May 8 this year, three flowers, and
The maiden voyage of energy-saving the inaugural light heat company was established in August this year to enter the field of solar thermal power generation, the company has solar cell mastered the trough light thermal power generation, technology is mature prospects and the trough collector tube has independent production, compared to foreign importssignificantly reduce costs.
Directly responsible for the the inaugural energy-saving light thermal power generation project by the company chairman, the R & D team from the Chinese Academy of Sciences, is composed of a member of the national "863" project has been successful power generation the Badaling project of the R & D team previously, a photothermal project is the only technology in the country leader. In addition, the company also dish power generation undertake research and development topics of the Beijing Municipal Science and Technology Commission, the disc power generation for distributed development, distributed generation policies in line with the current national pushing.
Three flower shares in 2012 three quarterly reviews: downstream demand continues to slump, lowered profit forecasts
Events: the company released three quarterly in 2012, during the reporting period achieved operating income of 2.923 billion yuan, down 8.67%; operating profit of 321 million yuan, down 25.28%; attributable to owners of the parent company's net profit of 259 million yuan, down 11.11%; the first three quarters of sales gross margin and net profit margin sales were 24.96% and 9.35%, respectively; diluted earnings per share of 0.44 yuan, 0.28 yuan per share in operating cash flow net. At the same time, companies notice the full year 2012, net profit attributable to shareholders of listed companies grew -0% -30%.
The downstream air conditioning machine sales continued downturn in the third quarter, the decline in corporate income intensifying. Cold, air conditioning industry in 2012, home air conditioning demand by domestic macroeconomic situation remains in the doldrums, the June energy subsidies in the implementation of the three months solar panel before the effect is not satisfactory, the first three quarters of household air conditioners production of 80.42 million units year-on-year decline of 11.06%. Leading enterprises as air conditioning parts, downstream demand a greater impact, operating income in the first three quarters of year-on-year decrease of 8.67% compared to the semi-annual report decline increases, third quarter revenues up sharply 25.03%, mainly due to three quarter by air-conditioning valve industry sales chain fell.
The third quarter gross profit margin improved. The first three quarters of the company gross margin increased by 1.1 percentage points year on year, third quarter gross margin was 27.49%, up 2.75% qoq, analysts believe that the main reasons: First, the upstream raw material prices remain low, energy-saving appliances subsidy policies to promote Accessories product structure upgrade. The third quarter net profit was 8.9% qoq improvement of 0.59 percentage points.
Management expenses continue to increase. Company management fees for the first three quarters was 279 million yuan, a year-on-year increase of 41.3%, the management expense ratio of 9.54%, as the past two years, a new high, mainly due to the decline in operating income, increased R & D costs and manpower costs growth.
Future energy subsidies continued, will show a slight growth in the fourth quarter appliance machine industry trend (
Earnings forecasts: downstream of the air conditioning industry remains in the doldrums with a direct impact on the company's revenue growth, increased expenses affect the rate of increase of the net profit, although analysts expect the fourth quarter appliance industry will be better, but have limited impact on the company's annual results. Analysts cut 2012 to 2014 profit forecast, expected EPS of $ 0.61, 0.75 yuan, 0.94 yuan (previous forecast of 0.7 yuan, 0.83 yuan, 1.03 yuan), corresponding to the closing price on October 23, 2012, PE 13 times, 11 times, nine times, to maintain "overweight" rating.