Industrial policy promotes development, and opportunities and challenges coexist. The electronic information industry is a strategic, basic and leading pillar industry of the national economy. During the 13th five-year Plan period, the electronic information industry will usher in new development opportunities and greater development space under the background of industrial policy promotion and expanding market demand. From January to December 2015, the revenue and profits of the electronic information manufacturing industry increased by 7.6% and 7.2% respectively compared with the same period last year. All are much higher than the average industrial growth level in the same period.
Relying on the national defense electronic equipment industry background, intensive cultivation and good performance, the company strives to build a domestic first-class large-scale electronic equipment listed company. As the listing platform of China Light and Power Panda (CEC's electronic equipment platform), the company is ready to start after Panda's equity restructuring has landed. At present, the main products include electronic equipment and consumer electronic products, in which electronic equipment-related business is the company's development direction and focus. In 2015, the company had an operating income of 3.61 billion yuan and a total profit of 220 million yuan, exceeding the company's operating target. Nanjing Ericsson Panda Telecom (27% holding). Achieve investment income of 83 million yuan) and Beijing Sony Ericsson Putian Mobile Communications (20% shareholding, achieve investment income of 102 million yuan) performed well.
Take advantage of the reform of state-owned enterprises, integrate scientific and technological resources, and enhance core technological innovation. Driven by the reform policy of state-owned enterprises, and driven by endogenesis and extension, the company continues to promote the development and innovation of robot and intelligent manufacturing business. On the one hand, raise investment in electronic equipment, communications equipment, rail transit information equipment and R & D center projects through non-public offering of A shares. On the other hand, the company continues to strengthen the construction of R & D and industrialization bases, build R & D and industrialization bases such as Panda Electronic equipment Park and Panda Xingang Industrial Park, and constantly improve R & D infrastructure and industrialization conditions. to form a communication equipment industry based on intelligent manufacturing complete sets of system equipment, related industrial robots, rail transit information system equipment, digital television broadcasting transmitters and digital cluster related products. Triple play integrates the core industries such as the consumer electronics industry, which is dominated by intelligent terminals and digital homes.
Cover for the first time, giving a "buy" rating. We estimate that the operating income of Nanjing Panda in 2016-2018 is 4.285 billion yuan, 4.881 billion yuan and 5.33 billion yuan respectively, and the corresponding net profit belonging to shareholders of the listed company is 185 million yuan, 215 million yuan and 247 million yuan respectively, with year-on-year growth rates of 28.80%, 16.11% and 15.01% respectively, and corresponding PE is 81, 70 and 61 times respectively. Considering that the company will step into the fast lane driven by the reform of state-owned enterprises in the future, it will be given a "buy" rating of 2016 dynamic PE99 times, with a 6-month target price of 19.80 yuan, covering for the first time.
Industry catalyst. During the 13th five-year Plan period, the national electronic information industry developed rapidly, which was driven by the policy of state-owned enterprise reform.
Main risk factors. The fluctuation of the valuation system of the related topic plate.