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通葡股份(600365)季报点评:定向增发申请已获

Comments on the quarterly report of Tong Portugal (600365): the application for private placement has been obtained.

天相投顧 ·  Apr 25, 2013 00:00  · Researches

In the first quarter of 2013, the company achieved operating income of 18.4378 million yuan, an increase of 7.3% over the same period last year; operating profit of 2.2422 million yuan, an increase of 385.42% over the same period last year; net profit belonging to the owner of the parent company was 612900 yuan, down 94.79% from the same period last year; and basic earnings per share was 0.01 yuan.

Profitability needs to be improved. In 2012, the company transferred the Pulandian grape fermentation station, resulting in profit and loss on the disposal of non-current assets, which had an impact on the company's profit of about 11.29 million yuan, which was the main reason for the increase in the company's net profit. In terms of main business, the company faces competition from domestic medium-and high-grade products and imported wine products. According to the 2012 annual report, the gross profit margin of the company's wine products rose 9.07 percentage points year-on-year to 58.95%, but revenue fell 10.97% year-on-year to 84.22 million yuan. In the first quarter of 2013, the company's operating income was 18.4378 million yuan, an increase of 7.3% over the same period last year, but the net profit was only 612900 yuan, down 94.79% from the same period last year, reflecting that the company's profitability needs to be improved.

The application for fixed increase has been approved. In July last year, the company issued a non-public offering plan to issue 60 million shares at a price of 8.98 yuan per share, raising a total of 538 million yuan for high-quality sweet wine technical transformation projects and wine marketing network construction projects. the remaining funds are used to supplement liquidity. The company's application for a non-public offering of shares was approved by the CSRC on April 11.

Based on the main business, improve competitiveness. The company now relies on its own product quality, raw materials, R & D and cultural advantages, based on a high starting point, high quality, combined with brand operation, invest in the production and management of high-quality sweet wine products. In the future, the company plans to speed up the adjustment of product structure, the construction of marketing network and the spread of wine culture, so as to strengthen and expand the main wine industry and enhance the company's market competitiveness. It is estimated that after the completion of the additional fund-raising projects, the annual contribution of EPS is expected to reach 0.21 yuan, significantly improving the performance of the company.

Profit forecast and investment rating. The company lost money for two consecutive years in 2009 and 2010, and implemented special treatment of delisting risk warning. Achieve a small profit and withdraw the special treatment in 2011. In 2012, the company relied on non-operating income to achieve a substantial increase in net profit compared with the same period last year. Net profit after deducting non-recurring gains and losses was only 2.03 million yuan, down 25.68 per cent from the same period last year. In view of the change of ownership of the company's largest shareholder and actual controller, the re-establishment of the leading group, and the need for further stability, we do not give profit forecasts for the time being, and investors can pay attention to trading opportunities.

Risk hint. Food safety risks.

The translation is provided by third-party software.


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