Feilida issued a forecast for the first half of 2014 and expects to achieve a net profit of 1682.92 to 23.5608 million yuan belonging to shareholders of listed companies from January to June 2014, corresponding to 0.10 to 0.14 yuan of EPS, down 30 percent from the same period last year. The performance was slightly lower than expected.
The transition period of core customer strategy adjustment is a drag on the company's performance: since last year, the company's core customers Acer and Asustek's business volume has been impacted by changes in the "big down, small and high" industry pattern, the company's warehousing and its integrated logistics have dropped sharply, and the core customer adjustment is coming to an end in the first half of this year, but the company's performance has not yet been completed. According to Gartner statistics, global PC shipments rose 0.1% in the second quarter of this year compared with the second quarter of last year, the downward trend has slowed down, and the prosperity has not improved significantly. The company's first-half net profit is expected to fall 30% to 50% compared with the same period last year, but the integrated logistics business will return to year-round levels in the second half of the year as customers expand and supplement.
The westward relocation of the industry has a negative impact on the company's performance. The westward relocation of the industry has a large negative impact on the company's performance, resulting in a decline in business volume in eastern China, as well as a decline in the gross profit margin of integrated logistics and basic logistics business. The overall gross profit margin is expected to remain below 20% in the first half of the year. On the other hand, the company terminated the restricted stock incentive scheme and accelerated the amortization fee, confirming that the share payment fee was about 6.2458 million yuan in the first half of this year. In addition, the non-recurrent profit and loss attributable to shareholders of listed companies in the first half of the year was about 4.2 million yuan, which was basically the same as that in the same period last year.
Looking forward to the second half of the year, there will be a bright spot in the company's business transformation, and the Kunshan cross-strait industrial cooperation pilot zone is expected to bring new development opportunities: we believe that the company is expected to open up new major customers in this round of Kunshan cross-strait deepening cooperative economic experimental zone. the extension of industrial chain services to the new logistics services and other areas to get certain development opportunities. This year, the first phase of Q4 Rongda Logistics Park is expected to start, mainly large goods futures delivery warehouse, bonded warehouse and spot trading center, annual delivery volume of 2 million tons, full postpartum is expected to reach 5000 million net profit scale, from the end of the year will gradually become a new profit point of the company.
It is expected that the company's EPS for 14-15 years will be 0.31 yuan and 0.37 yuan respectively, corresponding to the former share price 34.3x14PE/29.0x15PE, the company's current performance is in a downturn, but there will be a bright spot of transformation after the second half of the year, maintaining the "overweight" rating.
