[摘要]
事(shi)件(jian):公司發布2016年年報,實現營業收入9.67億元(yuan),同(tong)比略減(jian)6.55%;歸母凈(jing)利潤1.05億元(yuan),同(tong)比增(zeng)長(chang)21.67%;扣非后歸母凈(jing)利潤0.47億元(yuan),同(tong)比減(jian)少31.54%。EPS為0.275元(yuan)/股。
點評:
■公司業績符合(he)預期,生產經(jing)營(ying)情況總體持續穩定:營(ying)業總收入比(bi)上(shang)年(nian)同期略有下降(jiang),歸(gui)母凈利潤凈利潤及每股收益等年(nian)度經(jing)營(ying)業績主(zhu)要(yao)指標(biao)與上(shang)年(nian)同期相(xiang)比(bi)有所(suo)增(zeng)加(jia)。主(zhu)要(yao)原因是報告期內公司投資收益增(zeng)長及銷售費用、財務費用下降(jiang)所(suo)致。
■核(he)級閥(fa)(fa)門(men)先行者,業(ye)務(wu)占比(bi)持(chi)續提升:國(guo)務(wu)院于3月(yue)23日(ri)批復核(he)安全與放射(she)性污染(ran)防治“十(shi)三五(wu)”規劃、2025年遠景目(mu)標。根(gen)據能(neng)源局《2017能(neng)源工(gong)(gong)作指導意見》,年內(nei)國(guo)家將著力推進8臺核(he)電(dian)機組(zu)(zu)建設(she)項目(mu)開工(gong)(gong),目(mu)標2020年國(guo)內(nei)核(he)電(dian)機組(zu)(zu)將達近(jin)百臺。而(er)公(gong)(gong)司作為國(guo)內(nei)最(zui)主要,也是最(zui)早擁有(you)核(he)級閥(fa)(fa)門(men)設(she)計生(sheng)產(chan)資(zi)質的(de)企(qi)業(ye),長期以來致(zhi)力于核(he)級閥(fa)(fa)門(men)產(chan)品的(de)生(sheng)產(chan)制造(zao)。公(gong)(gong)司公(gong)(gong)告顯示,2016年公(gong)(gong)司核(he)電(dian)閥(fa)(fa)門(men)占營業(ye)收入比(bi)重達24.24%,同(tong)比(bi)去(qu)年增長205.81%。如今(jin)年機組(zu)(zu)順利開工(gong)(gong),公(gong)(gong)司有(you)望(wang)充(chong)分受益。
■重點科研(yan)(yan)項(xiang)目(mu)取(qu)得(de)突破(po),積極(ji)推動(dong)科研(yan)(yan)成果轉化:公司一直重視自主(zhu)創(chuang)新,推動(dong)科研(yan)(yan)成果產(chan)業化應(ying)用。在中(zhong)核(he)集(ji)團的(de)背(bei)景下(xia),公司坐(zuo)擁(yong)雄(xiong)厚的(de)技術(shu)力量,建有省級工(gong)程閥門(men)技術(shu)研(yan)(yan)發中(zhong)心和(he)完備(bei)的(de)研(yan)(yan)發體系,公司AP1000三(san)代核(he)電(dian)關鍵(jian)閥門(men)國產(chan)化成果(PV01/PV03)未(wei)來將(jiang)應(ying)用于國內多個核(he)電(dian)機組。公司公告(gao)顯(xian)示(shi),公司核(he)二級主(zhu)蒸(zheng)汽(qi)隔離(li)閥目(mu)前已(yi)經順(shun)利實(shi)現自主(zhu)研(yan)(yan)究設計(ji)和(he)制造,有效推動(dong)了核(he)電(dian)閥門(men)的(de)國產(chan)化進程。
■投資(zi)建議:預計(ji)公司2017年-2019年收入增速分別(bie)為18.1%、16.9%、17.9%,凈利潤(run)增速分別(bie)為34.0%、8.5%、14.3%;成長性突(tu)出(chu)。首次給(gei)予買入-A的投資(zi)評級,預計(ji)6個月(yue)目標(biao)價29.41元。
■風險提(ti)示:核電項目建(jian)設(she)不如預(yu)期,國家政策推(tui)進不如預(yu)期
中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)聲明:凡(fan)本(ben)網(wang)(wang)(wang)(wang)(wang)注(zhu)明“來源:中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)·中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)”的(de)所有(you)作(zuo)品,版權均(jun)屬于(yu)中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)、中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)。中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)·中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)與作(zuo)品作(zuo)者(zhe)(zhe)聯合(he)聲明,任何組織(zhi)未經中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)、中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)以(yi)及作(zuo)者(zhe)(zhe)書(shu)面授權不得轉(zhuan)載、摘編(bian)或(huo)利用其它方式使用上(shang)述作(zuo)品。凡(fan)本(ben)網(wang)(wang)(wang)(wang)(wang)注(zhu)明來源非中(zhong)(zhong)(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)·中(zhong)(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)(zheng)網(wang)(wang)(wang)(wang)(wang)的(de)作(zuo)品,均(jun)轉(zhuan)載自(zi)其它媒體,轉(zhuan)載目(mu)的(de)在(zai)于(yu)更好服(fu)務讀者(zhe)(zhe)、傳遞信息之需,并不代表本(ben)網(wang)(wang)(wang)(wang)(wang)贊(zan)同其觀點(dian),本(ben)網(wang)(wang)(wang)(wang)(wang)亦不對其真(zhen)實性(xing)負責(ze),持異議者(zhe)(zhe)應與原出處(chu)單位主張(zhang)權利。
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