In the first three quarters, the company achieved an operating income of 607 million yuan, an increase of 26.98% over the same period last year; an operating profit of 24.32 million yuan, an increase of 65.35% over the same period last year; and a net profit of 30.82 million yuan attributed to the parent company, a sharp increase of 38.38% over the same period last year.
Among them, the company realized operating income of 236 million yuan in the third quarter, an increase of 21.62% over the same period last year, an increase of 12.37% over the same period last year; an operating profit of 14.72 million yuan, an increase of 59.63% over the same period last year; and a net profit of 12.45 million yuan belonging to the parent company, an increase of 6.48% over the same period last year.
Bright spot: to turn losses into profits in the face of declining income. (1) compared with the same period last year, the total operating income of the company decreased by 30.19%, the total operating cost decreased by 35.71%, the cash received from the sale of goods and services decreased by 36.04%, and the cash paid for goods and services decreased by 35.46%. This is mainly due to the fact that the atomic company Sichuan Guang Heng Communication Technology Co., Ltd. and Sichuan Huiyuan Network Security Technology Co., Ltd. are no longer included in the scope of the consolidated statement. (2) the net profit of the company belonging to the owner of the parent company is 1,554 yuan, mainly due to the full start of 3G construction during the reporting period, the demand for optical cable, optical devices and engineering construction services has increased significantly, and the loss of the company's optical cable business has been reduced. at the same time, Sichuan Huiyuan Jixun Digital Technology Co., Ltd., a subsidiary of the company, achieved good operating results.
Bright spot: equity changes bring asset injection expectations. The company completed the equity change on August 14, 2009. the major shareholder of the 40 million shares held by the original parent company Huiyuan Communications was changed to Mingjun Group. The company started from the manufacturing and sales business of agricultural machinery and water conservancy and hydropower machinery. After years of operation The main business has gradually expanded to nuclear power boilers and boiler components, production and sales of special-purpose vehicles, real estate development, investment guarantee for small and medium-sized enterprises and commercial trade and other fields. In view of the business characteristics of Mingjun Group, we speculate that there may be asset injection in the future and the company's asset structure may change. For * ST Huiyuan, due to its limited profitability and lack of cash flow, equity transfer is also good for the company's existing business development.
Earnings forecast and rating: the company may have asset injection and other problems, assets and business fluctuations, in line with the principle of prudence, we will not forecast and invest in the company for the time being.
Risk tips: (1) the downstream customers of optical cable products are mainly monopolistic oligopoly manufacturers, there is a risk of product price decline; (2) there is a large demand for optical fiber in 2009, there is a risk of tight supply and price increase.