In the first quarter of 2013, the company achieved an operating income of 1.237 billion yuan, an increase of 60.67% over the same period last year; an operating profit of 64.27 million yuan, a reversal of losses (a loss of 100 million yuan in the same period last year); and a net profit of 1.3123 million yuan belonging to the owner of the parent company (a loss of 80.9885 million yuan in the same period last year). Basic earnings per share are 0.0009 yuan.
The net profit was reversed, and the comprehensive gross profit margin was improved. During the reporting period, the company's operating income increased significantly, mainly due to the second-class subsidiary Yangzhou Teda Construction and Development Co., Ltd. increased its land development income by one level over the same period last year. In addition, the net profit of Tianjin Bohai Securities Co., Ltd. increased by 20% in the first quarter of 2013 compared with the same period last year, which increased the company's net profit by about 7 million yuan. During the period, the company's comprehensive gross profit margin was 17.28%, an increase of 10.97 percentage points over the same period last year.
During this period, the cost is well controlled. During the period, the company's expense rate was 13.6%, down 7.76 percentage points from the same period last year. Among them, the sales expense rate was 0.92%, down 0.46% from the same period last year; the management expense rate was 4.76%, down 1.84% from the same period last year; and the financial expense rate was 7.91%, down 5.47% from the same period last year.
The long-term financial pressure increases, and the short-term financial pressure increases. The asset-liability ratio at the end of the period is 84.8%. After excluding the accounts received in advance, the real asset-liability ratio is 82.64%, an increase of 2.79% over the same period last year, and the long-term capital pressure is increased; the book currency fund at the end of the period is 3.138 billion yuan, an increase of 10.96% over the same period last year. "currency funds / (short-term loans + non-current liabilities due within one year)" is 0.54 times, a decrease of 0.05 over the same period last year.
The first-level land business is progressing smoothly, and the power generation project has entered the stage of efficiency improvement. The first-class land consolidation business of Nanjing Xincheng Development Co., Ltd., a holding subsidiary, is progressing smoothly, and its net profit has increased significantly compared with the same period last year, resulting in an increase of about 32 million yuan in net profit. The Dalian waste incineration power generation project was officially put into commercial operation in November 2012, and the benefit of the Yangzhou waste incineration power generation project was improved, so the first quarter net profit of the holding subsidiary Tianjin Teda Environmental Protection Co., Ltd. increased significantly compared with the same period last year, resulting in an increase of about 9 million yuan in net profit.
We previously expected the company's earnings per share from 2013 to 2014 to be 0.05yuan and 0.07yuan respectively, maintaining a "neutral" investment rating, with a corresponding dynamic price-to-earnings ratio of 79 times and 57 times respectively according to the closing price on April 25, 2013.
Risk tips: during the period of real estate regulation and control, guard against the systematic risks of the industry; the change of international and domestic trade situation makes the company's foreign trade business performance fluctuate.