Event: the company announced revenue of 3.996 billion yuan (+ 52%) and net profit of 414 million yuan (+ 78%) in 2017.
2018Q1 has a revenue of 1.181 billion yuan (+ 46.2%) and a net profit of 94.53 million yuan (+ 0.99%), and forecasts a net profit of 178,249 million in the first half of 18 years (year-on-year + 0% growth rate of 40%).
Main points of investment
17 years of rapid growth in performance, business structure optimization. The company's revenue in 17 years was 3.996 billion yuan, an increase of 52% over the same period last year. The net profit was 414 million yuan, an increase of 78% over the same period last year, and the growth rate was higher than revenue. The rapid growth of net profit benefits from the optimization of business structure. In 17 years, financial technology services accounted for 27.2%, an increase of 13.22 percentage points, driving up the overall gross profit margin to 28.79%. 2018Q1 revenue 1.181 billion yuan (+ 46.2%), return to the mother net profit of 94.53 million yuan (+ 0.99%), operating cash flow improved.
The business performance of the financial technology sector is eye-catching, and the competitiveness of intelligent manufacturing products has increased. In the past 17 years, the company has more than 700,000 third-party payment customers, completed the high-speed rail mobile payment industry benchmarking project and expanded the international market, with a year-on-year growth rate of 276.49%; big data business increased by 127.61% over the same period last year; block chain landed, and mobile information services were optimized. The business of passenger car parts increased by 15.8%; the lightweight products of commercial vehicles expanded to markets such as Hubei; and the mold industry grew by 381.35%, which is expected to achieve "mold maintenance".
Financial technology + intelligent manufacturing to produce collaborative business. The company acquires the auto parts company Shanghai Hoda and cooperates with BAIC Foton, the largest commercial vehicle R & D and manufacturing enterprise in China, to give full play to the advantages of Shanghai Hoda's passenger car parts manufacturing capacity and Foton's first commercial vehicle production and sales in the world. it is expected to promote the development of smart car manufacturing, surrounding industries-supply chain and consumer financial technology services.
Profit forecast and investment advice: we adjust the company's net profit forecast for 18-20 years to 5.79max 7.78 / 983 million yuan, corresponding to EPS 0.46max 0.62 max 0.79 yuan, maintaining the "prudent overweight" rating.
Risk hint: the competition in the auto parts market is fierce, big data's business is lower than expected, and the effect of M & An is not as expected.