[摘要]
■事(shi)件:金杯電工(gong)公(gong)布2016年(nian)(nian)年(nian)(nian)報,報告(gao)期實現營業收入31.25億(yi)(yi)元(yuan),同比下(xia)滑3.42%;歸屬于母公(gong)司(si)的凈利(li)潤(run)1.69億(yi)(yi)元(yuan),同比增(zeng)長(chang)15.68%;扣除非經常性損益(yi)后歸屬于母公(gong)司(si)的凈利(li)潤(run)為1.53億(yi)(yi)元(yuan),同比增(zeng)長(chang)15.01%。實現每股EPS0.31元(yuan)。公(gong)司(si)計(ji)劃每10股派發(fa)現金紅利(li)1.5元(yuan)(含(han)稅)。
■傳(chuan)統(tong)(tong)電(dian)(dian)(dian)(dian)(dian)線電(dian)(dian)(dian)(dian)(dian)纜(lan)業(ye)務有所(suo)下滑(hua),未(wei)來有望(wang)觸(chu)底回升:2016年公司在電(dian)(dian)(dian)(dian)(dian)線電(dian)(dian)(dian)(dian)(dian)纜(lan)行(xing)業(ye)實現營(ying)收(shou)29.80億元,同(tong)(tong)比減少7.91%,營(ying)收(shou)比重為(wei)95.36%,依舊占據主導地位。2016年受宏(hong)觀經濟影響,國內需求(qiu)疲軟持續,除電(dian)(dian)(dian)(dian)(dian)器裝備用電(dian)(dian)(dian)(dian)(dian)線營(ying)收(shou)實現同(tong)(tong)比增(zeng)長(+5.27%)之外(wai),電(dian)(dian)(dian)(dian)(dian)磁線、特(te)種電(dian)(dian)(dian)(dian)(dian)線電(dian)(dian)(dian)(dian)(dian)纜(lan)、電(dian)(dian)(dian)(dian)(dian)力電(dian)(dian)(dian)(dian)(dian)纜(lan)等傳(chuan)統(tong)(tong)業(ye)務均出現不同(tong)(tong)程度(du)的下滑(hua)。未(wei)來隨著配電(dian)(dian)(dian)(dian)(dian)網(wang)側的不斷(duan)改革、新能源(yuan)行(xing)業(ye)的興(xing)起、一(yi)帶一(yi)路的拉動,以及公司在寧夏(xia)電(dian)(dian)(dian)(dian)(dian)力、山(shan)東電(dian)(dian)(dian)(dian)(dian)力、天津電(dian)(dian)(dian)(dian)(dian)力、安邵高速、廣東粵電(dian)(dian)(dian)(dian)(dian)風電(dian)(dian)(dian)(dian)(dian)等重要項目上(shang)的開發,傳(chuan)統(tong)(tong)電(dian)(dian)(dian)(dian)(dian)線電(dian)(dian)(dian)(dian)(dian)纜(lan)業(ye)務有望(wang)觸(chu)底反彈,保持穩(wen)健的增(zeng)長。
■把握機遇,深入(ru)探索新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan)細分(fen)特色領域:公(gong)司于2016年(nian)(nian)1月(yue)(yue)成(cheng)(cheng)(cheng)立控(kong)股(gu)子公(gong)司金(jin)杯新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan),專業(ye)(ye)從(cong)事新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan)汽車(che)動(dong)(dong)力(li)電池(chi)包(bao)和(he)(he)電池(chi)管理(li)系(xi)統業(ye)(ye)務。報告(gao)期(qi)內,公(gong)司新(xin)(xin)(xin)(xin)增(zeng)一條20臺(tai)/天產能(neng)(neng)的半自動(dong)(dong)化(hua)生(sheng)產線,完成(cheng)(cheng)(cheng)擁有(you)自主(zhu)知識產權的PACK生(sheng)產線的建設,并與陜西通(tong)家(jia)、保定長安、河北御捷、長沙眾泰等(deng)(deng)眾多車(che)企結成(cheng)(cheng)(cheng)緊密(mi)合(he)(he)(he)作關系(xi)。11月(yue)(yue)與保定長安、億緯鋰(li)能(neng)(neng)簽訂(ding)《供應(ying)保障(zhang)三方(fang)合(he)(he)(he)作協(xie)議(yi)》,實現(xian)了從(cong)電芯制造(zao)到新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan)汽車(che)產銷的緊密(mi)結合(he)(he)(he),影響力(li)日漸提升(sheng)。2016年(nian)(nian)該業(ye)(ye)務創造(zao)收(shou)入(ru)1.45億元,未來(lai)業(ye)(ye)績(ji)貢獻有(you)望繼(ji)續(xu)突破,成(cheng)(cheng)(cheng)為增(zeng)長亮點。此外,公(gong)司先后設立控(kong)股(gu)子公(gong)司能(neng)(neng)翔(xiang)巴士和(he)(he)能(neng)(neng)翔(xiang)優卡(ka)(ka)作為新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan)汽車(che)租(zu)賃業(ye)(ye)務的運營(ying)主(zhu)體。能(neng)(neng)翔(xiang)優卡(ka)(ka)已在(zai)較短時間內與北汽新(xin)(xin)(xin)(xin)能(neng)(neng)源(yuan)(yuan)(yuan)、眾泰、知豆、等(deng)(deng)3家(jia)主(zhu)機廠(chang)建立了長期(qi)戰略合(he)(he)(he)作關系(xi);能(neng)(neng)翔(xiang)巴士也在(zai)與宇(yu)通(tong)、海格、亞星等(deng)(deng)客車(che)廠(chang)簽訂(ding)湖南地區獨(du)家(jia)代理(li)協(xie)議(yi)的同時啟動(dong)(dong)建設充(chong)電站。運營(ying)租(zu)賃業(ye)(ye)務的發(fa)展將有(you)效帶動(dong)(dong)電池(chi)包(bao)業(ye)(ye)務的發(fa)展,形成(cheng)(cheng)(cheng)良(liang)性(xing)循環。
■開展(zhan)新起點,冷(leng)鏈(lian)物流業(ye)務扎實(shi)推進(jin):2016年,公司對(dui)云冷(leng)投(tou)資(zi)(zi)進(jin)行了股份改制和(he)增(zeng)資(zi)(zi)擴股,繼續推進(jin)智慧冷(leng)鏈(lian)物流綜合服務中心項目(mu)的建(jian)設。報告(gao)期內(nei),云冷(leng)投(tou)資(zi)(zi)市(shi)場推廣和(he)招商工作逐步(bu)啟動,并已與思念集團、鄭州千味央廚食(shi)品有限公司等多(duo)家(jia)知(zhi)名企業(ye)達成(cheng)初(chu)步(bu)合作意向,成(cheng)功打造了產(chan)業(ye)新媒體公眾(zhong)號(hao)、云冷(leng)創(chuang)客咖啡、品牌產(chan)品視(shi)頻室(shi)——云冷(leng)美食(shi)廚房(fang)以及美食(shi)微店等品牌,產(chan)業(ye)互聯網平臺初(chu)具成(cheng)果。
冷鏈物流(liu)項(xiang)目(mu)預計2017年9-10月份(fen)開業,屆時將創(chuang)造(zao)物流(liu)車需求,與公司新能源產業形成(cheng)協同效應,共同發展。
■投資建議:我們預計公(gong)司2017-2019年的營收同比增速分別(bie)為31.0%、22.5%、17.3%;歸(gui)母凈(jing)利潤同比增速分別(bie)為31.5%、25.5%、23.7%;EPS分別(bie)為0.40、0.50、0.62元(yuan)。考慮到公(gong)司傳統線纜業務的復蘇和新(xin)能源汽車產業、冷鏈物(wu)流項目(mu)的逐步啟(qi)動,首次覆蓋給予公(gong)司買入-A的投資評級(ji),6個月目(mu)標價為12.00元(yuan)。
■風險提示:冷(leng)鏈物流項目建設不及(ji)預(yu)期、傳統線(xian)纜業務回暖(nuan)不及(ji)預(yu)期、動(dong)力電(dian)池應用(yong)與銷售不及(ji)預(yu)期。
中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)聲(sheng)明:凡本網(wang)(wang)注(zhu)明“來源:中(zhong)(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)”的所有作品,版權均屬于中(zhong)(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)。中(zhong)(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)與作品作者(zhe)聯(lian)合聲(sheng)明,任何組(zu)織未經中(zhong)(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)以及作者(zhe)書面授權不得轉載、摘編或利(li)用其它(ta)方式使用上述作品。凡本網(wang)(wang)注(zhu)明來源非(fei)中(zhong)(zhong)國(guo)(guo)(guo)證(zheng)(zheng)(zheng)券(quan)報(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)的作品,均轉載自其它(ta)媒體,轉載目的在于更好服務(wu)讀(du)者(zhe)、傳遞信息之需,并不代(dai)表本網(wang)(wang)贊同其觀點,本網(wang)(wang)亦不對其真實性負責,持異(yi)議者(zhe)應(ying)與原出處單位主張權利(li)。
特別鏈接:政府部門交易機構證券期貨四所兩司新聞發布平臺友情鏈接版權聲明
關于報社關于本站廣告發布免責條款
中國證券報社版權所有,未經書面授權不得復制或建立鏡像 經營許可證編號:京B2-20180749 京公網安備0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved
中國證券報社(she)版權(quan)(quan)所有,未經(jing)書面授(shou)權(quan)(quan)不得復制(zhi)或建立鏡(jing)像
經營許(xu)可證編號:京B2-20180749 京公網安備0-1
Copyright 2001-2018 China Securities Journal. All Rights Reserved