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【天相投资】金自天正(600560):资产注入短期难以成行

[Tianxiang Investment] Jin Zi Tianzheng (600560): asset injection is difficult in the short term.

天相投資 ·  Jul 18, 2007 00:00  · Researches

In 2006, the main business income was 415 million yuan, the main business profit was 61.35 million yuan, and the net profit was 24.17 million yuan, an increase of 29%, 51.5% and 56.64% respectively over the same period last year. The profit margin and net interest rate of the main business were 14.77% and 5.8% respectively, and the earnings per share were 0.24 yuan. In the first quarter of 2007, the net profit was 7.7329 million yuan, an increase of 24% over the same period last year, and earnings per share was 0.08 yuan.

According to the quarterly report data in 2007, the company received 529 million yuan in advance, indicating that the order is full; since 2005, the company has received more than 2 billion yuan of orders, the revenue recognition cycle of automation projects is long, and the contribution of orders will continue to be reflected in the next few years.

At present, China's heavy chemical industry is in the stage of rapid development, and the demand for automation products will continue to be strong. According to the 2006 annual report, about 86% of the company's revenue comes from the iron and steel industry, and the business is too unitary. The company's strategic planning will be based on iron and steel, and will actively expand to other industries such as non-ferrous, coal, cement, chemical, fertilizer, paper, electric power, furnaces and kilns. Under the background of strong demand in the industry and the company's opening up new markets and developing new products, we believe that the company's sales revenue will maintain a growth rate of more than 30% in the next three years.

In 2007, 2008 and 2009, the company is expected to achieve sales revenue of 585 million yuan, 805 million yuan and 1.047 billion yuan respectively, an increase of 40.8%, 37.7% and 30% respectively over the same period last year; and main business profits of 88.41 million yuan, 122 million yuan and 160 million yuan, up 44.1%, 38.2% and 30.8% respectively over the same period last year.

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