ST blue light: Ningbo turned the leading real estate "overweight" rating
  submit_date:2011-10-29 00:19:04   getclick:
       It is learned that Ningbo Yongquan pharmaceutical machinery, an overview of third quarter results 2011: the company achieved operating income of 3.409 billion yuan, up 44.22%; operating profit of 736 million yuan, an increase of 145.23%; 5.13 net profit attributable to equity holders billion yuan, up 163.89 percent; basic earnings per share of 0.67 yuan / share.

   
Silver billion real estate backdoor, the company turned to the leading developers of Ningbo. Company in May 2011 completion of the restructuring, Ningbo into its holding silver silver billion billion real estate project in the real estate development companies. Bank of Ningbo billion real estate is based on the medium-sized developers, project reserves of 6.63 million square meters, the main layout in the Yangtze River Delta and Northeast regions, product types covering residential, office, hotel and commercial and other property. The company has ambitious vision, determined to become a national developer, and enter the industry, the top 20.

   
Sales decline, but plenty of advance payment. First three quarters of sales of goods and provision of services received in cash for the 2.596 billion yuan, down 16.68%, year on year sales decline, but the decline was 39.38% higher than in the first half of the narrowing. Advance payments from the company's point of view, the end of September the company has 3.94 billion yuan in advance payments, to reduce the 817 million yuan over the beginning, for the performance of lock of the next two years is still high.

   
Sufficient short-term capital side. As of end of September 2011 carrying amount of cash the company has 4.42 billion, representing a 8.68% reduction in early, short-term loans and non-current liabilities due within one year of 2.33, ample short-term capital side. Real debt was 55.30%, an increase of 7 percentage points higher than the beginning, but still at a reasonable level.

   
Commitment to defend the future growth performance. Silver billion holding company reorganization of the controlling shareholder of the company when undertaking the next three years results in 2011 and 2013 net profit attributable to parent company of not less than 613 million yuan, 685 million yuan and 606 million yuan, respectively, corresponding to earnings per share 0.71 yuan, 0.80 yuan and 0.71 yuan, or repurchase by the listed company through their holdings of a certain number of shares of listed companies a way to compensate.

   
2011 full year results increased significantly. In three quarterly results for 2011, giving notice, the company expects net profit of 6.2 billion, compared to prior year's performance before restructuring increased significantly.

   
Earnings forecasts and investment rating. We expect the company in 2011 and 2012 EPS of 0.72 yuan, 0.87 yuan to 9.32 yuan yesterday's closing price calculation, the dynamic price-earnings ratio of 13 times and 11 times, the company position clear, the product type of rich, higher performance protection, we are optimistic about the company future expansion capabilities, giving the company "overweight" rating.

Product recommendation: multi-effect distilled water machine, pure steam generator, frame filter, water purification equipment, counter-current falling film evaporator concentrates