proposed to issue no more than 50 million shares and raise a total of no more than 900 million, of which 427 million yuan is to be invested in the demand-side micro-energy network operation and service project, and 223 million yuan is proposed to be invested in the smart grid automation system upgrade and development project, which has been accepted by the CSRC. The company has successively signed cooperation agreements with the governments of Yishui County in Shandong Province and Yiwu County in Xinjiang on the construction of regional micro-energy network projects. in the future, we will take the high energy-consuming enterprises, public buildings and industrial parks in these areas as pilot projects. we will build demand-side micro-energy network projects in stages and actively and steadily expand the business of micro-energy networks.

Not considering this IPO for the time being, the company's net profit for 16-17 years is expected to be 165.00 million, corresponding to 16-year PE38 times, maintaining the recommendation.

Risk hints: increased competition in the industry; change in policy guidance; and company performance below expectations

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