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【华泰证券】珠海中富:未来有一定想象空间

華泰證券 ·  Oct 26, 2009 00:00  · Researches

The company achieved operating income of 2,248 billion yuan in the first three quarters, a year-on-year decrease of 7.99%, operating profit of 300 million yuan, a year-on-year increase of 69.66%, net profit of 154 million yuan, a year-on-year increase of 80.85%, and an earnings per share of 0.224 yuan, of which an EPS of 0.114 yuan was achieved in the third quarter. Main revenue and main profit increased by 11.16% and 16.66%, respectively. As a leading domestic bottling enterprise, the company's downstream customers are mainly large customers such as Coca Cola, Pepsi, and unified enterprises. Downstream demand in the consumer goods industry has been growing steadily. The company has established production and sales networks in central cities and overseas markets all over the country, and its main business has been growing steadily along with customers. The main reason for the year-on-year decline in the company's main revenue was that the sales price of the company's products was accompanied by a simultaneous reduction in the price of raw materials, and the sales volume of the company's products increased compared to the same period last year. The gross margin of the company's products in the first three quarters was 27.83%, up 5.1 percentage points from the previous year. The gross margin of the company's other main business, the beverage processing business, is also rising steadily. The company's decision to acquire 100% of the shares of Zhuhai Zhongfu Plastic Can Co., Ltd., 100% of the shares of Zhuhai Zhongyue Paper Cup Container Co., Ltd., and some other assets will have a positive impact on the company's 10-year performance. We maintain our forecast that Zhuhai Zhongfu's EPS for 09-11 will be: 0.28, 0.30, and 0.34 yuan, respectively. Since the controlling shareholders of the company are foreign private equity investors, the acquisition cost at the time was 8.27 yuan per share. The ban on these shares will be lifted in October 2010. Therefore, we believe that the company's performance will continue to improve steadily, and there is a possibility that it will exceed expectations. We maintain the company's “recommended” investment rating and raise the company's target price to 7.5 yuan.

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