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Changjiang Securities
Event description:
Hangmin Shares The third quarter of 2012 performance report is released today. The company's operating results are as follows:
From January to September this year, the company achieved revenue of 1865.6769 million yuan, up 4.98% year on year; The net profit attributable to the owners of the parent company was 188.3189 million yuan, up 5.98% year on year. Earnings per share is 0.45 yuan.
In addition, the company announced its participation in the bidding for shale gas exploration rights of the Ministry of Land and Resources.
Event comment:
The downstream demand is not strong, and the growth of revenue has slowed down. From January to September this year, the company achieved revenue of 1865.6769 million yuan, a year-on-year increase of 4.98%. Among them, the company achieved a revenue of 649423300 yuan in the third quarter of this year, up 1.72% year on year, dragging down the overall performance of the first three quarters.
The gross profit margin increased steadily.
From January to September this year, the gross profit rate of the company reached 23.5%, an increase of 4.07% over the same period last year. Benefiting from the diversified development of the company, the gross profit margin of all businesses has gone hand in hand, showing a steady upward trend.
The management expenses drive the increase of the period expense rate.
From January to September, the company invested a lot in management expenses, which increased by 91.84% year on year in the third quarter. The sales expense rate and financial expense rate in the third quarter were 1.63% and 0.72% respectively, and the overall period expense rate was 8.05%, higher than the level of 4.40% in the same period last year.
Energy conservation and emission reduction benefit leading companies, diversify and cultivate new growth points, and maintain "recommendation".
The company's new 72 million meters of medium and high grade fabric printing and dyeing project in 2011 has been produced in March; At the same time, the company takes the lead in the printing and dyeing technology industry and benefits from the upgrading of the printing and dyeing industry and the process of energy conservation and emission reduction.
The company announced its participation in the public bidding for the assignment of shale gas exploration rights by the Ministry of Land and Resources. We believe that at present, the company has abundant cash flow, actively seize the opportunity, promote the transformation and upgrading of the company, and cultivate new profit growth points by participating in shale gas bidding, but the short-term benefits are not obvious.
We expect the company's revenue from 2012 to 2014 to be 2.568 billion yuan, 2.782 billion yuan and 3.021 billion yuan respectively; EPS: 0.64 yuan, 0.73 yuan and 0.83 yuan respectively; The corresponding PE is 10.6 times, 9.3 times and 8.16 times respectively. Maintain the "recommended" rating.
