In 2012, the company achieved operating income of 3.114 billion yuan, down 13.78% from the same period last year; operating profit loss of 151 million yuan (113 million yuan in the same period last year); net profit loss of 181 million yuan belonging to the owner of the parent company (45.4053 million yuan in the same period last year); and basic earnings per share-0.1400 yuan.
In the first quarter of 2013, the company achieved operating income of 621 million yuan, down 12.38% from the same period last year; operating profit loss of 68.5085 million yuan, an increase of 58.1905 million yuan compared with the same period last year; net profit loss of 60.472 million yuan belonging to the owner of the parent company, an increase of 45.3978 million yuan compared with the same period last year; basic earnings per share-0.0500 yuan.
2012 was the most difficult year since the company was founded. The company is mainly engaged in the production and sales of plastic PET beverage bottles, bottle embryo series, PVC, OPP labels and beverage filling business. Since 2012, the domestic economic uncertainty has increased, and the downstream beverage industry of the company has entered a temporary trough this year after years of rapid development, coupled with the low temperature, chlorine, carcinogen rumors and other industry adverse factors, market demand continues to be weak. For the whole year, the overall production and sales of the company's beverage (packaging + contract manufacturing) business declined by nearly 7%, revenue fell by 16%, and gross profit margin fell by 4.8%. PET raw material sales business achieved both revenue and gross profit margin, but the current revenue share is relatively small. In terms of expenses, the overall control is better, and the rate of expenses for the whole year has increased only because of the decline in income. In the end, the comprehensive gross profit margin was 2.6 percentage points lower than the expense rate, resulting in a loss of operating profit for the whole year.
Revenue and gross profit margin continued to decline in the first quarter. In the first quarter of 2013, against the backdrop of unstabilized overall demand in the industry, the company's operating revenue continued to decline 12% year-on-year, with six consecutive quarters of negative year-on-year growth since the fourth quarter of 2011. In terms of gross profit margin, the comprehensive gross profit margin for the current period was 10.5%, down 4.5% from the same period last year and 3.7% lower than that for the whole of 2012. Business integration and personnel optimization led to a 42% increase in management costs, and the final expense rate was 21%, 10.5 percentage points higher than the gross profit margin.
It is difficult to improve in the second quarter. Combined with the current operating conditions of the beverage market and the company's business characteristics, the company's revenue in the second quarter is expected to pick up somewhat driven by the increase in summer demand for beverages, but it is still difficult to achieve a year-on-year increase. However, the upside-down pattern of gross profit margin and expense rate may continue, and the main business of the company is still likely to lose money.
Profit forecast and investment rating. In view of the continuing losses of the company's main business and the uncertainty of the downstream market pattern, profit forecasts will not be given for the time being. Maintain a "neutral" investment rating.
Risk hint. 1) the risk of relying on large customers and self-supporting customers; 2) the risk of price fluctuation of major raw materials; 3) the risk of downstream mergers and acquisitions affecting the competitive pattern.