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【国金证券】中成股份:3季业绩平淡不改公司整体投资价值

國金證券 ·  Oct 22, 2007 00:00  · Researches

  The company's operating income fulfilled 80.69% of our forecast, net profit completed 68% of our forecast, and the company's net profit increased by only 984,700 thousand in the third quarter. We think the company's performance in the third quarter was quite mediocre, but it was also normal for a trader with international project contracting qualifications. Affected by the project commencement time and construction progress, the company's performance increased in stages. On October 19, the board of directors of the company agreed that the company's application period from the Bank of Communications is two years for an uninsured comprehensive credit line of RMB 400 million, of which the working capital loan amount is RMB 200 million, and the amount of non-financing guarantees and instant letters of credit is RMB 200 million. We believe this requirement is to prepare the company for the commencement of future projects. Therefore, judging from the company's future project reserves and project progress, we believe that the company's future performance will continue to grow rapidly. The lackluster third quarter did not change the company's overall investment value. It is expected that the fourth quarter of the company will usher in a period of rapid growth in performance with the commencement of the Tanzanian power plant project and the Mozambican Public Prosecutor's Office building project. For this reason, we still maintain the company's profit forecast. Earnings per share for the period 07-09 were 0.358, 0.489, and 0.617 yuan.

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