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【浙商证券】大东南08年报点评-业绩下滑,资金面依然偏紧

浙商證券 ·  Feb 18, 2009 00:00  · Researches

1. Performance fell short of expectations. On February 17, 2009, Dadongnan (hereinafter referred to as the “Company”) released its 2008 annual report: during the reporting period, operating income was 1,16.78928 million yuan, down 17.76% year on year; total profit of 54.359 million yuan, down 32.50% year on year; net profit attributable to shareholders of listed companies was 47.1784 million yuan, down 13.33% year on year. The profit distribution plan is to increase 5 shares for every 10 shares. The company's performance fell short of market expectations. 2. Revenue declined due to falling product prices and costs. The company is mainly engaged in the production and sale of plastic packaging films. During the reporting period, although the price of raw materials for the company's main products (BOPP film, BOPET film, and CPP film) dropped significantly, the sales price of the company's products declined as the price of raw materials fell. Furthermore, due to the financial crisis, the company's sales volume also declined slightly, resulting in a significant decrease in operating income. By product, BOPP film, which accounts for the vast majority of the company's revenue, achieved revenue of 740,0817,400 yuan, a year-on-year decrease of 5.44%; gross margin was 9.46%, down 1.15% from the previous year. The BOPET membrane business, which accounts for 26.94% of the company's revenue, achieved revenue of 314.6765 million yuan, a year-on-year decrease of 10.20%; gross margin was 15.00%, up only 1.07% from the previous year. In addition, the operating income of plastic products and other products, which account for relatively low revenue, declined significantly, reaching 93.14% and 78.24%, respectively. Overall, the company's revenue was 116.78928 million yuan, a year-on-year decrease of 17.76%; gross margin was 10.76%, an increase of only 0.10% over the previous year.

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