Investment points Q
Net profit growth is in line with expectations
From January to June 2014, the company achieved operating income of 561 million yuan, up 4.1% from the same period last year, and operating profit of 21.81 million yuan, down 7.8% from the same period last year. The net profit belonging to the owner of the parent company was 21.49 million yuan, down 2.7% from the same period last year, and earnings per share was 0.1 yuan. The second quarter income was 300 million yuan, down 2.45% from the same period last year, and the net profit was 11.54 million yuan, up 14.56% from the same period last year.
The ice washing industry continued to adjust in the first half of the year, and the company's product sales increased slightly.
Last year, the output of refrigerators was 41.07 million, an increase of 0.7 percent over the same period last year. The output of washing machines was 26.92 million, down 0.49% from the same period last year. The average price of cold-rolled steel plate, the main cost of the product, was 4316 yuan / ton, down 8.6% from the same period last year. As the company's customers were mainly concentrated in foreign brands of LG and Samsung, orders were relatively stable. In the context of falling costs, revenue increased slightly, and sales were estimated to increase by about 10%. In terms of products, the revenue of PCM board was 503 million yuan, an increase of 4.07% over the same period last year. The revenue of BVCM board was 50 million yuan, an increase of 7.84% over the same period last year. For the whole year, we expect that the ice-washed appearance board of the company can still maintain steady growth, and SUSLIKE has been supplied in small batches. If it can proceed smoothly, it may become one of the growth points of the company's traditional main business in the future.
The progress of reorganization has been temporarily blocked, and it is still possible to complete the transformation.
The company already holds a 26.5% stake in Jin Yingma. In mid-June, the company disclosed that Jin Yingma provided a loan of 108 million yuan with joint and several liability guarantee for the actual control of RenTeng Station, and the company has been working with Jin Yingma to resolve the matter of joint and several guarantee in the past two months. actively promote the restructuring process. Jin Yingma's income in the first half of the year was 11.96 million yuan, with a net profit of 4.44 million yuan. As Jin Yingma's completed dramas such as "Love" and "Strait" were sold in the second half of the year, it is still possible to fulfill the performance promise of deducting 100 million yuan in net profit in 2014. From both the company's and Jin Yingma's point of view, both companies have the motivation to continue to complete the restructuring.
Profit forecast and valuation
If the reorganization is completed, according to the fully consolidated statement, the company's earnings per share in the next two years are expected to be 0.52 yuan and 0.68 yuan respectively, and the corresponding dynamic price-to-earnings ratio is 25 times and 19.14 times respectively.