From January to December 2010, the company achieved operating income of 4.675 billion yuan, an increase of 13.87% over the same period last year; the net profit attributed to the owner of the parent company was 281 million yuan, compared with-399 million yuan in the same period in 2009, and EPS was 0.26 yuan, which exceeded expectations. In the fourth quarter, the company realized operating income of 1.348 billion yuan, an increase of 68.12% over the same period last year and 12.70% month-on-month growth. The net profit attributed to the owner of the parent company was 107 million yuan, compared with-214 million yuan in the same period of 2009, 2.08 million yuan in the third quarter, and 0.10 yuan in EPS. No dividends, no transfers.
From January to March 2011, the company achieved operating income of 1.12 billion yuan, an increase of 9.73% over the same period last year. The net profit belonging to the owner of the parent company was 18.81 million yuan, down 87.83% from the same period last year.
In the first quarter of 2010, the company's debt restructuring income was 163 million yuan. After deducting this part of the profit, the actual net profit of the parent company in 2010 was 110 million yuan, equivalent to EPS0.1 yuan. This is also the main reason why the company's net profit fell sharply in the first quarter of 2011 compared with the same period last year.
In the first quarter, the comprehensive gross profit increased steadily, and the expense rate decreased steadily. In the first quarter of 2011, the company's comprehensive gross profit margin was 13.32%, up 2.15 percentage points from the same period last year; the expense rate during the period was 10.11%, down 0.13 percentage points from the same period last year.
It is expected to continue to be profitable in 2011. The company's revenue and profits mainly come from the light card business of Jinbei vehicle manufacturing company, the seat interior decoration business of Golden Cup Johnson Automation and the passenger car and light passenger business of brilliance Golden Cup.
Among the products, light customers are in the leading position, and the light and micro card sales industry is in the forefront.
In 2010, the auto market continued to be hot, and watch company Jinbei vehicle manufacturing achieved a net profit of 49.79 million yuan, an increase of 203.7% over the same period last year, while Jinbei Johnson controls achieved a net profit of 93.8 million yuan, an increase of 22.3% over the same period last year. Brilliance Golden Cup, a shareholding company, achieved a net profit of 370 million yuan after spinning off its loss-making business in China, turning losses into profits. We expect the company to continue to make profits in 2011: 1) the company exported 13000 light trucks in 2010, an increase of 61% over the same period last year, and exports are expected to continue to improve in 2011; 2) Jinbei Johnson controls on the one hand benefits from the continuous growth of sales of brilliance, a downstream supporting car factory, on the other hand, with the gradual commissioning of BMWF30 and BMWF18 projects, its profit scale is expected to further expand. 3) the shareholding company brilliance Golden Cup has begun to make a profit after divesting its Chinese business, and the investment income burden of the company has been eliminated.
Profit forecast and rating. It is estimated that the EPS of the company from 2011 to 2013 will be 0.12,0.15,0.19 yuan respectively. According to the current closing price of 5.47yuan, the corresponding dynamic PE is 45,36 and 30 times respectively. The company's valuation is on the high side and maintains a "neutral" investment rating.
