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键桥通讯(002316)年报点评:脱胎换骨 产业升级新气象

Comment on the annual report of Keybridge Communication (002316): a new atmosphere for the upgrading of the reborn industry

方正證券 ·  Mar 23, 2016 00:00  · Researches

1. Actively deal with inventory and receivables, resulting in significant improvements in revenue and profits

During the reporting period, the company achieved operating income of 848 million yuan, an increase of 63.94% over the same period last year, and an operating profit of 16.4091 million yuan, an increase of 1247.71% over the same period last year. The total profit was 17.991 million yuan, an increase of 23.76% over the same period last year. The net profit belonging to shareholders of listed companies was 23.1397 million yuan, up 21.69% from the same period last year.

The company replaces inventory and accounts receivable through equity transactions to reduce the risk of bad debts and low inventory prices, while revenue and profits have been greatly improved.

2. Focus on the field of private network information and communications, and focus on the transformation of information technology one-stop service providers. In the future, the company will continue to focus on investment in the private network field, promote the company to transform from private network communication service providers to information technology one-stop service providers with higher gross profit, and optimize the company's entire revenue structure.

3. Targeted additional issuance, the introduction of new shareholders, the active layout of Internet finance, the Internet of things with the help of the dominant resources of major shareholders in the financial field, rapid layout of the financial sector, and promote the development of the combination of industry and finance. In addition, relying on the customer advantages of the company's private network field and the deep understanding of the industry, we should lay out the "Internet of things +" platform to consolidate the company's position in the private network industry.

1. Actively deal with inventory and accounts receivable, with significant improvements in revenue and profits

1.1 significant improvement in revenue and profit

In 2015, the company achieved an operating income of 848 million yuan, an increase of 63.94% over the same period last year, and an operating profit of 16.4091 million yuan, an increase of 1247.71% over the same period last year. The total profit was 17.991 million yuan, an increase of 23.76% over the same period last year. The net profit belonging to shareholders of listed companies was 23.1397 million yuan, up 21.69% from the same period last year. The basic EPS is 0.0589 yuan.

1.2 Equity replaces accounts receivable and inventory, and the fundamentals of the company are gradually reversed

On August 31, 2015, the company transferred 100% equity of Jianqiao Asset Management, a wholly-owned subsidiary, to Hao Tiancheng (the second largest shareholder of the company is the second largest shareholder of the listed company) at a price of 1 yuan. Through this equity transaction, vast Tiancheng accepts large amounts of accounts receivable and inventory of listed companies with a total amount of 230 million. Through transactions, the company reduces the level of accounts receivable and inventory, and reduces the risk of repayment and falling prices of goods.

In addition, it is worth noting that the company has added 397 million shares to Qiande Jingyi, which has become the largest shareholder of the company.

Through the above measures to improve the company's cash flow, conducive to the company's future business development and profitability.

two。 Focus on the field of private network information and communication, facing the transformation of information technology one-stop service providers

In the past three years, the proportion of the company's private network communication revenue is almost the same as that of traffic engineering system integration, which does not match the status of the company's private network communication technology service provider. Moreover, the gross profit of private network communication is much higher than that of traffic engineering system integration.

In the future, the company will focus on investment in the field of private network, continue to introduce advanced technological achievements in the field of communication information into the field of private network communication, strengthen the research and development of private network communication technology and its application technology, promote the transformation of the company from a private network communication service provider to an information technology one-stop service provider, and optimize the company's entire revenue structure.

In 2016, the company will continue to focus on the electric power, intelligent transportation, rail transit and highway industries, and continue to expand new market space while consolidating the original market.

3. Targeted additional issuance, the introduction of new shareholders, and active layout of Internet finance and physical network areas

3.1 Rapid layout of the financial sector with the advantage of major shareholders

At present, Qiande Jingyi, the company's major shareholder, focuses on industrial investment, investment management, investment consulting and other fields, with a layout in financial leasing, micro-loans, financial payments, investment, guarantee, insurance, crowdfunding and other fields. With the advantage of major shareholder resources, in October 2015, the company directed additional funds to invest in the financial technology cloud service platform, deep and rapid cut into Internet finance.

The acquisition of a 72.4% stake in Yinghua Leasing will complement the company's existing industries. By virtue of its proficiency in the communications industry, it will extend financial services to the upper and lower reaches of the industrial chain, promote the development of upstream and downstream enterprises of the company, and form a competitive advantage in the industrial chain. to help the company open a broader space for growth in the future.

3.2 Internet of things + industry, consolidate the position of the company's private network industry

With the maturity of the sensors and networks of the Internet of things, the demand for the Internet of things is becoming stronger and stronger in the fields of power, transportation, finance and so on. The company specializes in transportation and energy industry for many years, has a large number of customer resources and profound industry understanding.

The company deeply combines the industry characteristics with the Internet of things to create a new Internet of things + ecosystem with intelligent hardware devices, cloud computing services and big data analysis applications. Through the industry customized intelligent equipment layout in key areas, accurate collection, information collection and later big data analysis are realized in transportation, finance, energy and other fields. The relevant analysis results are used to improve management, improve efficiency, form the core competitiveness of enterprises, extend a new business model, and accelerate the combination of the industry and the Internet of things.

4. Investment risk: Internet and Internet of things projects are not as expected; accounts receivable risk still exists

The translation is provided by third-party software.


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