From January to September 2013, the company achieved operating income of 477 million yuan, an increase of 24.39% over the same period last year; operating profit loss of 48.2516 million yuan, compared with a profit of 6.4172 million yuan in the same period last year; and net profit loss of 44.1208 million yuan belonging to the owner of the parent company, with a profit of 6.468 million yuan in the same period last year, and basic earnings per share was-0.16 yuan.
In the third quarter, the company realized operating income of 126 million yuan, down 15.87% from the same period last year and 13.50% from the previous year; operating profit was 14.7456 million yuan; net profit belonging to the owner of the parent company was 14.9377 million yuan, and basic earnings per share was 0.05 yuan.
The loss of operating profit is more serious. In February this year, the company participated in the company Tide Lejin Digital Mobile Communications Co., Ltd. to pay a total of 208 million yuan in corporate income tax for the 2007-2010 tax year. According to the proportion of the company's shareholding in Chaochao Le Jin, the corresponding rights and interests were reduced by 62.5 million yuan, which affected the company's investment loss of 52.65 million yuan in the first quarter. So far, the company's investment loss is 27.53 million yuan. From January to September, the company's gross profit margin fell 1.59 percentage points to 30.61%, and the expense rate rose 2.94 percentage points to 32.9%. The high growth of costs and expenses is another important reason for operating profit losses.
The parent company has won the special first-class qualification of system integration. In October 2013, Qilu Software Industry Co., Ltd., the parent company, was selected as the first special first-class enterprise qualification for computer information system integration announced by the Ministry of Industry and Information Technology, and became one of the only four candidates in the industry. In recent years, following the current development of cloud computing, the company is committed to becoming a "smart government solution and service provider". The acquisition of the first-class qualification of the parent company will help the company to make breakthroughs in public security, civil affairs, health, food safety and other industries, and promote the strategic development of the company's "smart government programs and service providers".
It is proposed to invest in the establishment of subsidiaries to develop construction in Shandong Province. The company plans to invest 2 million yuan to jointly set up Zibo Tide Information Technology Co., Ltd. with subsidiary tide network engineering, accounting for 20% of the investment. This investment will help to expand the company's market construction in Shandong Province, centering on cloud computing-related industries. rely on their own technology accumulation and advantage products to further enhance market competitiveness.
Earnings forecast and investment rating: we expect the company's earnings per share from 2013 to 2015 to be 0.03,0.16,0.26 yuan. Based on the latest closing price of 14.14 yuan, the corresponding dynamic price-to-earnings ratio is 507,90 and 55 times, respectively. The company's profitability has declined significantly, maintaining a "neutral" investment rating.
Risk Tip: the risk of rising costs and expenses.
