According to the third quarterly report in 2009, the company realized operating income of 1.02 billion yuan, up 2.06% from the same period last year; realized operating profit of 15.03 million yuan, down 16.87% from the same period last year; and realized net profit of shareholders belonging to listed companies of 14.92 million yuan, a decrease of 19.78% over the same period last year. Of this total, the company realized operating income of 318 million yuan in the third quarter, an increase of 6.45% over the same period last year, an operating profit of 5.19 million yuan, a decrease of 8.14% over the same period last year, and a net profit of 4.12 million yuan for shareholders of listed companies, down 39.14% from the same period last year.
Summary of the results in the first three quarters: during the period when the gross profit margin rose, expenses rose and operating profit grew negatively. In the first three quarters of 2009, the company's gross profit margin was 16.31%, an increase of 0.33 percentage points compared with the same period last year. At the same time, the company's expense rate increased by 0.58% year-on-year, from 13.64% to 14.22%. Offset the effect of the increase in gross profit margin In addition, due to the increase in additional taxes and fees caused by the increase in VAT, the company's business taxes and surcharges increased by 62.56% during the reporting period compared with the same period last year. Under the combined influence of the above factors, the company's operating profit decreased by 16.87%.
Non-operating income decreased significantly, dragging down the total profit and net profit growth. The company's non-operating income in the first three quarters of 2009 was 650000 yuan, a decrease of 90.70% compared with the same period last year, due to the recovery of the equity transfer of Dongxing Hotel last year and the settlement of 4.67 million yuan in debt repaid by Nanning Golden expansion Company to the company; the income tax rate has been greatly reduced. According to the information disclosed in the newspaper, the current income tax of the company according to the Enterprise income tax Law is-1.8 million yuan, plus the income tax expenses after the deferred income tax adjustment is-80,000 yuan; the total income tax expenses of the company in the first three quarters of 2009 are 1.19 million yuan, and the actual income tax is negative 7.78%, which is much lower than the theoretical income tax rate of 25%. The negative reduction in income tax has provided some support for the improvement of the company's net profit, but it still cannot make up for the decline in net profit.
Risk hint: under the influence of the economic crisis, the company faces the risk of slowing revenue growth and rising expense rates during the period.
Profit forecast and rating. We estimate that the EPS of the company from 2009 to 2010 will be 0.15 yuan and 0.16 yuan respectively. Based on the closing price of 8.26 yuan on October 23, the corresponding dynamic PE will be 55 times and 52 times respectively, maintaining a "neutral" rating.