Main points of investment
Matters: recently, the company issued a semi-annual performance forecast for 2017. the net profit attributed to shareholders of listed companies in the first half of the year was 76 million yuan to 80 million yuan (100.6859 million yuan for the same period in 16 years), down 24.4% and 20.5% from the same period last year.
Peace viewpoint:
The sales volume increased steadily, deducting the high growth of non-net profit: Yingtang Intelligent Control's net profit belonging to shareholders of listed companies in the first half of the year was 76 million yuan to 80 million yuan (the net profit for the same period of 16 years was 100.6859 million yuan), down 24.4% and 20.5% from the same period last year. The impact of non-recurrent profit and loss on net profit in the first half of this year is about 1.68 million yuan (about 59.72 million yuan in the same period of 16 years). After excluding the impact of non-recurrent profit and loss, the net profit belonging to shareholders of listed companies increased by 81.4% in the first half of this year compared with the same period in 16 years. 91.2%. Compared with the same period last year, the sales of electronic components of the company increased steadily in the first half of this year, and the demand of home appliance intelligence, consumer electronics, automotive electronics and other industries increased continuously, and the company implemented the strategy of internal promotion and extension integration to rapidly expand the sales scale. the sales scale and profitability have increased to a certain extent, thus improving the company's own industry status and enhancing the company's stable profitability.
Reduce costs and increase efficiency, build intelligent distributors: the company actively carries out industry integration and cooperation, enriches the company's technology distribution and resource-based product lines, and creates a complete and stable pyramid product line. The company has absorbed many high-quality brands such as SK Hynix, MTK, Lou, Dexin, Microcore, Hui Ding, Sanken and many other high-quality brands in the horizontal integration of the industrial chain. on the one hand, the company will further improve the electronic distribution product line of Shenzhen Huashang Dragon, enhance the company's resource advantages, provide customers with a more comprehensive package of services, and increase the stickiness of the core large and medium-sized customers, so as to improve the company's comprehensive market competitiveness and profitability. On the other hand, the sales of attractive electronic products such as MTK and SK Hynix on the company's industrial Internet platform can attract more small and medium-sized customers to the platform, help to expand the registered users of the platform and increase the stickiness of the platform.
Investment advice: with the transfer of the electronic information industry to China, we are optimistic about the transformation of Yingtang Intelligence Control in electronic distribution and the Internet of things. We estimate that the company's operating income from 2017 to 2019 will be 80.54 Universe 11.2777 Universe 14.661 million, and the net profit from its parent will be 2.93 Plus 387,000,000 Yuan, respectively, and the corresponding EPS will be 0.270.36Compare 0.47 Yuan, respectively, and the corresponding PE will be times higher than that of 30-23-17, maintaining the "recommended" rating.
Risk hints: M & An integration is not as expected; industry competition is intensified; agency authority risk.