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【广发证券】浪潮软件:盈利能力继续下降

廣發證券 ·  Aug 17, 2006 00:00  · Researches

Main revenue rose slightly, and net profit fell sharply in the first half of 2006, the company achieved a total of 203.083 million yuan in main business revenue, up 17.42% from the same period last year, operating profit - 4,844 million yuan. There was a loss. Net profit was 1,023,500 yuan, down 63.39% from the same period last year. The increase in main operating costs and the sharp increase in management expenses were the main reasons for the sharp decline in net profit. The company maintained profit by obtaining investment income of 17.2915 million yuan from its shareholding company Inspur Lejin Digital Mobile Communications Co., Ltd. Profitability continued to decline. In 2001-2004, the company's main gross margin and main business profit margin showed a volatile upward trend. Among them, the main gross margin index was already at an excellent level in the industry, but since the first half of 2005, the company's main gross margin and net sales margin have both begun to decline. This trend continued in the first half of 2006, and there were signs of an accelerated decline. Operating efficiency has improved, and cash flow has improved. The accounts receivable turnover ratio and inventory turnover ratio rebounded in the first half of 2006. Operating cash flow per share rose from -0.198 yuan in mid-2005 to 0.156 yuan. However, it remains to be seen whether these indicators will continue to improve. The rating given to holdings is based on a comprehensive comparison with companies in the same industry. Currently, the company's stock price position is moderate, and there is no obvious overestimation or underestimation, so it continues to give ratings to holdings.

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