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【东北证券】山东墨龙年报点评:积聚增长潜能

[northeast Securities] comments on Shandong Molong Annual report: accumulating growth potential

東北證券 ·  Mar 30, 2011 00:00  · Researches

Main points of investment:

In 2010, the company's operating income was 2.704 billion yuan, an increase of 30.27% over the same period last year, and the net profit was 276 million yuan, an increase of 2.92% over the same period last year. The income per share is 0.69 yuan.

Due to the increase in the price of raw materials and the increase in depreciation of fixed assets, the company's gross profit margin decreased by 1.83 percentage points compared with the same period last year, making profit growth slower than revenue growth.

The company has achieved great results in customer development. In addition to deepening cooperation with Petrochina Company Limited and China Petroleum & Chemical Corp, the domestic market has also strengthened comprehensive cooperation with important customers such as CNOOC and Yanchang Oil; in overseas markets, the company strives to overcome the adverse effects of US anti-dumping, focusing on expanding in South America, North Africa, Australia and other regions, thus ensuring the same proportion of growth in the overseas market as the domestic market.

The company has made remarkable achievements in new product development, expanding the product structure and enriching the variety of products; in addition, the company has obtained seven national product patents and three product patent applications have been accepted.

The company's financial position is good, the leverage ratio is reasonable, and the inventory and accounts receivable turnover have improved.

Looking forward to this year and next year, the oil machinery and equipment market will grow steadily, and the company's new production capacity will be released in an orderly manner. Maintain the company's 2011 performance forecast EPS of 0.98 yuan, and give the 2012 performance forecast EPS of 1.15 yuan.

Maintain the investment rating of "cautious recommendation" to the company's A-shares.

The translation is provided by third-party software.


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