Event: the company announced the first quarterly report of 2009, the company achieved a total operating income of 140.1794 million yuan in the first quarter, and the net profit attributed to shareholders of listed companies was-12.4495 million yuan, a decrease of 40.96% and 59.78% respectively over the same period last year.
Analysis of the operating situation in the first quarter of 2009 some subsidiaries stopped production, product sales declined, and performance declined seriously. On January 20, the company began to stop production and overhaul the production equipment of Jiangxi Changjiuyu Chemical Co., Ltd., a subsidiary of Jiangxi Changjiuyu Chemical Co., Ltd., until March 17, the two companies began to fully resume production, which had a great impact on the production and sales of urea and methanol, important products of the company. In addition, due to the suspension of production, the company's management expenses in the first quarter increased by 16.88% compared with the same period last year, reaching 11.4433 million yuan, which greatly affected the company's operating performance. In the first quarter, the company achieved a total operating income of 140.1794 million yuan, down 40.96% from the same period last year, and a total profit loss of 6.0653 million yuan, a decrease of 176300 yuan over the same period last year, but the net profit attributed to the parent company was-12.4495 million yuan, down 62.5% from the same period last year. The company's operating performance declined seriously.
The production capacity of the company is expected to increase steadily in the future, and the future performance is expected to remain stable. In 2008, the company expanded its production capacity through investment. Jiangxichang Jiu Agricultural Science and Technology Chemical Co., Ltd. has put into production 25000 tons of acrylamide production line, with an annual production capacity of 65000 tons. Jiang ammonia Company and Changjiuyu Chemical Company have effectively guaranteed their production capacity in the second three quarters of this year after stopping production and overhaul in the first quarter. And the company's operation has obvious seasonal changes, and the company's performance may pick up with the increase of fertilizer demand in the later stage.
According to the announcement on February 10, the company's holding subsidiary, Jiangxi Changjiu Agricultural Science and Chemical Co., Ltd., has been recognized by the relevant departments of Jiangxi Province as a high-tech enterprise in Jiangxi Province, with a validity period of three years. As a result, the company can enjoy a 10% tax credit, which will help the company improve its full-year performance.
Based on the above analysis of performance expectations and valuation, we believe that the fundamentals of the company have not changed fundamentally, and we still maintain the judgment of the company's performance in the previous annual report analysis. the company's earnings per share are expected to be 0.039 yuan and 0.042 yuan in 2009 and 2010. the rating of the company's stock continues to be: wait and see.
