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南京熊猫(600775)年报及季报点评:电子装备平台 资产注入可期

Nanjing Panda (600775) Annual Report and Quarterly Report Review: Asset Injection into Electronic Equipment Platform Can Be Expected

方正證券 ·  May 4, 2016 00:00  · Researches

The company recently released its annual report and quarterly report. Total operating revenue reached 3.61 billion in 2015, an increase of 3.61% over the same period last year. The net profit returned to the mother was 144 million, down 6.31% from the same period last year, while the non-deduction was 109 million, an increase of 9.91% over the same period last year. EPS0.16 yuan per share, down 6.14% from the same period last year, down 4.46% from the same period last year, or 0.36% lower than the same period last year.

In terms of business, the company's revenue from electronic equipment products was 1.76 billion (48.7%), up 15.2% from the same period last year, with a gross profit margin of 13.95%, a decrease of 0.27% over the same period last year; revenue from the electronic manufacturing services business was 890 million (24.6%), down 6.2% from the same period last year and 13.03% from the same period last year. Revenue from consumer electronics products was 740 million (20.5%), down 7.71% from the same period last year, and gross profit was 10.67%, up 0.17% from the same period last year; revenue from other products was 190 million (0.05%), up 25.17% from the same period last year, and gross profit was 44.24%, down 5.73% from the same period last year.

The company's revenue in the first quarter was 692 million, down 20.96% from the same period last year. The net profit from home was 37.91 million, up 19.53% from the same period last year; after deducting 21.23 million, the net profit was 19.14% lower than the same period last year. The investment income for the current period was 57.37 million, an increase of 74.75% over the same period last year, mainly due to the increase in profits of the associated company in the current period; non-operating income was 15.95 million, an increase of 379.22% over the same period last year, mainly due to the increase in government subsidy income recognized in the current period.

Main points of investment

1. The company's business plan for 2015 is basically completed.

The main business of the company is electronic equipment, R & D, production and sales of consumer electronic products and electronic manufacturing services. Electronic equipment mainly includes automation equipment, traffic electronic equipment and communication equipment and other products; consumer electronics mainly includes digital home and other related products; electronic manufacturing includes EMS and other services.

Electronic equipment-related business is the company's development direction and focus. At present, automation equipment products are mainly LCD panels and LCD glass production lines and supporting production, transmission equipment components, and industrial robots of related industries; traffic electronic equipment products are mainly rail transit ACC systems, AFC systems and terminal equipment; communication equipment products are mainly TD-LTE small base station products, all kinds of time-frequency equipment and special communication equipment, as well as radio and television transmitters and other related products.

In 2015, the company's operating target is 400 million yuan in revenue, with a total profit of 230 million yuan, with an actual revenue of 361 million yuan and a total profit of 223 million yuan. In the face of the overall economic situation of slowing growth, the company aims to achieve a revenue of 380 million yuan and a total profit of 220 million yuan in 2016.

two。 The investment income of the shareholding company is the main support of the company's performance.

The investment income of Nanjing Ericsson Panda Communication and Beijing Sony Ericsson Putian Mobile Communication is the main support of the company's performance. In 2015, the two companies contributed a total of 185 million yuan to the company's investment income.

Founded in 1992, Nanjing Ericsson Panda Communications Co., Ltd. (ENC) holds 27 per cent, 51 per cent of Ericsson China, 20 per cent of China Putian and 2 per cent of Hong Kong Yongxing. ENC is mainly engaged in the R & D and production of mobile communication system equipment, public network communication system equipment and other products. ENC is currently the largest production and supply center of Ericsson in the world, mainly engaged in the industrialization and mass production of products developed by Ericsson, and delivered and delivered to customers around the world.

Beijing Sony Ericsson Mobile Communications Co., Ltd. (BMC) was founded in 1995. The company holds 20%, China Putian 27%, Sony Group Corp Mobile (China) 26%, Sony Group Corp Mobile 25% and Hong Kong Yongxing 2%. BMC is mainly engaged in the production of Sony Group Corp mobile terminals (mobile phones) and is the main production base and supply center of Sony Group Corp mobile phones.

In 2015, ENC revenue was 12.7 billion, down 6.36% from the same period last year, with a net profit of 307 million, up 280 million from the same period last year; BMC revenue was 22.87 billion, down 24.39% from the same period last year, with a net profit of 510 million, down 22.8% from the same period last year.

3. The group is expected to inject into military electronic equipment assets strongly.

The company is one of two listed companies controlled by CLP Panda Group. CLP Panda Group is a subsidiary of China Electronic Information Industry Group (CEC). CLP Panda subsidiaries Panda Handa, Changjiang Information, Krida Electronics and Sanle Electronics are respectively engaged in military satellite communications, shore-based radar, electronic countermeasures equipment and microwave components business, accounting for more than half of the CEC military electronic equipment business, and the asset scale and quality are comparable to the core research institutes of China Electric Power. At present, the company is mainly engaged in civil electronic equipment. In the future, China Electric Panda Group is expected to use the company as a platform to promote the securitization of military electronic equipment assets.

4. Profit forecast and investment suggestion

Without considering the asset injection, we predict that the EPS of the company from 2016 to 2018 is 0.16,0.18,0.23 yuan per share respectively, and the corresponding PE is 92,81,63 times respectively. In view of the improvement in performance and valuation brought about by the group asset injection, we recommend and rate the company for the first time.

Risk tips: traditional business decline; civil electronic equipment business expansion is not up to expectations; group asset securitization progress is not up to expectations

The translation is provided by third-party software.


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