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Pharmaceutical and medical diagnosis is still the largest market for instrumentation, experimental analysis, environmental monitoring and energy industry segments of the market has also been concerned about the market. 2015, China's instrumentation industry above scale enterprises 4321, the total industrial output value of 950 billion yuan, the main business income of 937 billion 800 million yuan, the growth rate is rapid. The characteristics of domestic instrument industry downstream industry audience dispersed, high-end products rely on imports, foreign-funded enterprises have obvious advantages, the trade deficit still exists.
International leading enterprises from the United States, business tilt to the sophisticated instrumentation field throughout the international giants, can see most of the enterprises from the United States, for example, Danach, Agilent thermofisher etc.. They started with industrial products, and then slowly into the other applications. With the advent of the era of industrial intelligence, instrumentation industry consolidation continues to increase, mergers and acquisitions transactions swept the market, the industry giants have become increasingly obvious scale. Danach, Agilent have spun off its industrial sector, will focus on the development direction of scientific research, medical diagnosis etc.. At the same time, China also has more instruments and meters company on the international stage, to join the ranks of international competition.
FPI: one of the instruments leader, focus on the development of high-end business concentrating technology since its establishment, has always focused on instrumentation and related information software product development, production, sales and service, environmental protection, industrial process, public security and industrial security for measuring and analyzing information and service integrated solutions.
Since 2015, the company's main business: changes in the structure of industry boom decline, while the rapid growth of environmental monitoring; promote the laboratory business open, in the third party Laboratory for effective management of the company, operating income increased, the future of sustainable high growth.
1 billion 250 million yuan PPP project landing, to create a new business growth point in 2015 the company signed an agreement with a number of cities, the wisdom of the environment around the city to carry out strategic cooperation. Recently, the company led the consortium won the bid Mount Huangshan Huangshan City District Pu Creek River (city section) comprehensive management project PPP project, construction period of 2 years, 10 years of operation.
Pre transaction price of 1 billion 250 million yuan project, a reasonable profit margin of 6.35%. Relevant aspects that the successful bid marks a major breakthrough in the company's PPP business, is conducive to the original strategic cooperation agreement landing to the actual project, after the accumulation of PPP actual combat experience to replicate quickly.
Optimistic about the growth rate of high growth, maintaining a buy rating we emphasize the focus on the short term and long-term logic of the science and technology. The short-term company will benefit from the PPP project and landing performance accelerated release, the company has signed the Huangshan City City sponge PPP orders, is expected in the future will have more projects in the integration of monitoring network construction and the city, the field of smart city sponge. Long term logic: the company will not be limited to a single environmental monitoring product line, and to the instrument leading the way. The first half of the other instruments have excellent business growth, the benefit of third party laboratory open, efficient management and company of Kyrgyzstan days ANPEL instrument, experiment, laboratory equipment business income increased 40.5%.
Expected 2016, 2017 net profit of 718 million yuan, 4.98 yuan, consider additional diluted EPS1.03, 1.49 yuan, to maintain a buy rating, continue to focus on the recommendation.
