Company Review_Yingweiteng（002334）Significant profit growth and the arrival of a new round of high-speed development (new)

Summary of research report:
1Event
Company Release2017Report for the first quarter of the year, achieving operating revenue during the reporting period3.44100 million yuan, year-on-year growth44.0%; Realize net profit attributable to shareholders of the listed company837Ten thousand yuan, year-on-year growth93%Net profit after deducting non recurring expenses increased year-on-year110.8%. expect2017In the first half of this year, the net profit attributable to the parent company will increase year-on-year90%reach120%, up to0.53reach0.61RMB100mn
2Our analysis and judgment
（1） Thanks to the recovery of the manufacturing industry,Q1Significant increase in income growth rate
（2） UPSThe recovery of minority equity in subsidiaries drives profit growth
（3） Q2We will continue to maintain a good business momentum
3Investment advice
Expected company17、18yearEPSRespectively0.19、0.30Yuan, maintain the "recommended" rating.
4Risk warning
The cost rate continues to rise, suppressing the company's performance; Accounts receivable have grown too quickly.


From: Zhang Ling from Galaxy Securities