1. Event
Volkswagen reported that its operating income in the first half of the year increased by 9.97% to 1.402 billion yuan compared with the same period last year, and the net profit after deduction increased by 59.68% to 166 million yuan compared with the same period last year. The net profit belonging to shareholders of listed companies decreased by 9.81% to 197 million yuan compared with the same period last year, and EPS was 0.12 yuan, which is basically in line with our expectations.
two。 Our analysis and judgment
2.3. The main business is better than expected.
In the first half of the year, the overall revenue of the main business increased by 10% compared with the same period last year, and the gross profit margin declined slightly. Among them, real estate and business income increased by 123% and 48% respectively compared with the same period last year, which was significantly higher than we had expected. Our preliminary estimate: the settlement progress of real estate projects such as Zhonghu Binya Garden and Lakeside Garden may be faster, and car sales revenue may grow faster.
2.2. The transition to the financial sector has achieved good results.
The interest income of microloans in the first half of the year was 70.59 million yuan, an increase of 148.6 percent over the same period last year and 65.5 percent higher than the second half of 2012. Changning small loans and Xuhui small loans both showed strong profitability. It is expected that after the opening of Jiading small loan in the second half of 2013, the contribution of this sector to the company's revenue and profits will be further expanded.
2.3. Suspension of disposal of financial assets available for sale
The company did not dispose of available-for-sale financial assets during the reporting period, and the investment income from the disposal of available-for-sale financial assets in the first half of 2012 was 120 million yuan. As a result, after-tax profit decreased by about 90 million yuan compared with the same period last year, which became the main reason for the decrease in net profit.
3. Investment advice: asset revaluation potential is still there, recommended
The operation of the main business in the first half of 2013 was better than we expected, while the small loan business made strong profits, which laid a good foundation for operation in the second half of the year. We are still cautious about the progress of the company's disposal of available-for-sale financial assets, so we do not adjust our profit forecast for the time being. EPS for 2013-2015 is expected to be 0.25pm 0.25x0.25 yuan, corresponding to a PE of 23.1pm 22.9 times. We continue to be optimistic about the potential promotion of the company's asset revaluation by positive factors such as Guotai Junan Securities IPO, so we maintain the "recommended" rating of the stock.
4. Risk hint
Taxi business profits fell too fast; Guotai Junan Securities failed to list smoothly.
