Event description
Jiaoyun Co., Ltd. today released its 2010 annual report and asset acquisition plan announcement, the main contents of which are as follows:
In 2010, the operating income was 5.478 billion, up 52.78% from the same period last year; the net profit was 258 million, up 20.89% from the same period last year; the EPS was 0.24 yuan, and 0.21 yuan in the same period last year.
The company's revenue in 2010 was 5.478 billion, an increase of 1.893 billion over the same period last year. Among them: 1) revenue from auto parts manufacturing and automotive after-service increased by 85.16% compared with the same period last year; 2) revenue from transport and logistics services increased by 16.44% compared with the same period last year; 3) revenue from water tourism services increased by 211.29% year-on-year. In 2010, the hot car market and the wonderful World Expo boosted the operating income of transportation shares.
The company issued a plan to issue shares to specific targets to purchase assets, and planned to issue shares to Shanghai Transportation (Group) Co., Ltd., Shanghai Jiushi Company and Shanghai Real Estate (Group) Co., Ltd., inject 100% equity of Shanghai Jiaotong Hubei Logistics Development Co., Ltd., 35% equity of Shanghai Port Development Co., Ltd., and 200 million yuan in cash. The injection of 48.5% equity in Shanghai Jiaoyun bus passenger Transport (Group) Co., Ltd. and 25% equity in Shanghai South Railway Station long-distance passenger Transport Co., Ltd., the injection of related assets has strengthened the development of the main industry of transport and logistics services.
We believe that the company's development strategy is clear, focusing on the two core industries of transportation and logistics services and auto parts manufacturing, which is very consistent with the "modern service industry and advanced manufacturing" in Shanghai. Under the background of the adjustment of China's social and economic structure, the transformation of the mode of economic development, and the launch of the 12th five-year Plan, we have realized the optimization and upgrading of the company's core industrial structure by injecting new assets and funds. the development prospect is promising by carefully cultivating modern service industry and large-scale high-precision manufacturing industry. The risk is that the development of the transportation and logistics industry of the "post-Expo" company may slow down compared with 2010, and the high oil prices and the increasingly fierce auto price war in 2011 also have a negative impact on the company's auto parts manufacturing industry.
We estimate that the company's EPS from 2011 to 2013 will be 0.3,0.35 and 0.40 yuan respectively corresponding to PE, giving the company a "cautious recommendation" rating for the first time.
