Vanity Lights,Glass Vanity Light,Indoor Solar Lights,Stair Lights Indoor Foshan Nanhai Pinming Electrical Appliance Co.,Ltd , https://www.mavcadonf.com
From January to December 2010, the company achieved operating income of 410 million yuan, an increase of 16.99%; operating profit of 80.15 million yuan, an increase of 26.55%; net profit attributable to owners of the parent company of 67.08 million yuan, an increase of 18.42% Realized basic earnings per share of 0.39 yuan. The company's 2010 distribution plan is to distribute 2.5 yuan (including tax) for every 10 shares, and to increase 3 shares for every 10 shares. Power tools have become a major growth point. The company is the leader in China's diamond tool industry. Its main business is the production and sales of diamond tools, power tools and alloy tools. Among them, diamond tools realized operating income of 314 million yuan, an increase of 14.63%, accounting for 76.65%, still the company's first core business; in addition, power tools realized operating income of 0.57 billion yuan, an increase of 30.88%, power tools is the company In the next few years, we will focus on developing products. Through strategic cooperation with Shanghai Electric Tools Research Institute, the company will continuously improve product research and development strength and technical level, and improve the variety series. The fundraising project that will be completed by the end of the year will expand the power tool capacity by more than five times. The rapid growth of downstream demand and the company's capacity release will make power tools the main growth point of the company's performance. The compound growth rate is expected to exceed 80 in the next few years. %, by 2015 will account for 40%. The comprehensive gross profit margin reached 38.18%, which will fall back with the adjustment of product structure. In 2010, the company's comprehensive gross profit margin was 38.18%, an increase of 1.48 percentage points year-on-year. Among them, the gross profit margin of diamond tools was 43.57%, an increase of 2.13 percentage points year-on-year, which was the main source of company profits. In recent years, the company's comprehensive gross profit margin has been continuously improved, mainly due to the increase in the proportion of high value-added products and the reduction of product costs. Through strategic cooperation with Shanghai Electric Tools Research Institute, holding Shanghai Puri (133.00, 4.00, 3.10%) and acquiring Canadian CYCLONE, the company will continuously improve product research and development capabilities and proportion of high-end products, and reduce production and sales costs. In order to enhance profitability, the increasing proportion of revenue from power tools and alloy tools with lower gross profit margin will gradually reduce the company's comprehensive gross profit margin. The high-speed rail brake project is not yet clear. The company is one of the earliest companies to develop high-speed brake pads in China. It has a production technology of high-speed brake pads below 300 km/h and is developing high-speed brake pads of 300 km/h or more. High-speed rail brake pads are consumables. With the large-scale construction of high-speed rail in China, the annual market demand will exceed 5 billion yuan in the future, and localization will begin gradually in 2012. As a market leader, the company has a first-mover advantage and will benefit from the huge import substitution space of high-speed rail brake pads in the future. However, due to the long development cycle of high-speed brake pads and the need to pass the Ministry of Railways certification, there is still uncertainty in the production time. Even if the progress is smooth, the company's high-speed brake pad project will not be mass-produced until 2013 at the earliest. There is little impact on company performance. Earnings forecast and investment rating. We expect the company's 2011-2013 earnings per share to be 0.59 yuan, 0.78 yuan and 1.01 yuan respectively, according to the latest closing price of 25.56 yuan, the corresponding dynamic price-earnings ratio levels are 43 times, 33 times and 25 times. The company was affected by the high-speed rail concept speculation in the early stage. Although the company has a high-speed rail concept, its high-speed rail brake film project is difficult to contribute revenue in the short term. It has uncertainties. As the high-speed rail concept cools down, the company's share price will face a certain short-term. The callback pressure, so we temporarily maintain the company's "neutral" investment rating. Risk Warning: The power tool market develops lower-than-expected risks; the risk of unsuccessful progress of the high-speed rail brake pad project; the risk of fluctuations in raw material prices; and the anti-dumping risk.