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Seven Wolves: Lay The Foundation For Steady Growth And Sustained Growth In Performance

2011/4/27 15:14:00 37

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In 1-9 2010,

Seven wolves

The stock company achieved operating income of 1 billion 578 million yuan, an increase of 8.37% over the previous year, and a profit of 236 million yuan, an increase of 29.02% over the same period last year.

Net profit

181 million yuan, an increase of 35.90% over the same period, and a diluted earnings per share of 0.64 yuan.

In the three quarter of 2010, the company achieved operating income of 604 million yuan, an increase of 4.86% over the same period last year, operating profit of 66 million 177 thousand and 500 yuan, an increase of 6.43% over the same period last year, and net profit attributable to parent company 56 million 960 thousand and 900 yuan, an increase of 47.87% over the same period last year, and a diluted earnings per share of 0.20 yuan.

Order-placing meeting

A large number of commercial bills have not been settled, resulting in a slowdown in revenue.

According to historical data, the annual order meeting held in March and September each year can basically confirm the share of sales income of 85% in spring, summer and autumn and winter. About 25% of the deposit will be paid at the time of ordering.

However, most of the deposit of the autumn and winter ordering Society held in September this year is still in the form of commercial paper, and it has not been settled during the reporting period, so it has slowed down compared with the same period last year.

However, this part of the outstanding receivables is expected to be recognized in the fourth quarter, when the company's revenue will have a substantial increase.

The gross profit margin has been steadily raised and the cost is well controlled.

The strategy of single epitaxial expansion in the pformation of endogenous growth is obvious, while enhancing the gross margin level, effective self control is achieved.

During the reporting period, the company consolidated gross profit margin in the first three quarters was 40.96%, up 1.99 percentage points from the same period last year. The three quarter gross profit margin increased by 0.49 percentage points over the same period last year, reaching 40.38%. In addition, the sales cost of three items in the company dropped sharply, and the overall cost rate level was lowered due to the slow down of the shop opening rate.

In the first three quarters, the company's sales expense rate dropped 2.69 percentage points year-on-year to 13.56%, of which the three quarter fell to 12.62% in one quarter, down 2.33 and 7.28 percentage points respectively.

In the later stage, with the continuous increase of the proportion of direct battalions, the gross profit margin level of the company is expected to be further improved, and the joint venture and joint venture will help reduce the cost of establishing direct stores.

The adjustment of income tax rate will lead to a faster growth of net profit than that of total profit.

Benefiting from the parent company's authentication of high-tech enterprises (the tax rate was reduced to 15%), the company's tax rate in the three quarter dropped to 12.50%, down 17.52 percentage points from the same period last year. This directly promoted the net profit of the same period to 34.09%, which was significantly higher than that of the total profit 7.24%.

Risk hint: 1) increase in production costs and pressure on gross margin; 2)

Commercial store rent

Continuing rising risk.

Earnings forecast and rating: the EPS of the company is expected to be 0.95 yuan, 1.21 yuan and 1.53 yuan respectively in the 2010-2012 years, and the corresponding dynamic price earnings ratio is 34 times, 27 times and 21 times respectively, with the closing price of 32.52 yuan in October 22nd.