Summary of the company's fundamentals: the company takes "regional development + financial equity investment" as its main business strategy, and Teda Holdings, the actual controller of the company, has formed a relatively complete financial holding platform. The company also invested shares in financial institutions such as Bohai Securities, Northern International Trust, Bank of Tianjin and Guotai Junan Securities. The company's main business is also involved in waste power generation business, greening industry, high-tech clean materials industry and oil warehousing and sales industry.
The operating situation of the current period: the company achieved operating income of 6.94 billion yuan in 2010, an increase of 51.81% over the same period last year; operating profit of 761 million yuan, an increase of 16.85% over the same period last year; net profit belonging to the parent company was 285 million yuan, down 3.51% from the same period last year; and earnings per share was 0.19 yuan.
Focus on first-level regional development. The company has many measures to expand its regional development business. First of all, sell the subordinate company of the second-class real estate project "Torrega Garden", and replace the capital and manpower to concentrate on the construction of the second phase of Guangling New Town. After that, Dalian Taida New Town Construction was set up as a platform to invest in the development of Jinlong Temple land consolidation project in Dalian Ganjingzi Industrial Park, replicating the "sound valley model" of Guangling New Town. In November, the company sold its stake in Tianma International Club Co., Ltd., realized the investment income of the second-class real estate project ahead of time, and concentrated resources to promote the existing first-level regional development business. after that, the company continues to expand its business to Jiangsu to carry out regional tourism development.
Increase the environmental protection industry. Environmental management is another key business of the company. At present, the company has a total of 9 environmental protection and new energy projects, including 4 large-scale waste incineration power generation projects (of which Tianjin Shuanggang waste Incineration Power Plant has been put into operation to provide long-term and stable return on investment), 5 comprehensive waste treatment projects and 1 straw power generation project.
The company raised no more than 1.15 billion yuan in a private offering in July to invest in three garbage power generation projects in Dalian, Tianjin Guanzhuang and Yangzhou. In September this year, the company also increased capital through its subsidiary company, Hebei Taida New Energy Power Generation Co., Ltd., to speed up the preparatory work for the Zunhua straw power generation project.
Oil warehousing sales drive revenue growth. The company's oil storage industry is mainly completed through its subsidiary Teda Blue Shield. Teda Blue Shield has shifted the main battlefield of sales from North China to the coastal areas of East China, making full use of the geographical advantages of Tianjin coast to provide integrated industrial chain services of production, supply, marketing and warehousing in the oil storage industry. The company's overall strength in the oil storage industry provides a guarantee for the sustained and stable growth of the company's business performance.
Earnings forecast and investment rating: we forecast that the company's EPS in 2011 and 2012 will be 0.33 yuan and 0.36 yuan respectively. Based on the closing price of 7.78 yuan on March 9, the dynamic PE will be 23.72 times and 21.35 times respectively (Table 1). If the company's environmental protection industry uses the funds raised by the rights issue to improve the speed of business development and the income appears, investors are advised to pay attention to the relevant investment opportunities in the future and still maintain the company's "neutral" investment rating.