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【长江证券】深纺织A:偏光片产销两旺,新线投产可期

長江證券 ·  Apr 15, 2011 00:00  · Researches

In 2010, Shenzhen Textile achieved operating income of 637 million yuan, a year-on-year increase of 30.68%; the company's consolidated gross margin was 17.25%, a year-on-year decrease of 0.61 percentage points; realized net profit attributable to shareholders of the parent company of 41 million yuan; fully diluted EPS per share was 0.121 yuan, and net cash flow from operating activities per share was 0.17 yuan. Shenzhen Textile is currently the leading professional polarizer R&D and production enterprise in China. Currently, the company's main business includes LCD polarizer manufacturing, textile and garment manufacturing and trading, and property management and leasing. During the reporting period, the company gradually divested textile and garment manufacturing and trading business by adjusting its industrial layout, and completed the transformation into a professional polarizer manufacturer. The company's TFT-LCD polarizer project, which was raised through a private stock offering, is progressing smoothly, and will greatly boost the company's performance growth after delivery. We predict that the company's EPS from 2011 to 2013 will be 0.295,0.448,0.636 yuan, respectively, giving the company a “recommended” rating.

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