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【天相投资】ST百花:正向资源类行业转型

天相投資 ·  Nov 2, 2009 00:00  · Researches

From January to September 2009, the company achieved operating income of 46.21 million yuan, a year-on-year increase of 61.9%; operating profit of 4.51 million yuan, a year-on-year increase of 113.6%; net profit of 3.61 million yuan, a year-on-year decrease of 23.7%; and earnings per share of 0.022 yuan. In the third quarter, the company's revenue was 983.2 billion yuan, up 164.7% year on year, operating profit was 1.15 million yuan, down 38.4% year on year, and net profit was 1.23 million yuan, down 43.6% year on year. Revenue growth in all business segments continues to grow rapidly. The company's operating income for the third quarter increased by 164.7% compared to the same period last year, and the growth rate increased by about 140 percentage points compared to the second quarter, but at the same time, we should also see that while the company's revenue grew rapidly, gross margin fell to 25.1%. Currently, the company still mainly focuses on commercial trade, catering, service, leasing, and food processing, so it is difficult for the coal business to generate profits for the company in the short term. Successfully transformed into an energy listed company. After the company acquires shares related to Yuxin Coal Industry, Hongji Coking, and natural products through a non-public offering of shares, businesses such as raw coal mining (No. 45 gas coal), coal coking, comprehensive utilization of gas, and waste heat power generation will all enter listed companies. The company's industrial transformation will be more thorough, the main business more prominent, the industry chain centered on energy and coal chemicals will gradually be completed, and resource utilization will increase markedly, and the company's core competitiveness and ability to withstand risks will improve markedly. The future profit prospects are broad. Among the three companies acquired by the company, the main coking coal produced by the Mesbrak coal mine, which belongs to Natural Products, and gas coal produced by Yuxin Coal are scarce types of coal, are the main raw materials for coal coking and have good development prospects; Hongji Coking's integrated chemical projects with an annual output of 800,000 tons and the second phase of the coke integrated chemical project with an annual output of 1.1 million tons are all large-scale coal coking projects, rich in raw materials, low cost, and broad development space. After the restructuring is completed, the three companies will form a complete industrial chain of raw coal, coal coking, and coal chemicals. Through the vertical extension of the industrial chain, close cooperation between industries will be achieved, stable raw material sources and product sales channels will be guaranteed, the costs of raw material procurement, product sales, transportation, storage, etc., will be greatly reduced, and the profitability of enterprises will be further enhanced. Earnings forecasts and ratings. We have no profit forecasts for the company and maintain the company's “neutral” investment rating.

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