The actual controller before and after the company increased sales was Shen Guofu, and there was pressure to reduce holdings in 2009. The company now plans to issue a targeted increase of 44 million shares to shareholders of Weald. After the increase, Mr. Shen Guofu remains the controlling shareholder and actual controller of the company, and there has been no change in control of the listed company. The company's current restricted shares are 57.99,400 shares. Of the restricted stocks, with the exception of Shen Guofu's 377.592 million shares, the ban date of lifting the ban was 09.8.3 in 2010.8.3. The company was still under pressure to lift the limited sale of shares in the second half of the year. In particular, Qianjiang Biotech and Wang Yongjin both reduced their holdings of restricted shares that had already been lifted in the first quarter. Qianjiang Biotech reduced their holdings by 1.9443 million shares, and Wang Yongjin reduced their holdings by 250,000 shares. Currently, the company's profits come from: car interior fabrics, stretch fabrics, and trade. In 2008, the company's gross profit from automotive interior fabrics, stretch fabrics, trade, and housing leasing accounted for 90% of the company's total gross profit. Among them, automotive interior fabrics, stretch fabrics, trade, and housing leasing accounted for 36%, 24%, 18%, and 12% of the total gross profit, respectively. As car sales pick up, the company's automotive interior fabrics will grow in 2009. Entering 2009, with the recovery of domestic automobile sales, the company's automotive interior fabric orders showed an upward trend during the same period, and gross margin also rebounded, remaining above 30% in the first quarter. In 2009, stimulated by the country's domestic demand boosting policy, the company's sales of automotive interior fabrics are expected to increase. Sales of stretch fabrics in 2009 were basically the same as in the previous year, and the trade and leasing business basically remained at the level of 08. The company's stretch fabrics are mainly exported. Sales revenue declined in 2008 due to the financial crisis. The situation did not improve much in 2009, and sales revenue is expected to be basically the same as in 2008. Today, when consumer confidence at home and abroad has not recovered, the company's foreign trade business will not grow in 2009, and is expected to maintain the level of business volume in 2008. In addition, the company's leasing business (that is, the rental of office buildings in the Hongda Tower) basically maintained the revenue level of 2008 in 2009. The assets to be acquired will enhance the company's performance and guarantee future growth. While expanding and strengthening its main business in the field of warp editing, in order to seek complementary advantages such as geography and resources, the company plans to issue no more than 44 million additional A-shares (the issuance price is 8.27 yuan/share) and acquire 100% of Wilder's shares. Weald's main products are handheld B-ultrasound instruments, portable B-ultrasound instruments, and trolley-type B-ultrasound instruments. Weald's comprehensive gross margins in 2006 to 2008 were 54.44%, 55.93%, and 52.41%, respectively, and remained above 50% per year, indicating that Weald's profitability is strong. At the same time, shareholders promised performance growth over the next three years after targeted additional acquisitions. Give the company a “neutral” investment rating. We predict that the company's EPS will be 0.21, 0.26, and 0.32 yuan from 2009 to 10, and the target price for the next 6-12 months will reach 12.00 yuan, giving it a “neutral” rating.
【中投证券】宏达经编:09年公司业绩增长依然有限
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