In 2009 the company revenues 1.752 billion yuan, up 19.6%; operating profit 212 million, up 11.8%; net profit of 225 million, up 4.9%; diluted earnings per share were 0.58 yuan, 0.6 yuan lower than the profitability of our prediction; company intends to 1 per every 10 shares (including tax). Fourth quarter revenue 470 million yuan, up 33.3%; net profit of 5,792 million yuan, down 3.21%.
Results slightly below expectations. A book full year 2009, 6,601 species, an increase of 26.67%, 1.17 billion publishing revenue, up 20.4%, publishing gross margins fell 3.99 percentage point to 34.76 percent, paper and other raw material prices, Department due; which Museum of successful school library with books Mayang 49.62 million yuan, Farm House Books Mayang 67.07 million yuan; textbooks, reference the company revenue 914 million yuan, up 28.3%, general books business income 220 million yuan, up by 0.55% down slightly. Print Revenue 158 million yuan, down 7.57%, 2.33 percentage point gross profit margin increased slightly to 15%; the same time as the company books and stock provision for decline in value of inventories rose 44% to 3,601 million and disposal of non-current assets increased operating loss expenditure increased by 107% year on year to 5.45 million yuan, net profit growth led to lower revenue growth.
Extension will mark the expansion of substantive progress. March 2010 the company announced a cash contribution, the text of the paper's United Alliance, the Popular Literature of the two agencies to implement asset restructuring, reorganization, "the two agencies" controlled by the company. Publishing industry concentration is low, less competitive, the Government actively promote cross-regional integration will increase industry concentration. Recently, the central ministries and subordinate publishers are actively restructuring, most of them small, poor profitability, a large publishing group with the existing local Cooperation And with its own publishing capabilities and capital to grow to become the inevitable choice, will help us achieve win-win situation. Speed up reforms in the context of the industry, the company will benefit from cross-regional integration.
Additional enhance the company competitiveness. In 2009 the company announced the proposed public offering of 5,000 shares of non-raised funds invested 700 million yuan publication planning, digital publishing, printing, technical transformation, publications, logistics and publishing fund five projects, additional programs have been reviewed by the Commission. Additional project will help the company expand the production scale, the establishment of covering content production, printing and publishing, new media publishing and derivative product development, content production and distribution, including a complete industrial chain, and strengthen the company's dominant position in the publishing industry to enhance profitability; To meet the industry's opportunities for M & A integration, the challenges of digital publishing content, build a market competitiveness and influence the content of a comprehensive cultural industry operator and service provider basis.
Expects 1.85 billion in 2010 revenue, profit 235 million, we believe that the plan be more conservative. By issuing 440 million shares after the calculation, the company expects earnings per share for the 2010-2012 0.56 yuan, 0.66 yuan and 0.75 yuan, respectively, the dynamic price-earnings ratio of 38 times, 32 times and 28 times, valuations are low-end industries to maintain the "increasing hold "rating. I am a professional writer from China Chemicals Products, which contains a great deal of information about red heart necklaces , wholesale biker jewelry, welcome to visit!
Related Articles -
red heart necklaces, wholesale biker jewelry,
|
