Summary of the results for the first three quarters of 2009. From January to September 2009, the company achieved operating income of 2.769 billion yuan, an increase of 19.91% over the same period last year; operating profit of 125 million yuan, down 14.75% from the same period last year; net profit belonging to the parent company was 82.35 million yuan, an increase of 30.37% over the same period last year; and income per share was 0.06 yuan.
Summary of the company's fundamentals: the company takes "regional development + financial equity investment" as its main business strategy. in addition, the main business also involves garbage power generation business, greening industry, high-tech clean materials industry and oil warehousing and sales industry. The company invested shares in financial institutions such as Bohai Securities, Northern International Trust, Bank of Tianjin and Guotai Junan Securities. The financial industry controlled by Teda Holdings, the actual controller of the company, involves banking, insurance, trust, securities, funds, guarantee, pawn and so on, which has formed a relatively complete financial holding platform.
Company three quarterly report analysis: the company's net profit in the first three quarters increased by 30.37% compared with the same period last year, mainly due to the increase in investment income. The company's investment income in the first three quarters was 207 million yuan, an increase of 50.23% over the same period last year, mainly due to the proceeds from the sale of CITS co-sponsors by Nanjing Xincheng Development Co., Ltd., a subsidiary of the company, during the reporting period. In addition, the return on the company's investment in financial enterprises decreased by 12.49% compared with the same period last year, mainly due to a significant drop in brokerage commission in the securities industry this year compared with last year, affecting the income of Bohai Securities. In terms of main business, although the company's operating income in the first three quarters increased by 19.91% compared with the same period last year, operating costs increased by 23.86% compared with the same period last year, and the main business lost about 79.7 million yuan. The company's domestic trade business is still facing profit pressure, the garbage power generation business is mainly profitable by government subsidies, and the sales of oil products are still in a state of small profit. In the main business, the real estate business is still the stabilizer of the company's performance. The Tologica project remains the main source of income for the real estate business, and it is expected that the Tologica project will continue to bring stable profits for the company for 3-4 years in the future.
The development of Binhai New area brings good development opportunities for the company. Tianjin will establish and improve a modern financial service system compatible with the northern economic center. Commercial banks, insurance companies, securities companies and other financial enterprises will develop in an all-round way. at the same time, they will also cultivate and develop regional financial markets and expand direct financing. through investment companies, collective capital trusts, industrial funds, enterprise listing and other channels, part of the social funds into industrial capital. At the same time, Teda Holdings, a major shareholder, has obtained the first-class land development rights of the seaside leisure and tourism area of Tianjin Binhai New area, with a total planning area of about 150 square kilometers, including land and sea areas of about 75 square kilometers, equivalent to half the size of Tianjin. From the previous experience of first-level land development in Binhai New area, the profit space of the project can reach about 10 billion yuan.
Risk hint. According to the company's 2009 EPS0.08 yuan, the corresponding price-to-earnings ratio of the company has reached 94 times, please pay attention to the investment risk.