During the reporting period, the company realized operating income of 10.9729224 billion yuan, up 0.91% from the same period last year; total profit was 111.7059 million yuan, down 44.15% from the same period last year; net profit belonging to the owner of the parent company was 86.4093 million yuan, down 45.53% from the same period last year; and basic earnings per share was realized.
The profit distribution plan is: based on the total share capital of the company on December 31, 2012, a cash dividend of 0.80 yuan (including tax) is distributed to all shareholders for every 10 shares.
Brief comment
Downward aluminum prices and rising costs erode profits
During the reporting period, the company's product sales were 127700 tons, which decreased slightly compared with the same period last year. The main reason for the significant decline in performance is that the spot price of aluminum ingots continued to fall 7.41% for the whole year, and the proportion of non-ferrous metals trading business with low gross profit margin further increased by nearly 3 percentage points. Second, although the processing fee for the company's main products has changed little from the same period last year (we estimate that the profile processing fee has decreased slightly by 38 yuan / ton from 5744 yuan / ton in 2011, and the sheet metal processing fee has decreased slightly by 18 yuan / ton from 4156 yuan / ton), however, due to the increase in the cost of fixed fees per unit product and mold costs, the gross profit margin has been squeezed, resulting in a significant decline in gross profit margin. Third, printing aluminum plate-based pricing takes a point price, aluminum prices continue to decline in the reporting period, resulting in a shrinking gross margin space.
The cash collection capacity has been greatly improved.
During the reporting period, the net cash flow generated by the company's operating activities was $200.5767 million, a substantial improvement from-$25.3765 million in the same period last year, mainly due to a significant decrease in the amount of notes receivable while an increase in notes payable.
Profit forecast and rating
We predict that the EPS of the company from 2013 to 2015 will be 0.39 yuan / 0.46 yuan / 0.48 yuan respectively, and the corresponding PE will be 17 times / 14 times / 14 times respectively. As the company's construction aluminum business accounts for a relatively large proportion, and the national real estate policy continues to tighten this year, the company's product demand growth has greater uncertainty, while the commissioning of new production capacity has increased fixed cost pressure, and the performance growth trend is uncertain. Downgrade to "neutral".