Lingyun Shares（600480.sh）_Company Review_2017.4.26_The performance in the first quarter was impressive, with high growth potential for the whole year

Summary of research report:
1Event
2017First quarter revenue of the company27.91100 million, year-on-year growth47.29%The net profit attributable to the parent company is0.96100 million yuan, year-on-year growth57.23%，EPSby0.21Yuan.
2Our analysis and judgment
（1） The performance growth rate is higher than expected, and the high growth rate for the whole year is expected
（2） Plan to implement equity incentives and implement mixed ownership reform in the group
（3） Injecting military assets such as Beidou chips to further enhance profitability
（4） Continuously benefiting from the group's asset securitization process
3Investment advice
Assuming restructuring2017Annual completion, expected to be completed by the company2017Year and2018The net profit from annual exam preparation is approximately3.92Yihe5.02One billion, preparing for the examEPSRespectively0.68and0.87Yuan. Corresponding to current stock pricePEby32xand26x. The company has a valuation advantage and the growth of its traditional business and the Beidou military and civilian market is confirmed. Therefore, it is given a "recommended" rating!


Galaxy Securities Ju Houlin,Fu Chuxiong