报告名称：Wiscom System(002090)Comments on 2015 Results：Steady profit growth from power eq
报告类型：点评报告
报告日期：2016-03-09
研究机构：中信国际
股票名称：金智科技
股票代码：002090
页数：4
简介：In 2015, the Company’s revenue and net profit grew by 5% and 21%YoY. During the reporting period, the Company registered revenue ofRmb1,241mn (+5.28% YoY), of which electric power automation andnew energy (including new energy power station operation) businessesgrew by 10.43% and 21.43% YoY respectively. It raked in net profitattributable to equity stakeholders of ListCo of Rmb130mn (+21.26%YoY), equivalent to diluted EPS of Rmb0. 58 (+14.74% YoY). TheCompany reported slightly disappointing net profit growth of 21% YoYfor 2015 due to China’s slower than expected Rmb2trn tender fordistribution networks. Meanwhile, it announced to pay out Rmb1.5 incash dividend for every 10 shares outstanding. Its cost income ratioinched up during 2015 thanks to solid management. It has focused onpower equipment business (starting from power generation automationto automation in transformation/distribution, new energy power stationdesign/operation etc.).
Slightly rise of cost income ratio on solid management. In 2015, theCompany’s cost income ratio tallied 25.75% (+1.2pct YoY) mainly dueto 1.16Pct rise of its administrative expenses. Over the past severalyears, the Company’s administrative expenses have kept risingbecause of its aggressive input into R&D. In 2015, its R&D expendituretotaled Rmb107mn, taking up c. 55.4% of its full-year 2015administrative expense. Its ramped-up investment into smart grids andsmart city projects has paid off remarkably.
Financial assets to fuel rapid growth of power and smart citybusinesses. Since its incorporation, the Company has focused onpower equipment sector, starting from power generation automation andthen foraying into transformation automation, distribution automation,designing/operating new energy power stations etc. While focusing onlong-term growth of its core business, the Company has forayed intofinancial sub-sectors to fuel takeoff of its core business. It has takenstakes in Zijin Trust (5%) and CHINA FINANCIAL LEASING Co., LTD.(20%) and sponsored/incorporated XinYiZhan Insurance Agency Co.,Ltd. (5% vs 15% held by its parent group, WISCOM Group). Thisportfolio of financial assets will likely help the Company better supportdevelopment of its core business with more ample cash flow, injectingvitality into its long term growth.
On track for fast profit growth in 2016. Its traditional electric powerautomation business and the smart city business will likely maintain agrowth of 15-20% YoY. Meanwhile, China Power New Energy SmartGrid Technology Co., Ltd., which it acquired in Sep 2015, will also likelycontribute Rmb500mn to its 2016 revenue. In the field of new energybusinesses, the Company has tapped EPC from power plant/stationdesigning and has announced an EPC contract for wind farms of

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