The performance was in line with expectations: the company achieved operating income of 1.23 billion yuan, down 12.6% from the same period last year; the net profit attributed to shareholders of listed companies was 79.23 million yuan, an increase of 2.31% over the same period last year, or 0.13 yuan per share. Policy relocation income is included in the current income: the year-on-year increase in the net profit of the company belonging to the shareholders of the listed company is mainly due to the policy relocation income included in the current income, if non-recurrent profits and losses are deducted, the company's net profit belonging to shareholders of listed companies decreased by 84% compared with the same period last year, mainly due to the decline in main income and gross profit margin.
Traditional business experience structural adjustment: the company has formed a larger production scale in the field of plastic film, the traditional product market has been fully competitive, the company decisively adjusted its structure: sell the BOPP film production line with poor profitability, increase the EVA solar cell separator with good profitability, continue to invest in the field of CPP film with good market reputation, and greatly expand the production of ultra-thin capacitive film with high gross profit margin.
BOPP capacitive film is the growth point of performance: from 2009 to 2011, Ningbo Vientiane (a holding subsidiary engaged in the production and sales of capacitive films) contributed net profits of 18.13 million yuan, 25.35 million yuan and 55.13 million yuan, accounting for more than 30% of the company's net profit. It is estimated that after the ultra-thin capacitive film project reaches production, it will increase its annual sales income by 300 million yuan and its annual net profit by 70 million yuan, which will become an important source of the company's performance growth. Lithium battery diaphragm import substitution: the domestic production line that the company plans to put into has already had the successful example of making membrane, the company's existing technical personnel have mastered the core technology, process and raw material formula, and have the support of domestic famous school experts; the products produced have the ability to compete with similar products at home and abroad. It is estimated that when the lithium-ion electronic diaphragm project reaches production, it will increase its annual sales income by 270 million yuan and its annual net profit by 54.91 million yuan.
Solar backmaterial film has a good prospect: PET thick film in solar backmaterial film project adopts biaxial stretching production process, EVA glue film adopts salivation process, which is similar to the company's existing production line process, and there are no technical obstacles to the implementation of this project. It is estimated that after the solar back material membrane project reaches production, it will increase the annual sales income by 900 million yuan and the annual net profit by 99.63 million yuan.
Maintain the "neutral-A" rating: the company is expected to have a compound earnings per share growth rate of 38% between 2012 and 2014, giving the company 30 times PE in 2013, with a reasonable share price of 6 yuan, corresponding to 59 times, 30 times and 17 times PE from 2012 to 2014, respectively, maintaining the "neutral-A" rating. Risk tips: (1) lithium battery diaphragm technology risk; (2) photovoltaic industry risk.