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【平安证券】贵绳股份:搬迁技改启动,具体方案待定

[ping an Securities] Guisheng shares: relocation and technical reform start, specific plan to be determined

平安證券 ·  Mar 30, 2011 00:00  · Researches

Basic performance: the company achieved an annual operating income of 1.3 billion yuan, an increase of 11.8% over the same period last year. The net profit of shareholders belonging to listed companies was 31.28 million yuan, an increase of 6.5% over the same period last year. Fully diluted earnings per share of 0.19 yuan. The company plans to distribute 0.6 yuan (including tax) for every 10 shares without capital accumulation fund to increase share capital.

The operation of the main business remains basically stable.

The company's operating income mainly comes from wire rope and steel wire business, accounting for 70% and 28% respectively in the reporting period. Among them, the gross profit of wire rope business is basically the same as that of the previous year. Steel wire business gross profit to achieve a turnaround, gradually out of the 2009 profit trough.

Start-up of relocation and technical transformation to provide long-term imagination

The technical reform of the relocation of the company was started during the reporting period, and the specific plan needs to be planned and demonstrated in detail after obtaining the land use right. The company plans to have an income of 1.383 billion yuan and an expense of 1.344 billion yuan in 2011, a slight increase over the actual amount in 2010. The relocation of technological transformation has little impact on the company's profit growth in 2011.

The company's original land for production and operation is leased from Guisheng Group, the controlling shareholder, with a contract period from September 2000 to September 2015. Due to the urban planning of Zunyi City, the use of the land has been changed to commercial land. Therefore, the company changed the funds raised by 220 million IPO (45% of the total funds raised, which was originally planned to be invested in the steel cord production line) to the purchase of 1200 mu of industrial land use rights and land formation fees and other related expenses (figure 1).

The planned land purchase area is equivalent to 6.7 times of the original operating land area, which provides more space for the technical transformation of the company. When the conditions for the transfer of the proposed land use rights are met, the company will enter the leveling site after completing the relevant formalities in accordance with the procedures, start the construction before December 20, 2011 and complete the construction by December 20, 2014.

Profit forecast and evaluation: technological transformation and relocation brings opportunities for the company's performance improvement. at present, the project planning has not yet been determined, and the impact on the company's performance needs further observation. No rating for the time being. On March 29, 2011, the closing price was 11.56 yuan, compared with 60.8 times of PE and 2.2 times of PB of EPS in 2010.

Risk hint: the specific plan of the company's technological transformation and relocation project needs to be planned and demonstrated in detail after obtaining the land use right, and there is a certain uncertainty about the impact on the company's performance.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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