TBEA transformer and wire and cable business significantly improve gross margin
1. Incident TBEA interim report released in 2009, first half of the company's main revenue realized 7.055 billion yuan, up 30.28%; to achieve net profit attributable to shareholders of the parent 794 million yuan, up 77.16 %; achieved diluted earnings per share of 0.44 yuan. Over the medium term do not be allocated.
2. Our analysis and determine Change and value change of the Journal of minority interests acquired company's interim results boost business growth in line with our expectations, net profit rose substantially faster than revenue growth was mainly due to decline in the ratio during the three charges, income taxes and minority interests decreased rate reduced. As the scale, the company only three current 9.97% expense ratio, compared with the previous period fell by 1.2 percentage points; income tax rate of 17.51% on the period of decline for the current period of 13.81%; minority shareholders Net profit attributable profit increased from last year's 16.55 % in the current period of 2.66%, mainly due to the completion of transformation and value changes Shen minority stake acquisition.
Solar and international engineering business growth in the first half to lead business growth from the first half of each situation, Transformer Steady growth, year on year revenue growth of 36.54%, solar and international engineering operations are substantial growth year on year growth of 109.56% and 80%. Since the lifting of the current solar polysilicon raw material supply bottlenecks, significant increase; international engineering projects mainly due to tower into the settlement of the country, substantial revenue growth in the country is expected to project the remaining tower of about 13 billion in revenue in 2009, can all be cleared.
Consolidated gross profit margin continued to rise in consolidated gross margin for the company's current 23.55%, representing an increase of about 1.36 of a percentage point. Gross margin from the performance of each business to see: Transformers and Wire & Cable Gross margins have increased substantially, which transformer gross margin reached 28.78%, an increase of 2.33 percentage points Wire & Cable 18% gross margin increased by 4 percentage points. Product gross margin increased power equipment company we believe was mainly due to product mix improvement, while the first half of the company in 2009 a considerable part of the settlement order Financial Undertake a high order before the crisis, while raw material prices were at a low current, which also raised the margin level. Solar energy business due to fierce competition to maintain low levels of gross margin, this issue is only 2.38%.
Polysilicon is expected to become the company's new growth point in August 2009, the company's 3,000 tons of polysilicon projects - especially Silicon Variable Xinjiang polysilicon ingots furnace first successful production is expected to be fully operational by the end of this year, will become a new growth point.
3. Investment advice according to the latest data, we increase the company's profit forecast the next three years, 09-11 years, the company expects earnings per share were 0.84,0.93 and 1.12 yuan. Transmission and distribution equipment company is the absolute leader in the field, driven by the domestic power grid investment, growth in the company's future performance guarantee, to develop international business is space to expand the company's long-term growth, we maintain the company's "recommended" rating.
2. Our analysis and determine Change and value change of the Journal of minority interests acquired company's interim results boost business growth in line with our expectations, net profit rose substantially faster than revenue growth was mainly due to decline in the ratio during the three charges, income taxes and minority interests decreased rate reduced. As the scale, the company only three current 9.97% expense ratio, compared with the previous period fell by 1.2 percentage points; income tax rate of 17.51% on the period of decline for the current period of 13.81%; minority shareholders Net profit attributable profit increased from last year's 16.55 % in the current period of 2.66%, mainly due to the completion of transformation and value changes Shen minority stake acquisition.
Solar and international engineering business growth in the first half to lead business growth from the first half of each situation, Transformer Steady growth, year on year revenue growth of 36.54%, solar and international engineering operations are substantial growth year on year growth of 109.56% and 80%. Since the lifting of the current solar polysilicon raw material supply bottlenecks, significant increase; international engineering projects mainly due to tower into the settlement of the country, substantial revenue growth in the country is expected to project the remaining tower of about 13 billion in revenue in 2009, can all be cleared.
Consolidated gross profit margin continued to rise in consolidated gross margin for the company's current 23.55%, representing an increase of about 1.36 of a percentage point. Gross margin from the performance of each business to see: Transformers and Wire & Cable Gross margins have increased substantially, which transformer gross margin reached 28.78%, an increase of 2.33 percentage points Wire & Cable 18% gross margin increased by 4 percentage points. Product gross margin increased power equipment company we believe was mainly due to product mix improvement, while the first half of the company in 2009 a considerable part of the settlement order Financial Undertake a high order before the crisis, while raw material prices were at a low current, which also raised the margin level. Solar energy business due to fierce competition to maintain low levels of gross margin, this issue is only 2.38%.
Polysilicon is expected to become the company's new growth point in August 2009, the company's 3,000 tons of polysilicon projects - especially Silicon Variable Xinjiang polysilicon ingots furnace first successful production is expected to be fully operational by the end of this year, will become a new growth point.
3. Investment advice according to the latest data, we increase the company's profit forecast the next three years, 09-11 years, the company expects earnings per share were 0.84,0.93 and 1.12 yuan. Transmission and distribution equipment company is the absolute leader in the field, driven by the domestic power grid investment, growth in the company's future performance guarantee, to develop international business is space to expand the company's long-term growth, we maintain the company's "recommended" rating.
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Author: betty