Annual Report Analysis:
in 2006 Main business income of 1.5348 billion yuan, an increase of 36.7% and net profit of 157.07 million yuan, an increase of 49.0%, the overall level of slightly less than expected. Because of the high level part of the income Electrical Division the impact of repeated tax decrease of about 0.05 yuan per share, when adjusted for the special factors, earnings per share in 2006 was 0.48 yuan. revenue growth in line with expectations.
50% stakes in the high level Toshiba is currently running at full capacity, the expansion project will be completed in September 2007, making the central role of high level Toshiba to continue into 2009. Toshiba's production capacity after the expansion release of the 2008 and 2009 the constitution of the profits from the company, Toshiba the contributions of 70% has been maintained at -80%, 50% stakes in high-level Toshiba is currently running at full capacity.
company's product structure,Discount UGG boots, the combination of Toshiba's high level mainly electrical products gross profit margin more than 35%, significantly higher than the headquarters of the consolidated gross profit margin products, making the merger in 2006 gross profit margin increased 2 percentage points a, this phenomenon has emerged in 2005, 2006, has been extended.
business growth with certainty :
robust industry growth: from the national grid,UGG boots clearance, the growth rate will slow,UGG bailey button, but still growing. If the relatively optimistic forecasts, we believe that, -18 billion, is still running at full capacity. Toshiba has total orders in hand, about 2.0 billion, has far exceeded the production capacity of around 1.2 billion, with the capacity expansion in the third quarter, is expected to achieve revenues in 2007, 1.5 billion about.
steady increase in gross profit margin: With the company's combination of 750KV and above voltage level and gradually increase the proportion of electrical appliances, the company's consolidated gross profit margin is still room for improvement. mainly because of changes in product mix and sales patterns of the reasons its efficient cost management and a number of private enterprises is still a wide gap. Siyuan Electric shares high level of electrical, the gross profit margin larger space.
areas for improvement or risk warning:
the company is basically in a full load running by the capacity constraints, the company earnings in 2007 will not be much growth is expected in 20% -30%, but more determined.
advances from small companies, large accounts receivable, operating cash flow situation well, with the increase in the contract, increasing financial pressure.
valuation analysis:
07,08 our company forecast earnings per share of 0.66 yuan and 0.94 yuan, 19.25 yuan by company The share price, the company's dynamic price-earnings ratio of 07,08 to 29 and 20 times respectively, compared with other leading companies in power transmission equipment, the valuation is low, we give 25-30 times its 2008 PE, of its reasonable valuation should be In 23-28 per hour, temporarily take intermediate target price of 25 yuan. the company's industry boom cycle is long, the company significant competitive advantages in the industry,UGG shoes, and endogenous growth potential improvement in the current clutter of the market is Buy and hold long-term high-quality companies. technical stock up long-term shocks, with good volume, technically, after a slight Withdrawing support available in the vicinity of 18.5 yuan. the next goal to see 25 yuan.
of: Zheng Xue double Column: Click on the strength of the
easy to width Daily Finance-A shares - Hong Kong shares - Fund - Investor Shares Balance best partners
No comments:
Post a Comment