Event: the company released its semi-annual report that its operating income from January to June 2016 was 599 million yuan, down 53.47% from the same period last year; the net profit belonging to shareholders of listed companies was 145 million yuan, up 110.18% from the same period last year; and basic earnings per share was 0.17 yuan. The company's cumulative net profit from January to September 2016 is expected to increase by about 350% to 400% compared with the same period last year.
Main points of investment:
Divesting mineral assets and improving overall profitability at the end of 2015, the company completed the transfer and disposal of shares in three loss-making companies-Tanghan Company (67%), South Star Company (100%) and Guotong Investment Company (51%) at the end of 2015. bring a disposal profit of 108 million yuan for the company. At the same time, as the losses of the three companies were no longer included in the consolidated scope of the company's 2016 statements, the gross profit margin of the company's main business rose to 74.38% in the first half of 2016, an increase of 35.71% over last year, and profitability rebounded significantly.
The impact of high-speed income decline is limited, and there is room for endogenous extension.
In the first half of the year, the revenue end of the highway was affected by the opening of high-speed rail by 15.9% compared with the same period last year, while the cost side was adjusted by the depreciation coefficient of Tanbai Road by 19.4%. The two were hedged, and the gross profit margin increased slightly. In terms of corporate governance, the return of toll road business is the first priority: as the only trading platform in Guangxi, the company still has the possibility of injecting high-quality road products in the future; in addition, other operating income of the company's highway operation center increased by 71% in the first half of the year compared with the same period last year, and the service area extension business will become a new area of income increase in the future.
Location advantage + cross-border e-commerce, the logistics system of agricultural products becomes an interesting point.
Jinqiao Logistics Park owned by the company is the largest agricultural trade products trading center in the province, while Pingxiang Logistics Park is located in an important node of ASEAN trade and is the largest logistics park in South China. With the recent landing of the Hairun project and the formation of the cross-border e-commerce platform, the company's port advantage has been further enhanced. Internet + 's carefully cultivated logistics and distribution system of agricultural products is advancing steadily, which is worthy of attention.
The risk suggests that the impact of high-speed rail diversion and the promotion of the free trade zone are not as expected.