Brief comment on performance
Today, the company announces its third-quarter 2012 results KuaiBao:
In the first three quarters, operating income totaled 652.97 million yuan, a year-on-year growth rate of 9.69%; net profit of 110.25 million yuan, a year-on-year growth rate of-46.26%; net profit of 107.21 million yuan, a year-on-year growth rate of 2.90%; and earnings per share of 0.340 yuan.
In the third quarter, operating income reached 222.20 million yuan, a year-on-year growth rate of-1.87%, net profit of 50.69 million yuan, a year-on-year growth rate of-13.75%, net profit of 49.51 million yuan, a year-on-year growth rate of-16.57%, and earnings per share of 0.156 yuan.
Operating analysis third-quarter results slightly lower than expected: the company's third-quarter results were slightly lower than expected, in which revenue decreased slightly due to macroeconomic impact, and operating profit declined more due to the increase in external power purchase costs and labor costs. and in the same period last year, due to the investment income brought by the transfer of Heishui Glacier Power Plant, the cumulative net profit of the current period declined more.
Looking forward to the profit improvement in the fourth quarter after the electricity price increase: the company has held a hearing on residential electricity ladder electricity price on September 12, and is currently in the process of examination and approval by the National Development and Reform Commission. We believe that there will be a certain increase in the company's comprehensive electricity price, which will significantly improve the company's fourth-quarter performance.
Keep the profit forecast unchanged for the whole year: considering that the increase in electricity price will significantly improve the performance level in the fourth quarter, which is more likely to exceed expectations, we will remain unchanged in our previous profit forecast.
On the premise that the profit adjustment does not take into account the investment income from the future sale of shares in Huaxi Securities, we maintain our previous profit forecast that the company's EPS from 2012 to 2014 will be 0.473 yuan, 0.602 yuan and 0.721 yuan respectively, and the current stock price corresponds to 21 × 12PE and 16 × 13PE.
The current stock price of the investment suggestion company corresponds to 21 × 12PE and 16 × 13PE, which is obviously lower than the average level of the small hydropower company at present. we think that the company has a certain margin of safety at present, giving the company 25 × 12PE and 20 × 13PE, with a target price of 11.83-12.04. considering the asset price of 3.16 yuan per share of vanadium assets, the target price of the company is 14.99-15.20 yuan.