Boss Electric harvest 18 times the White Horse Unit? Tianfeng Securities GF Securities said the summit buy


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Earnings growth is less than expected, the boss Electric (002 508) has two consecutive trading days limit。Yesterday's close, the boss appliances, shares of 40.67 yuan, sealed daily limit。  The boss appliances November 12, 2011 hit the lowest price, for the right to re-2.79 yuan, to January 15, 2018 the stock hit 54.50 yuan the highest share price rose 18.53 times。January this year during the summit Boss Electric shares, Zhejiang Securities, GF Securities, Sichuan finance securities, Tianfeng Securities, Capital Securities, Fortune Securities and other brokerage firms issued research reports sing, maintaining a "buy" recommendation。  Boss Electric 2017 net profit growth since its listing lows February 26 evening, the owner of Electric released the results of Letters, 2017 the company achieved operating income 69.9.9 billion yuan, an increase of 20.78%, operating profit 16.1.6 billion, an increase of 21.11%, net profit attributable to the parent 14.500 million yuan, an increase of 20.18%。At the same time, the company expects 2018 net profit for the first quarter of his maternal 2.7.7 billion yuan -3.2.7 billion yuan, an increase of 10% -30%。  It is worth noting that the owner of Electric between 2012 and 2016, total revenue year on year growth rate was higher than 25%, respectively 27.96%, 35.21%, 35.24%, 26.58%, 27.56% of 2017 revenue grew 20 boss appliances.78%, less than 25% for the first time in years。  Although the owner of electrical appliances remained net profit growth, but its net profit growth in mid-2017 only 20%, a record since the stock market is the fourth quarter of 2010 net profit growth rate low, it failed to exceed the previous market expectations。In addition, in 2017 the owner of Electric net profit growth quarter by quarter, the highest end of the first quarter net profit growth of up to 54.28%, semi-annual growth 41.37%, down to the third quarter 36.95%, while full-year results increased by only 20%。Last year's fourth quarter net profit growth of not only the owner of electrical appliances chain dropped significantly year on year in the fourth quarter 2016 also dropped by 3%。  According to "International Finance" report, in the economic observers, a senior industry, household appliances industry Liang Zhenpeng view, the current performance of growth is slowing down the owner of electrical appliances has entered the bottleneck。Liang Zhenpeng pointed out that, in the face of competition with the home appliance giant, owner of electrical appliances advantage is not obvious。First of all, the boss electrical product structure is relatively simple, innovation capability is not strong。Secondly, in the case of the consumption structure, the future general household electrical appliance enterprises to develop smart home。The smart home not only need more products to achieve synergies, but also big data, cloud computing support, while the income scale boss appliances only about 70 billion yuan, difficult to meet these requirements, the future might be weak successor。  January 12 Zhejiang Securities research report: firmly optimistic about the long-term development of the January 12, Zhejiang Securities issued "boss appliances: The two sides are wide tide, the wind is Yifan hanging," the research report。Research reported that the owner of Electric actively expand dishwasher, steam boxes and other embedded products and water purification machines and other new products, improve product embedded matching rate (2017H1 Shenzhen matching rate of 36%, Xi'an matching rate of 20% -25% in the third line Chifeng supporting 11%)。While continuing to optimize the price system through changes in product mix。Zhejiang Securities believes that by the end of 2018 the owner of Electric dishwashers self-built production capacity, improve the optimization of product growth is expected to bring new outbreak。  "The boss insisted high-end kitchen electric appliances brand positioning, while maintaining steady growth kitchen smoke, to build a new engine embedded products。The company expects 2019 embedded products accounted for 20%, to 2026 embedded products accounted for 50%, we firmly optimistic about the long-term development of the company。"Zhejiang Securities research reported, the company expects 2017-2019 mid-year revenue growth of 25.6% 24.7% and 24.2%, net profit rose 37.0%, 32.4% and 30.3%, corresponding to EPS 1.74 yuan, 2.31 yuan and 3.01 yuan, corresponding to 2017 –19 years PE28.5 times, 21.5 times, 16.5 times, maintaining a "buy" rating。  January 12 GF Securities research report: the future of the low-end market share is expected to continue to enhance January 12, GF Securities issued "boss appliances: layers of incentive enough, began to force the low-end," the research report。Research report said the owner of Electric announced the proposed wholly owned subsidiary of fame appliances capital increase, the capital increase program bundled layers of interest, motivation fully, at the same time, fully embodies the boss appliances start determination by means of "fame" brand development effort in the low-end market。  Expected in mid-2017 to 2019 net profit was 16.2/20.6/25.300 million yuan, an increase of 34% / 27% / 23%。Kitchen electric company as a leading brand, strong channel, we are optimistic about the company with "known" brand, in the development of low-end market, the company's future market share is expected to continue to improve, future performance is expected to maintain high growth, the corresponding price in 2018 twenty three.1xPE, maintaining a "buy" rating。  January 15 earnings Sichuan Securities research report: performance is expected to continue to grow rapidly January 15, Sichuan Finance Securities issued research reported on the Boss Electric 2018 Employee Stock Ownership Plan, consistent with the company's employee benefits, performance of sustained high growth can be expected。"We believe that the company's third Employee Stock Option Plan, will further consistent with the interests of the company's employees, management team and stable at the same time, lay the foundation for a more consolidate long-term stability for the company's future development, performance is expected to continue rapid increase。"Research report that the company expects 2017-19 Annual total revenue were 73.7/93.9/119.500 million yuan, net profit attributable to parent company were 14.1/18.4/23.500 million yuan。EPS 1.49/1.93/2.48 yuan / share, corresponding to the closing Polyvalent Binary ○ Yi Zhi 2019 Qinian three-year PE of 31.4/24.1/18.8 times。Based on a good boss appliances brand, market share, stable earnings growth and the leading position, to maintain "overweight" rating。  January 15 Tianfeng Securities research report: Employee Stock Ownership Plan highlights the long-term growth of confidence in January 15, Tianfeng Securities issued "boss appliances: replenishment of fame into three or four markets, significant employee ownership confidence" research report。Study reported that the capital increase reflects the company's reputation began to force sub-brand appliances, and the company is determined to open up three or four lines of mid-market。Currently fame income accounted for only about 3% of total revenue, with the emphasis on the company's reputation, coordinating internal resources as well as the four-tier market growth, the income scale will continue to expand, or is expected to reach 1 billion yuan annual income scale in three years。The employee stock ownership plan involves a wide range, highlighting the company for the future development of confidence, will effectively improve staff cohesion, mobilize the enthusiasm of staff。Next 3–5 years is expected to maintain more than 20% of revenue and net profit growth。  "We expect 17 – 19 years of revenue growth were 25.36%, 24.38%, 25.49%, net profit growth were 33.16%, 29.71%, 27.51%, respectively, corresponding to EPS 1.69,2.20,2.80 yuan / share, the current stock price corresponds to 17 – 19 years were 31.00X, 23.90X, 18.75xPE, maintain Buy rating。"Research reported。  January 15 Capital Securities research report: maintaining a "buy" recommendation on January 15, CSC Securities (Hong Kong) Limited issued research reported, the boss appliances The ESOP widely involved in grass-roots workers, will be conducive to the company continued to promote the channel sink strategy。Furthermore, since the owner of electrical kitchen products, with strong property renovation, research reports that by mid-2017 four-tier cities will continue to drive sales of real estate kitchen electric products enhance the company's sales, but this management team subsidiaries fame appliances the capital increase will accelerate the company's product development in the four urban markets。  Research report that the medium and long term, the company's good brand and channel strategy will continue to promote the sink in the kitchen electric industry company lay a solid foundation to maintain and enhance the amount of market share. In addition, the company's new push Embedded kitchen electric products is also expected to bring considerable increase in the future。Boss Electric research report is expected in 2017/2018/2019 net profit to 16, respectively,.3/20.6/25.200 million yuan, up + 35.1% / 26.1% / 22.8%, EPS 1 respectively.72/2.17/2.$ 66 shares corresponding to the current dynamic PE were 29X / 23X / 19X, reasonable valuation, "Buy" recommendations。  January 30 Fortune Securities research report: very profitable January 30, Fortune Securities published research reported, owner of electrical appliances as one of the two high-end kitchen electric brand, as it should enjoy a premium brand。In the long run, more than 55% of the company's gross and net of nearly 20%, very profitable。  It expects 2017/2018/2019 annual revenues were 7 billion / 8.5 billion / 10.2 billion, corresponding to growth of 21% / 21% / 20% owned by the parent net profit of 1.6 billion / 20.800 000 000/26.200 000 000, corresponding to the growth rate was 33% / 30% / 26%, corresponding to EPS 1.69 yuan / 2.19 yuan / 2.76 yuan。According to the company's valuation and growth of the industry, Fortune Securities to give 25-30 times 2018 PE, a reasonable price range of 54.75-65.7 yuan, given the "Recommended" rating。  Why limit Electric boss who's big sell-off?      Expert analysis

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