For the whole of 2011, the company achieved operating income of 1.23 billion yuan, down 12.60% from the same period last year; operating profit of 22.24 million yuan, down 82.16% from the same period last year; net profit belonging to the owner of the parent company was 79.23 million yuan, an increase of 2.31% over the same period last year; and basic earnings per share was 0.16 yuan. The 2011 distribution plan is a cash dividend of 1.00 yuan (including tax) for every 10 shares.
Affected by the internal and external economy as a whole, income declined. The company is one of the leading enterprises in China's plastic packaging film industry, mainly engaged in BOPP, BOPET, CPP and capacitive film production and sales. During the reporting period, due to the influence of the international and domestic complex economic situation, and the policy relocation of the parent company Chengxi plant and its holding subsidiary Zhejiang Huisheng, the company's product production and sales decreased, and the income declined synchronously. Among the first three major products, the revenue of CPP film and BOPET film fell by 15.56% and 23.54% respectively, only BOPP film increased slightly by 4.25%. From a regional point of view, domestic business income fell by 11.72% and abroad by 34.32%.
Profitability declined, and policy relocation compensation led to positive performance growth. Affected by the decline in gross profit margin of major products, during the reporting period, the gross profit margin of the company's comprehensive products decreased by 5.74 percentage points compared with the same period last year, which undoubtedly further deepened the negative impact on performance under the adverse premise of declining revenue. poor income and profitability is a profound reflection of the poor macroeconomic and industry competitive environment faced by the company. In the end, the year-on-year increase in the net profit of the owner of the parent company should be attributed to the 180 million yuan of government compensation obtained from the policy relocation.
Integrate production capacity and promote the construction of fund-raising projects to speed up industrial upgrading. According to the national development orientation, the company is actively carrying out systematic integration of existing production capacity. During the reporting period, the company completed the transfer of two BOPP mainlines and two sets of imported slitting machines and other auxiliary equipment in Chengxi plant, starting from the traditional packaging field into lithium battery diaphragm, capacitive film and other high-tech, new material film fields; in addition, the company completed directional additional issuance in 2011, and the annual output of 8000 tons of high-temperature ultra-thin capacitive film project has reached the installation stage, is expected to be debugged in October 2012, and officially put into production at the end of the year. The lithium battery ion isolation membrane project with an annual output of 60 million square meters has completed all the preliminary work, and has ordered two lithium battery ion isolation membrane production lines with an annual production capacity of 13 million square meters, which has entered the substantive plant construction stage and is expected to start commissioning in October 2012. it was officially put into production at the end of the year. The solar cell packaging material project with an annual output of 120 million square meters has been in the planning and design stage, in which an EVA film project with an annual capacity of 75 million square meters has been ordered, which is expected to be debugged in October 2012 and put into production by the end of 2012; a solar cell back film production line has been ordered and is expected to be debugged by the end of 2012.
The successive completion of fund-raising projects in the future will further optimize the strategic layout of the company, enhance the competitiveness of the company in the field of high-end products and contribute to performance.
Profit forecast and investment rating. It is estimated that the company's earnings per share from 2012 to 2013 will be 0.08 yuan and 0.09 yuan respectively. According to the closing price on April 13, the corresponding dynamic price-to-earnings ratio is 89 times and 77 times respectively, maintaining the company's "neutral" investment rating.
Risk hint. 1) the risk that the plastic processing industry expands rapidly and the industry competition exceeds expectations; 2) the risk of raw material price fluctuation caused by oil price fluctuation.
