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【天相投资】宏达高科:并表后盈利能力将逐步提升

天相投資 ·  Oct 26, 2010 00:00  · Researches

From January to September 2010, the company achieved operating income of 273 million yuan, an increase of 22.90% over the previous year; realized operating profit of 288.634 million yuan, an increase of 334.87% over the previous year; realized net profit attributable to owners of the parent company of 273661 million yuan, an increase of 305.29% over the previous year; and realized diluted earnings per share of 0.18 yuan. In the third quarter of 2010, the company achieved operating income of 113 million yuan, an increase of 47.60% over the previous year; realized operating profit of 1.0872 million yuan, an increase of 262.68% over the previous year; and realized net profit attributable to owners of the parent company of 104.8823 million yuan, an increase of 276.32% over the previous year. Weald Representation merged into the listed company on August 1. On June 8, the company received approval from the Securities Regulatory Commission to approve the issuance of shares by Hongda to Li Hong and others to purchase 100% of the shares of Wilder Medical Electronics Co., Ltd., and since August 1, the Weald Report has been incorporated into the listed company. The company's assets and profit situation have changed significantly as a result. The original warp editing business has improved due to a recovery in demand. Due to the recovery of the textile market and the increase in automobile sales, the sales price of the company's warp-knitted products increased, and profitability improved markedly compared to the same period last year. In the first half of 2010, the company's gross margin was 18.72%, an increase of 5.03 percentage points over the previous year. The revenue and net profit of the financial editing business for the whole year are expected to increase to a certain extent compared to the previous year. Investment income boosts performance. The company's investment income in the first three quarters was 112.51 million yuan, which contributed significantly to profit, compared to 0 in the same period last year. The changes are mainly due to the company's transfer of 100% of the shares of Haining Hongda Science and Technology, a subsidiary, and Haining Leather, which the company's equity investment, paid dividends during the reporting period. The annual report is also likely to further confirm the investment income of 1.9 million yuan from the transfer of shares in Haining Water Treatment Company. The injection of Weald's high-quality assets will significantly improve the company's performance. Wilder Medical Electronics Co., Ltd., located in Shenzhen, is a manufacturer of B-ultrasound instruments. Its main products are portable, handheld, stroller-type B-ultrasound and color ultrasound. Among them, the company recently developed and put into production, and the scale will expand further in the future. The company's handheld, portable, and stroller-type B-ultrasound markets ranked 1st, 2nd, and 8th respectively, and have strong market competitiveness. Since the gross margin of B-super products is much higher than the company's original warp-editing business, the company's overall profitability will increase after asset injection. Profit forecast estimates: The company's EPS for 2010-2012 is expected to be 0.30 yuan, 0.33 yuan, and 0.36 yuan, respectively, and the corresponding price-earnings ratios are 63 times, 57 times, and 54 times, respectively, maintaining the company's investment rating as “neutral.”

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