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【海通证券】贵航股份:资产整合仍值得期

[Haitong] Guihang shares: asset integration is still worth it.

海通證券 ·  Aug 25, 2010 00:00  · Researches

The company publishes its 2010 semi-annual report. From January to June 2010, the company achieved operating income of 1.167 billion yuan, an increase of 47.11% over the same period last year, a comprehensive gross profit of 22.27%, basically the same as the same period last year; operating profit of 95.54 million yuan, an increase of 30.21% over the same period last year, and an operating profit margin of 8.19%, down 1.06% from the same period last year. The net profit belonging to the owner of the parent company was 50.37 million yuan, down 13.77% from the same period last year, 47.93 million yuan after deducting non-recurring profits and losses, and the net profit margin was 4.32%, down 3.05% from the same period last year. Diluted earnings per share 0.174 yuan; weighted average return on net assets 3.57%; net cash inflow per share of operating activities 0.106 yuan; inventory turnover 2.03 times, accounts receivable turnover 1.75 times. As of June 30, 2010, the company's net assets per share were 4.93 yuan, the asset-liability ratio was 35.69%, the current ratio was 2.08 times, and the quick ratio was 1.50 times.

Comments:

Second quarter performance analysis. In the second quarter, the company achieved operating income of 612 million yuan, an increase of 26.45% over the same period last year, an increase of 10.26%, a comprehensive gross profit of 22.83%, a decrease of 0.27% over the same period last year, an increase of 1.17% over the same period last year, and an operating profit of 59.29 million yuan, an increase of 5.37% over the same period last year and an increase of 63.56% over the same period last year. Operating profit margin was 9.69%, down 1.94% from the same period last year, and up 3.16% from the previous month The net profit belonging to the owner of the parent company was 35.5 million yuan, down 20.45% from the same period last year, up 138.73% from the previous year; the net profit margin was 5.80%, down 3.42% from the same period last year, and up 3.12% from the previous month; diluted earnings per share was 0.123 yuan; net cash inflow from operating activities per share was 0.187 yuan. From a quarterly point of view, the company's gross profit margin and net profit margin remained stable.

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