In 2009, the company realized operating income of 1.3882034 billion yuan, operating profit of 168.2754 million yuan and net profit of 154.7076 million yuan belonging to shareholders of listed companies, an increase of 60.59%, 21.37% and 19.83% respectively over the same period last year. The distribution plan is 1.29 yuan (including tax) for every 10 shares.
In 2009, the company's revenue grew by 60.59% year-on-year, the highest in nearly five years.
The growth rate of power station casting business, which accounts for nearly 60% of the annual income, is 28.93%. Among them, the steel castings of hydropower stations are affected by the slow growth rate of downstream power station construction, and the thermal power plant steel castings market is particularly depressed. The business income of steel castings in power stations decreased by 20.33% compared with the same period last year. With the production of the first phase of the Wafangdian hot processing base project, the performance of the iron casting business, mainly wind power, was released rapidly. in 2009, the revenue reached 375 million, an increase of 421.68% over the same period last year. The proportion of income also increased from 8.31% in 2008 to 26.99% in 2009, which not only led to the growth of power plant casting business, but also one of the important forces in the substantial growth of the company's main business income.
Another important support for the rapid growth of the company's revenue comes from the heavy machinery casting business, which achieved revenue of 353 million in 2009, an increase of 142.92% over the same period last year, accounting for 25.45% of the main business income, an increase of 8.63% over the previous year. The rapid growth of the business is mainly due to the consolidation of sales income from production such as wind power planetary frames in heavy machinery castings since 2008.
A large number of on-hand orders ensure the growth of wind power cast iron and wind power planetary rack business in 2010, while the marine casting business will remain basically stable, and the forging business of IPO investment projects will become a new driving force for performance growth in the next few years.
It is estimated that the income of the company in 2010,2011 and 2012 will be 1.766384 billion yuan, 2.2531572 billion yuan and 2.7217535 billion yuan respectively, and the net profit attributable to the shareholders of the parent company will be 19199.77 yuan, 25926.06 yuan and 31529.33 yuan, respectively.
The company's current stock price is 23.24 yuan, and the corresponding dynamic price-to-earnings ratio is 25.90 times, 19.18 times and 15.78 times respectively. The valuation level is reasonable. Considering comprehensively, the target price of 27 yuan in 6 months is given, and it is suggested to "increase the holding", but it is possible to adjust in the short term.
