Main points:
Limited to last year's high base, revenue in the third quarter fell-15.87% from January to September 2013, respectively, the company realized an increase of 24.39% in operating income, 18.26% in gross operating profit, and-166.41% in main operating profit compared with the same period last year. The net profit attributed to the owner of the parent company increased by-782.06% year-on-year, and earnings per share (after dilution)-0.16 yuan.
Judging from the single quarter of July-September, the company achieved total operating income of 125.74 million yuan, an increase of-15.87% over the same period last year, which was slower than that of January-September, accounting for 26.35% of the total revenue of January-September.
The increase in management expenses led to a faster decline in operating profits and a larger increase in expenses during the period of the company. The income ratios of operating tax and additional, sales expenses, administrative expenses, financial expenses and asset impairment losses were 1.32%, 4.90%, 28.38%,-0.36% and 0.71%, respectively, totaling 34.95%, which was 0.01 percentage points higher than that in the same period of the previous year (34.22%). Among them, sales expenses and management expenses increased by 32.25% and 36.57% respectively, mainly affected by the rise in salary costs. Combined with the decline in other operating income and other factors, the company's operating profit in the first three quarters suffered a loss of 48.25 million yuan, which was significantly lower than that of 14.19 million yuan in the same period last year.
The company has a high valuation and some valuation risks. at present, the stock price of the company is at an all-time high of 13.78 yuan, with a price-to-sales ratio (TTM) of 4.74 times. It is estimated that the annual dynamic ROE is 1.99%, and shows a downward trend. At present, the price-to-book ratio is 5.3 times, which is at a high level. There is a risk of overvaluation.
Investment advice: we give the company operating income of 823.96, 1029.96 and 1287.45 million yuan in 2013-2015, an increase of 15%, 25% and 25% over the same period last year. The net profit vested in the parent company was 14.42,32.09 and 46.34 million yuan respectively, up-63.50%, 122.52% and 44.44% year-on-year, and earnings per share (diluted by the latest share capital) of 0.05,0.12 and 0.17 yuan, respectively. Valued at 120 times dynamic price-to-earnings in 2014, the company is given a stock price target of 14.4 yuan for the next six months.
Therefore, for the first time, the company has been given a "neutral" investment rating for the next six months.
