The company disclosed its 2015 annual report. The annual operating income was 841 million yuan, a year-on-year increase of 27.18%. The net profit attributable to listed shareholders was 289 million yuan, a year-on-year increase of 15.32%, and the net profit after deduction was 248 million yuan, a year-on-year increase of 11.54%. Realized basic earnings per share of 0.43 yuan. The company announced the 2015 profit distribution plan, and found a cash dividend of RMB 3.00 (including tax) for every 10 shares.
Export business and medical equipment increased by 57% and 55% respectively year-on-year, supporting rapid growth in revenue. In 2015, the company's color sorter business has achieved a huge breakthrough in the overseas market, achieving revenue of 193 million yuan and overseas revenue accounting for 23%, showing an increasing trend year by year. The company's oral CT confirmed the income from the signing of the order to the completion of the commissioning. After a period of 1-2 months, more equipment in the fourth quarter was postponed to the first quarter of this year. The actual sales of the company's oral CT are expected to exceed 300 units.
The consolidated gross profit margin fell by 4.48 percentage points to 53.16% and is expected to stabilize in 2016. The decline in gross profit margin led to a significant increase in net profit growth in 2015 compared to revenue growth. We expect that the volume of new products in 2016 will bring economies of scale, and the proportion of high-margin export business revenue will continue to increase, and gross profit margin is expected to stabilize.
Medical equipment continues to provide major increments, and industrial inspections such as logistics and security testing are worth looking forward to. It is expected that the annual oral CT products are expected to enter the public hospital system through the distribution channels, driving the oral CT to continue to double. In addition, the company's latest development of X-ray safety inspection series equipment has obtained relevant production and sales licenses, which will be introduced to the market, marking the company's formal involvement in the security and security field.
Maintain “overweight†rating: We expect the company's 2016-2018 EPS to be 0.54/0.68/0.88 yuan respectively, corresponding to the current stock price dynamic PE of 47x/37x/28x respectively, maintaining the “overweight†rating. Risk warning: The oral CT machine expands the public hospital market lower than expected.
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