From January to September 2009, the company's operating income was 1.439 billion yuan, down 16.93% from the same period last year; the total profit was-48.2221 million yuan, compared with-11.672 million yuan in the same period last year; the net profit attributed to the owner of the parent company was-46.8582 million yuan, compared with 1870.21 yuan in the same period last year; and basic earnings per share was-0.08 yuan. Among them, from July to September 2009, the operating income was 558 million yuan, an increase of 8.57% over the second quarter; the net profit belonging to the owner of the parent company was 7.0021 million yuan, an increase of 16.7443 million yuan over the second quarter; and basic earnings per share was 0.01 yuan.
The gross profit margin fell sharply. Affected by the financial crisis, the market demand for the company's leading products was sluggish during the reporting period, and the sales price continued to be low. In particular, the price of PVC resin fell by more than 60% compared with the previous high, resulting in a sharp decline in the company's profitability and losses. The comprehensive gross profit margin was 6.48%, down 4.95 percentage points from the same period last year. Since the beginning of the third quarter, PVC prices have rebounded, and the company's comprehensive gross profit margin has reached 10.26%, turning losses into profits in a single quarter. During the reporting period, the company's expense rate was 9.35%, down 0.17 percentage points from the same period last year.
It involves chlor-alkali, real estate and other fields. The company mainly produces and sells PVC resin and caustic soda. At present, it has a production capacity of 300,000 tons / year for PVC and 270,000 tons / year for caustic soda. At the same time, the company paid for the acquisition of 98.26% of the shares of Mianyang Xiaodao Construction and Development Co., Ltd. in November 2001, which further expanded the company's business in the field of real estate; in September 2005, the company funded the acquisition of Mianyang Mianzhong Xiaodao Education Investment Co., Ltd. began to set foot in the field of education. At present, the company has become a large enterprise group involved in chemical industry, education, light industry, textile, real estate and other fields.
The cost advantage is outstanding. First, the company has its own calcium carbide and electricity production and sales business, the industrial chain is complete, at the same time, the Sichuan region is rich in calcium carbide and hydropower resources, raw materials are easily available. Second, the recent continuous rebound in oil prices has pushed up the price of PVC, while the calcium carbide production process adopted by the company will not be affected by the rise in oil prices, and the cost advantage will be further strengthened.
The fourth quarter will be relatively stable. The fourth quarter is the traditional off-season of the chlor-alkali industry, and the price of caustic soda is still in the downward channel, so it is difficult for the industry to recover quickly in the short term. At the same time, considering the gradual recovery of the macro-economy and the good trend of downstream industries such as real estate, the price of chlor-alkali products is unlikely to fall sharply.
Profit forecast and investment rating: the company's EPS from 2009 to 2011 is expected to be 0.16,0.08,0.15 yuan respectively, corresponding to the closing price of 7.33 on October 30.
