Furrut equipment announced a quarterly report on the 24th, and the stock price dropped to an early low of 55.11 yuan, hitting a new low for more than a year. The company announced a quarterly report. In the first quarter, the company realized sales revenue of 564 million yuan, an increase of 30.08% year-on-year; net profit of 69.27 million yuan, an increase of 42.09% year-on-year; and earnings per share of 0.51 yuan.
Securities company commentary Furui installed a quarterly report that the company's performance growth slowed slightly, focusing on new business growth.
Securities companies said that the company's revenue growth has slowed down, probably because of rising natural gas prices. After the increase in natural gas prices in 2013, the economic performance of LNG vehicles has been affected. In particular, LNG heavy trucks are mainly affected by the economic considerations of the buyers, and the LNG buses are relatively affected by the government's environmental protection factors. According to the data from the first commercial vehicle network, Shaanxi Automobile sold 11,000 heavy trucks last year. The target for this year is 16,000 units. The sales volume of FAW-free LNG heavy trucks last year was 7,500 units. This year's target is 15,000 units, and the overall target is still relatively optimistic.
The decrease in management fee rate fills the gap in the drop in gross profit margin. The company's gross profit margin in the first quarter was 34.73%, which was a decrease of 2.58 percentage points from the same period of last year. This may be due to the decrease in the company's product prices and changes in product structure. The company’s management fee rate was 13.4%, which was a decrease of 2.58 percentage points from the same period of last year, which made up for the negative impact of the drop in gross profit margin.
Paying attention to the volume of new business is expected to bring new growth points to the company. The company has delivered multiple sets of small-scale liquefaction devices. If 4-5 sets can be confirmed this year, the company will generate more than 100 million yuan in revenue. The company's engine remanufacturing phase I project has started construction and is expected to contribute to the company's revenue this year. The company cooperated with Xinao and overseas companies to promote the sales of LNG products in overseas markets and explore new markets. Marine LNG storage and supply systems will benefit from the development of LNG power boats both at home and abroad. The development of these new services is relatively large. If a breakthrough is achieved, it will be expected to drive a new round of growth in company performance.
The securities company expects the revenue per share of Furtelite to be 2.70, 3.81, and 5.17 yuan per share for 2014-2016, combined with the valuation of the comparable company, giving the company 36 times PE in 2014, corresponding to a target price of 97.20 yuan, and maintaining the buy rating of the company.
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