Yonggui Electric 30035 1 Automobile and Auto Parts Industry 10 2 1 In the evening, the company released the third quarterly report. From June 65438 to September, the company achieved an operating income of 275 million yuan, a year-on-year increase of 120.2%. The net profit attributable to shareholders of listed companies was 80 million yuan, up 1 19.3% year-on-year, and the earnings per share was 0.52 yuan. It can be inferred that the company achieved a year-on-year increase of 65,438+002.5% in operating income and 98.5% in net profit in the third quarter, with brilliant performance.
EMU connectors and electric vehicle connectors promote high performance growth: the company's high revenue and profit growth in the third quarter mainly comes from the rapid growth of EMU connectors and electric vehicle connectors. Recently, China Railway Corporation released the second tender information this year, and many media reported that China high-speed railway had the opportunity to sign the first contract in Russia and Mexico. The orders for North and South cars are full, and the delivery volume is expected to reach a record high next year, because we believe that the company's EMU connectors are expected to continue to grow at a high speed next year. In addition, the company's electric vehicle connection market has developed well. Due to the low base of 13, it is expected to more than double this year.
The extension development path is clear: the company also announced the signing of the capital increase and share expansion agreement established by Yonggui Alliance. Together with the Beijing Bode previously acquired by the company, the company has formed a two-track extension development path within the rail transit industry and connector business. We believe that the extension of the business has broken the business limitations of the original rail transit connector and opened up a broader space for the company's growth.
Profit forecast and investment suggestion: It is estimated that the company will realize operating income of RMB 337,465 and RMB 62 100 million in 20/4-2016, and its net profit will be 107, 137 and17 respectively. Earnings per share are 0.70, 0.89 and1.1yuan, respectively (without considering the impact of merger and acquisition on performance and equity, according to the acquisition announcement, the earnings per share will increase by 0. 10 yuan). The company has benefited from the vigorous development of rail transit construction and the promotion of localization, and is also constantly promoting extended development. We continue to give the company a "buy" investment rating. Risk warning: the fluctuation risk of rail transit industry; The market development in the field of new products failed to meet the expected risks; The restructuring progress is lower than the expected risk. Huawu shares: the development of new business layout in the future, focusing on the 10 billion market of rail transit.
In the first half of 20 14, 300095 machinery company of Huawu Co., Ltd. realized an operating income of 3.5. 600 million yuan, up 1 12.72% year-on-year. The net profit attributable to shareholders of listed companies was18,425,700 yuan, up 37.79% year-on-year, and the non-net profit was deducted from17,572,500 yuan, up 3418 year-on-year.
The high growth rate of performance is in line with expectations. In the first half of the year, the company's revenue growth rate was as high as 1 12.72%, mainly because its subsidiary, Lihua New Energy, made full use of idle funds to carry out trade business and added a consolidated subsidiary, Jinmao Fluid (mainly engaged in valves and pipelines). ), and the actual main business brake increased by 35.87%, all in line with our expectations.
In the future, with the development of new business layout, diversified businesses such as rail transit braking system, valve actuator, distributed energy and wind power maintenance will create more than 10 times of growth space. Through long-term follow-up research, we fully understand the company's development strategy: at present, vertical and horizontal strategies are adopted in the main business of industrial brakes, and the technology is expanded from single brake to integral brake system. In the market, we formally propose that the rail transit market strategy should be expanded from the traditional port machinery and metallurgy fields to the wind power (20 13 formal breakthrough) and mining machinery fields. The growth space has rapidly expanded from the level of 654.38+0 billion to over 654.38+0 billion. At the same time, actively cultivate valve actuators (Shanghai Huawu Li Hang Fluid Control Co., Ltd. was established in May 2065.438+04) and distributed energy (acquired 26% equity of shareholders such as subsidiary Lihua New Energy in June 2065.438+03). After the completion of the acquisition, we hold 96% of the shares), wind power maintenance (2065438+Inner Mongolia Tiancheng Trading Co., Ltd., a subsidiary with capital increase in April 2004) and other emerging businesses. Judging from the fact that the quality of the company's products has just been recognized by multinational giants such as Siemens, and the management is aggressive, we think that the implementation of its development strategy is very likely and the growth trend is very good.
The rail transit brake market has become the core strategy at present, and it has made steady progress in the 10 billion market. In terms of development strategy, the company not only insists on diversification to create growth points, but also focuses on building the rail transit brake market. The company deeply understands the market demand, actively promotes the development of technology and market, and formulates a layered strategy from subway, tram to ordinary train, and finally to high-speed rail. At the same time, it is also one of the few enterprises in China that master complete sets of software and hardware technologies such as brake disc, structural parts, control transmission and friction materials. It is also a key high-end equipment manufacturing enterprise in Jiangxi Province and the only listed company in the industrial braking industry. Therefore, we are optimistic about the company's key strategy of entering the rail transit market, and think that this figure is only 65,438+00 times.
Maintain the "buy" rating. It is estimated that the EPS in 20 14-20 15 years will be 0.23 yuan and 0.4 1 yuan, respectively, corresponding to the current PE4 1.04 times and 22.87 times. We believe that the company has huge strategic growth space. At present, many businesses are in the initial stage of cultivation and development, and the demand for wind power brakes will drive high growth in the short term. The future development is worth looking forward to, and the company will continue to maintain the "buy" rating.
Risk warning: the rail transit market is developing slowly; Wind power market demand drops; New business markets such as valve actuators are progressing slowly. Xi Anyituo Fund can pay more attention to the official account XAYTJJ of Xi Anyituo Fund WeChat.