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【天相投资】鑫茂科技:地产业务受调控影响,光通信业务迅猛增长

[Tianxiang Investment] Xinmao Technology: real estate business is affected by regulation, and optical communication business is growing rapidly.

天相投資 ·  Jul 30, 2010 00:00  · Researches

In the first half of 2010, the company realized operating income of 366 million yuan, an increase of 71.34% over the same period last year; operating profit was a loss of 1.238 million yuan, 93.95% less than the same period last year; net profit belonging to the parent company was a loss of 9.94 million yuan, 52.27% less than the same period last year; and basic earnings per share was-0.034 yuan.

In the optical fiber industry, the production and sales of optical fiber in the first half of 2010 were good, with a cumulative production of about 2.2 million optical fibers, with an operating income of 178 million yuan, accounting for 48.6% of the company's total revenue, an increase of 315.84% over the same period last year. The income of the business in the first half of the year exceeded that of the whole of 2009, with a rapid growth. With the expansion of production scale, the scale effect was highlighted, and the optical fiber gross profit margin increased by 2.05 percentage points, which made a significant contribution to the substantial reduction of losses in the first half of the year. The third phase of the optical fiber expansion project is progressing smoothly, and the third phase of the new three towers and six lines is expected to be put into operation by the end of the third quarter, and the company's optical communications products are expected to achieve an annual revenue growth of 100%.

Affected by regulation and control, real estate sales revenue declined, making it difficult for the company to reverse losses. The company's existing stock of industrial real estate projects, science and technology parks and new energy and new materials industry bases, affected by the national real estate regulation and control policy in the first half of the year, the real estate business growth rate failed to continue the rapid growth in the second half of 2009, with sales revenue of 106 million yuan, accounting for 29% of total operating income, an increase of only 16.5% year-on-year, a gross profit margin of 23.46%, and a gross profit margin of about 16 percentage points lower than that of the whole of 2009. If the regulation policy is relaxed and investment in emerging industries is increased in the second half of the year, the company's industrial real estate business may pick up synchronously, and sales for the whole year can still show positive growth.

The industrialization of fan blades has been accelerated, 750KW and 1.5MW blades have entered large-scale production, and up to now they have been delivered one after another in accordance with relevant sales contracts. The construction road, approach road and foundation pit excavation in Gansu Jiuquan 200000 KW wind power field have been completed, and part of the fan foundation pouring and fan foundation hoisting work has been completed. Housing leasing, software products, engineering, hotels and other businesses, the current operation is stable, the specific operating situation is shown in chart 1. During the reporting period, the company launched a private discovery stock program to raise funds for the second phase of the new energy and new materials base project and the third phase of production expansion, and it is expected that the additional issuance plan is less likely to be approved in the short term.

In terms of finance, the company's expense rate during the period was 18.92%, which was 6.72% lower than that of the same period last year, but the absolute figure increased by 15 million yuan, which is also an important reason why the company continued to lose money during the reporting period. The company's asset-liability ratio is 56.07%, which is relatively healthy.

Profit forecast and investment rating. Lower the company's 2010-2011 profit forecast to 0.21 yuan and 0.26 yuan, based on the July 29 closing price of 6.95 yuan, the corresponding dynamic price-to-earnings ratio of 33 times and 27 times, maintaining a "neutral" rating.

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