Business data:
In 2014, the company achieved operating income of 362 million yuan, an increase of 38.54% year-on-year. The net profit attributable to shareholders of listed companies was 50,767,300 yuan, an increase of 49.89% year-on-year, corresponding to a gain of 0.23 yuan per share. In addition, the company plans to transfer 10 shares for every 10 shares and 0.50 yuan for every 10 shares. It is expected that the net profit attributable to shareholders of listed companies in the first quarter of 2015 will increase by 50.00-80.00% year-on-year.
Significant growth in performance. During the reporting period, the company's production and operation showed a momentum of rapid development. The company realized operating income of 362 million yuan, an increase of 38.54% over the same period of the previous year, of which thermal imaging products sales revenue accounted for 97.58% of main operating income; period costs of 117 million yuan, a year-on-year decrease of 2.05%; to achieve the ownership of the parent company owners The net profit was 50,767,300 yuan, a year-on-year increase of 49.89%. In 2014, the company’s financial status was good and its profitability remained stable.
The first-mover advantage is fully displayed, and the civilian products and military products are making full efforts. The company pays attention to R&D investment. In 2014, the R&D investment was 4,102.84 million yuan, accounting for 11.33% of the operating revenue. The company capitalized on its first-mover advantage in the industrialization of non-refrigerated detectors, and took projects such as the "National High-level Fundamental Special Project" and the "2014 National Major Scientific Instruments and Equipment Development Special Project" to obtain projects, consolidate its leading position, and use cost advantages. It broke the restriction and monopoly of foreign devices on the domestic market. In addition, the company provided system solutions to the different requirements of users in the field of civil products, consolidating the company's competitive advantages in the civilian market; at the same time, after years of accumulation, the company’s various military product developments are in a good state of development, and the military product revenue has shown a steady growth. .
Seize the opportunity of history and build an infrared detection giant. The entry of the Chinese economy into the new normal will promote the rise of a number of new economic growth points such as mobile Internet, smart equipment and car networking, and will also boost the functional upgrading of high-tech equipment manufacturing industries including infrared thermal imaging cameras. In 2014, the company actively promoted the operation of the domestic and international markets and gained high recognition from the market. At present, the development of military-military integration has risen to a national strategy. The company is qualified for research and production of weapons and equipment, and has established long-term and stable cooperation with other military product manufacturers. With the further development of national defense modernization, the company will have more opportunities to participate and ensure the company's competitive advantage.
Earnings forecast and valuation. We expect the company's EPS for 2015-2017 to be 0.346 yuan / 0.494 yuan / 0.643 yuan, optimistic about the company's thermal imaging cameras and nuclear high base project development space, maintain "overweight" rating.