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【信达证券】南京熊猫:业绩符合预期,关注中国电子国企改革进程

[Cinda Securities] Nanjing Panda: the performance is in line with expectations and pays attention to the reform process of China's electronic state-owned enterprises.

信達證券 ·  Mar 22, 2016 00:00  · Researches

Events: Nanjing Panda recently released its annual report for 2015. the operating income of Nanjing Panda in 2015 was 3.613 billion yuan, an increase of 3.16% over the same period last year. The net profit of shareholders belonging to the parent company was 144 million yuan, down 6.13% from the same period last year, and the basic earnings per share was 0.16 yuan per share. 6.14% lower than the same period last year, the performance is basically in line with our expectations.

Comments:

The operating net cash flow is good, and the profitability of the main business needs to be strengthened. The annual operating income and net profit of Nanjing Panda in 2015 have not changed much compared with 2014. In terms of profit structure, this year's operating profit is 211 million yuan, of which the investment income is 207 million yuan, which shows that Nanjing Panda's main business is not profitable. The net profit comes from two shareholding companies, Nanjing Ericsson Panda Communications (27%) and Beijing Sony Ericsson Putian Mobile Communications (20%). Nanjing Panda gradually adjusts its business structure, increases the operation scale of electronic equipment business with relatively high gross profit margin, and reduces the number of orders for electronic manufacturing services and consumer electronics business. In addition, thanks to the increase in payment this year, Nanjing Panda's net operating cash reached 109 million yuan in 2015, an increase of 147.53% over the same period last year.

Continue to strengthen the electronic equipment business. Electronic equipment business (including automation equipment products, traffic electronic equipment and communication equipment) is the key layout area of Nanjing Panda. An intelligent manufacturing equipment industry system represented by new sensors, intelligent control systems, industrial robots and automatic production lines is being formed. Especially in the field of industrial robots, the 1.4m/ 6kg industrial robot (welding) independently developed by Nanjing Panda has reached the forefront of similar products in China, and some key components are autonomous. In 2015, Nanjing Panda established Shanghai Panda Robot Technology Co., Ltd in Shanghai, specializing in the research and development of robots and intelligent manufacturing system equipment. Nanjing Panda chooses models such as 1.4m/2m welding robot, 165kg six-axis general robot and key components such as controller and servo system as its main direction to expand and strengthen the robot business.

The asset integration of CLP Group tends to accelerate. During the 2016 "two sessions", Liu Liehong, general manager of China Electronic Information Industry Corporation (hereinafter referred to as China Electronics), said that China Electronics will practice the reform of state-owned enterprises from the perspectives of mixed ownership (introduction of war investment), employee stock ownership and asset securitization, and clearly points out that the asset securitization rate of China Electronics will be raised to 80% in the future. At the end of February 2016, China Electronics's Great Wall computer and Great Wall Information implemented a stock exchange merger, injecting Zhongyuan Electronics, a military asset, into a listed company and raising matching funds to invest in cyber security and national defense information projects. We believe that the asset integration of the Great Wall system marks the official launch of the integration idea of "one plate, one listed company" of China Electronics. As far as Nanjing Panda is concerned, in 2015, Nanjing CLP Panda Information Industry Group Co., Ltd. (hereinafter referred to as CLP Panda) has completed the equity carding. Nanjing Panda's controlling shareholder, Panda Electronics Group Co., Ltd. (hereinafter referred to as Panda Group) into a wholly-owned subsidiary. CLP Panda has a number of high-quality military enterprises, and we believe that with the gradual implementation of the reform of China's state-owned electronics enterprises, Nanjing Panda is expected to become a listing platform for CLP Panda's military assets.

Profit forecast and rating: we expect the company's net profit from 2016 to 2018 to be 150 million yuan, 148 million yuan and 150 million yuan respectively, corresponding to EPS

0.16 yuan per share, 0.16 yuan per share and 0.16 yuan per share. We maintain our "hold" rating on Nanjing Panda.

Risk factors: the market competition in the electronic information industry is fierce, and if the company fails to maintain its advantages in research and development, quality and marketing, its market position may be affected; the R & D investment in the core technology of products such as industrial robots and automation is large, the technology is difficult, and there are risks in technology development; the progress of the reform of China's state-owned electronic enterprises is not up to expectations.

The translation is provided by third-party software.


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