Highlights of the report describe the events described by Jia Linjie (002486) today. The main business results were as follows: during the reporting period, it achieved operating income of 70,8447,400 yuan, an increase of 10.83% over the same period of the previous year; realized net profit attributable to shareholders of listed companies of 47.714,900 yuan, an increase of 49.47% over the same period last year. Earnings per share were 0.11 yuan. Incident Review: Revenue grew rapidly in the third quarter, and gross margin increased in the first three quarters of 2013. The company achieved a 10.83% increase in revenue. Among them, the growth rate in the third quarter was faster than in the first half of the year, and revenue growth for the quarter reached 19.39%. Against the backdrop of a relatively rapid revenue growth rate, the company's gross margin continued to rise, reaching 26.97% in the third quarter. Management expenses increased dramatically, driving up the overall expense ratio. In the third quarter of 2013, the company's sales expenses were 266.329 million yuan, an increase of 6.20% over the previous year. Management expenses were 25.6357 million yuan, an increase of 54.98% over the previous year. The sharp increase in management expenses led to a rise of 23.33% for the overall period. The growth rate of accounts receivable improved compared to the second quarter. Cash flow improved from the first half of the year. At the end of the third quarter, the company's accounts receivable were 122.0992 million yuan, up 11.10% month-on-month. At the same time, prepaid accounts increased 118.05% year on year. Both led to a 13.42% year-on-year decline in the company's operating cash flow, but compared to the third quarter, the sharp increase in the company's accounts receivable in the second quarter has improved. Cash flow from the company's operating activities improved compared to the first and second quarters. Subsidiaries received government subsidies as the main reason for the sharp increase in net profit. In the third quarter, the company achieved net profit of 2.0702 million yuan, an increase of 82.62% over the previous year. Although the company's gross margin continues to rise, profits are being eroded by rising management expenses. The increase in net profit was mainly due to non-recurring profit and loss. At the end of September 2013, Hubei Jialinjie Textile Co., Ltd., a holding subsidiary of the company, received a special incentive fund of 19.66 million yuan for the high-tech industry issued by the Jiayu County People's Government in Hubei Province, which was the main reason for the increase in net profit. The “Prudent Recommendation” rating was given as the company received government subsidies, and the company's 2013 performance forecast was raised. The company's 2013-2015 profit forecast was 0.13 yuan, 0.13 yuan, and 0.17 yuan, maintaining the “Cautious Recommendation” rating.
【长江证券】嘉麟杰:三季度营收增长良好,但费用增长较快
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