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【申银万国】鑫茂科技 (000836):风叶投产推动业绩增长,拟定向增发注入土地储备

申萬宏源 ·  Aug 8, 2007 00:00  · Researches

  The interim report performance is down from the same period last year. In the first half of 2007, the company achieved revenue of 226 million yuan, net profit of 10.76 million yuan, and EPS of 0.09 yuan, down from the same period last year. Losses in non-main businesses are the main reason for the decline in interim reporting performance. The company's electronic products such as displays achieved gross profit of 6.57 million yuan in the same period last year, and lost 180,000 yuan in the first half of 2007 due to product transformation and inventory processing, which is the main reason for the decline in interim report performance. Given that the company is gradually withdrawing from the electronics business, there is no substantial impact on the company in the long run. Another factor is that the fan blade and optical fiber business only entered settlement in the second half of the year. Industrial real estate sales were good in the first half of the year, but due to revenue recognition reasons, a gross profit of only 43.54 million yuan was confirmed, which is the same as last year. With the peak settlement in the second half of the year, gross profit is expected to reach 108 million yuan for the whole year; the fan blade and optical fiber business did not confirm revenue in the first half of the year, and only entered settlement in the second half of the year, which was another factor in the decline in the interim report performance. Maintain an increase in holdings rating. Considering that the fan blade and optical fiber business entered settlement in the second half of the year, we believe that the decline in the interim report compared to the same period last year did not affect the annual results. The company is currently planning to increase distribution. If targeted additional distribution is successfully implemented, it is estimated that EPS for 07-09 will be 0.28 yuan, 0.67 yuan, and 1.01 yuan. According to segmental valuation, we believe that the company's reasonable stock price is 24.65 yuan, maintaining an increase in holdings rating.

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