In 2009, the company realized operating income of 2.78 billion yuan, a decrease of 8.96% over the previous year; operating profit of 284 million yuan, an increase of 133.27% over the previous year; and net profit of 115 million yuan belonging to shareholders of listed companies, an increase of 147.39% over the previous year. Realized earnings per share of 0.17 yuan, of which there was a loss in the fourth quarter, mainly due to the decline in gross profit margin in a single quarter and the asset impairment loss of 13.2 million yuan.
The sales volume of the company's beverage packaging products and beverage processing increased. Due to the decline in the price of PET raw materials, the sales price of products and the unit cost of raw materials decreased synchronously, resulting in a decline in operating income and cost compared with last year, while operating profit and operating profit margin increased.
At present, the company has become the leader of domestic bottle-making enterprises, and the sales of the top five customers account for 24.74% of the company's total sales, of which the total sales of customers belonging to Coca-Cola Company, PepsiCo Inc and unified system account for more than 83.62% of the company's total sales. The company sets up production and sales network in central cities all over the country and overseas markets to reduce product costs and better serve target customers.
The company's domestic production and sales network has become increasingly perfect. In order to meet the needs of customer development, the company plans to invest 296 million yuan in the next two years to set up wholly-owned subsidiaries in Chongqing and Fuzhou, increase investment in two wholly-owned subsidiaries of Nanning Futian Food Co., Ltd. And Nanchang Zhongfu Container Co., Ltd., and carry out technical transformation of the company's bottle embryo bottle blowing production line and IT system.
We predict that the EPS of Zhuhai Zhongfu in 10-12 years is 0.24,0.31,0.38 yuan respectively. At present, the company is continuing to improve its performance through strengthening management and operation, and continue to invest to achieve the growth of the company's main income. We believe that the reasonable price of the company is 8.5 yuan, giving the company a "recommended" investment rating.