The annual report is in line with the forecast and slightly exceeded expectations in the first quarter.
In 2012, the company achieved operating income of 256 million, an increase of 70.35% over the same period last year, and an operating profit of 43 million, an increase of 70.35% over the same period last year. The net profit belonging to listed shareholders was 36 million, an increase of 44.44% over the same period last year, achieving EPS0.23 yuan, which was in line with our previous expectations.
The company's net profit attributable to shareholders of listed companies in the first quarter of 2013 was 1450-16 million yuan, an increase of 149.14-174.91% over the same period last year, slightly higher than we expected.
The purchase quantity of high-quality gelatin increases, and the price increases.
After the poison capsule incident, the state strengthened the supervision of the food and drug industry, the downstream industry increased the purchase of high-quality gelatin, and the price of gelatin continued to rise. the price is 30% higher than that before the poison capsule incident (50% increase in the price of high-quality high-grade gelatin). Due to the unsustainability of a large number of small gelatin factories, the gelatin gap continues. The industry is expected to maintain a growth rate of 12-15% in the future, and there is still room for price improvement.
The fund-raising project is fully put into production, and collagen is expected to increase its contribution to performance in the future.
The expansion project of gelatin from 4000 tons / year to 6500 tons / year began construction in August 2011 and was officially completed and accepted at the end of July 2012. In August 2012, the new gelatin production line reached the design monthly output, and with the further optimization of the production line, the quality and yield of gelatin will be significantly improved.
The annual production of 1000 tons of soluble collagen fund-raising project has also met the requirements. After that, the company will increase the export of collagen raw materials, reposition and repackage the collagen terminal products in the middle of the year, continue to enrich the protein product series, and promote the canal construction of the products. It will contribute a lot to the performance in the future. The new company obtained the patent certificate for the preparation method of soluble collagen.
Profit forecast
As there is still a gap in the company's gelatin business market, we expect the company's EPS to be 0.23,0.40 and 0.59 yuan respectively from 2012 to 2014, giving the company a recommended rating. The corresponding PE were 60.94,36.04 and 24.22 times respectively.
Risk hint
The risk of increased competition after capacity expansion and the risk of lower-than-expected sales of collagen products in the gelatin industry.