[Tianxiang Investment] Shanghai 900: the main business has declined in an all-round way, relying on investment income to reverse losses.

天相投資 · Apr 28, 2010 00:00 · Researches

2009年1-12月,公司实现营业收入1.77亿元,同比下降31.45%,营业利润3493万元,同比下降634.94%,实现归属母公司净利润1273万元,同比增长312.38%,实现每股收益0.0317元。其中,第4季度公司实现营业收入5219万元,同比下降2.97%,营业利润88万元,同比下降63.08%,实现归属母公司净利润83万元,同比下降56.01%,实现每股收益0元。2009年公司不分配不转增。

2010年1-3月,公司实现营业收入4936万元,同比下降6.46%,营业利润273万元,同比增长117.90%,实现归属母公司净利润261万元,同比增长155.12%,实现每股收益0.01元。

主业持续全面下滑导致营业收入大幅减少。公司的主营业务分商业零售、洗染洗衣、旅游餐饮三大块,近年来三大业务持续下滑造成公司经营日趋紧张,2009年公司营业收入同比下降31.45%,2010年1季度同比下降6.46%,从公司单季收入增速来看,下滑趋势明显,但已逐渐收窄(2009Q1下滑13.27%、2009Q2下滑38.06%、2009Q3下滑37.16%、2009Q4下滑2.97%、2010Q1下滑6.46%)。

综合毛利率:2009上升、2010Q1下降。2009年由于洗染业务、商业的毛利率同比分别增加5.61、3.30个百分点,因此公司综合毛利率同比上升了5.43个百分点。2010年1季度综合毛利率同比下降2.13个百分点。

期间费用率高企的原因是收入大幅下滑。2009年、2010年1季度公司的期间费用率分别为65.67%、58.24%,同比分别上升21.15、2.71个百分点,主要原因是营业收入大幅下滑。

从费用金额看,2009年公司期间费用仅同比增长1.11%,2010年1季度同比下降1.90%。

投资收益唱主角,改变亏损实质。2009年公司实现投资收益1亿元,同比增长112.90%,主要原因是2009年公司通过转让东方证券780万股股权获得4677万元一次性投资收益,久光百货贡献4234万元,同比增长近800万元,达到6304万元,同比增长了37.25%。剔除投资收益影响,公司营业利润为-6560万元,同比下滑22.05%。2010年1季度公司实现投资收益1744万元,同比增长34.74%,主要来自久光等参股公司贡献,剔除此影响,营业利润-1471万元,同比下滑25.82%。收购盈利能力强的资产或是公司脱困的有效途径。

盈利预测与投资评级。仅从现有业务情况看,预计公司2010-2012年EPS为-0.01元、0.00元、0.02元,目前股价已缺乏业绩支持,维持“中性”评级。

风险提示。主营业务继续下滑。

From January to December 2009, the company achieved operating income of 177 million yuan, down 31.45% from the same period last year, and operating profit of 34.93 million yuan, down 634.94% from the same period last year. The net profit attributed to the parent company was 12.73 million yuan, an increase of 312.38% over the same period last year, and earnings per share was 0.0317 yuan. Among them, in the fourth quarter, the company realized operating income of 52.19 million yuan, down 2.97% from the same period last year, and operating profit of 880000 yuan, down 63.08% from the same period last year. The net profit attributed to the parent company was 830000 yuan, down 56.01% from the same period last year, and earnings per share was 0 yuan. In 2009, the company does not allocate or increase.

From January to March 2010, the company achieved operating income of 49.36 million yuan, down 6.46% from the same period last year, operating profit of 2.73 million yuan, an increase of 117.90% over the same period last year, and a net profit of 2.61 million yuan belonging to the parent company, an increase of 155.12% over the same period last year.

The continued overall decline in the main business has led to a significant reduction in operating income. The company's main business is divided into three major parts: commercial retail, washing and laundry, tourism and catering. In recent years, the continuous decline of the three major businesses has caused the company's operation to become increasingly tense. In 2009, the company's operating income decreased by 31.45% compared with the same period last year, and in the first quarter of 2010, it decreased by 6.46%. From the company's single-quarter revenue growth rate, the downward trend is obvious. But it has gradually narrowed (2009Q1 is down 13.27%, 2009Q2 is down 38.06%, 2009Q3 is down 37.16%, 2009Q4 is down 2.97%, 2010Q1 is down 6.46%).

Comprehensive gross profit margin: 2009 increased, 2010Q1 decreased. In 2009, due to the gross profit margin of washing and dyeing business and commerce increased by 5.61% and 3.30% respectively compared with the same period last year, the company's comprehensive gross profit margin increased by 5.43% compared with the same period last year. The consolidated gross profit margin fell 2.13 percentage points in the first quarter of 2010 compared with the same period last year.

The reason for the high expense rate during the period is the sharp decline in income. The period expense rate of the company in 2009 and the first quarter of 2010 was 65.67% and 58.24% respectively, up 21.15% and 2.71% respectively from the same period last year, mainly due to a sharp decline in operating income.

In terms of the amount of expenses, the company's expenses increased by only 1.11% year-on-year in 2009 and fell by 1.90% in the first quarter of 2010 compared with the same period last year.

Investment income plays a leading role and changes the essence of losses. In 2009, the company achieved an investment income of 100 million yuan, an increase of 112.90% over the same period last year. This is mainly due to the fact that the company obtained 46.77 million yuan in one-time investment income through the transfer of 7.8 million shares of Oriental Securities in 2009, and Jiuguang Department Store contributed 42.34 million yuan, an increase of nearly 8 million yuan over the same period last year to 63.04 million yuan, an increase of 37.25%. Excluding the impact of investment income, the company's operating profit was-65.6 million yuan, down 22.05% from the same period last year. In the first quarter of 2010, the company achieved an investment income of 17.44 million yuan, an increase of 34.74% over the same period last year, mainly from participating companies such as Jiuguang. Excluding this impact, operating profit was-14.71 million yuan, down 25.82% from the same period last year. Acquire profitable assets or an effective way for the company to extricate itself from difficulties.

Profit forecast and investment rating. Only from the existing business situation, the company's EPS from 2010 to 2012 is expected to be-0.01,0.00,0.02 yuan, the current stock price has been lack of performance support, maintain a "neutral" rating.

Risk hint. The main business continues to decline.

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【天相投资】上海九百:主业全面下滑,靠投资收益扭亏

[Tianxiang Investment] Shanghai 900: the main business has declined in an all-round way, relying on investment income to reverse losses.

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