The first is valuation. Although the share price of agricultural stocks is not high as a whole, many stocks have high P/E ratios due to low earnings per share. From the analysis of agricultural leading stocks, according to the latest dynamic P/E ratio, only about 20% of the stocks have the latest dynamic P/E ratio less than 30 times. These stocks are New Hope (12.73 times), Shuanghui Development (17.39 times), Yili (18.3/kloc-0 times) and Hu Da (quotation, consultation) (18.59).
Followed by performance, as of yesterday, 18 leading agricultural companies have disclosed 20 14 interim results forecast, and more than 60% of the company's interim net profit is pre-happy. Among them, Dakang Animal Husbandry (60 1.5 1%), Guolian Aquatic Products (43 1.82%), Luoniushan (quotation, consultation) (230.20%), *ST Minhe (1/kl).
The third is institutional shareholding. A quarterly report shows that 34 leading agricultural listed companies are all institutional shareholders, and Weiwei, Yili, Shuanghui Development, Bright Dairy and Haida Group all hold more than 800 million shares. It can be seen that since the first quarter of this year, the attitude of institutions towards agricultural stocks has been quite positive.
Blonde Technology (Quotes, Consulting): The sales volume continues to grow, paying attention to the development progress of new materials and financial business.
Blonde Technology 600 143
Research Institute: Industrial Securities (Quotes, Consulting) Analyst: Liu Gang, Founder. Date of writing: 20 13- 10-28.
Key points of investment
Event:
Blonde Technology released the third quarterly report of 20 13. During the reporting period, the total operating income was 104.4 1 100 million yuan, a year-on-year increase of 17.5438+0%. Realized an operating profit of 574 million yuan, a year-on-year decrease of 6.86%; The net profit attributable to the parent company was 6,654.38+0.8 million yuan, up 65,438+0.59% year-on-year. After deducting non-recurring gains and losses, the net profit was 5,654,388+0.5 million yuan, down 5.78% year-on-year. Based on the total share capital of 2.634 billion shares, the earnings per share is 0.23 yuan, and the net operating cash flow per share is 0. 1 1 yuan. Among them, the operating income in the third quarter was 3.756 billion yuan, a year-on-year increase of 32.88%; The net profit attributable to the parent company was 2.065438 billion yuan, down 4.65% year-on-year.
Comments:
The performance of Blonde Technology in the third quarter of 20 13 was lower than our previous forecast of earnings per share of 0.26 yuan, and the sales of modified plastic products and trade products increased rapidly, but the decline in gross profit margin of modified plastic products was the main reason for the lower performance than expected.
Sales continued to grow and the overall performance was stable. 20 13 the company's operating income increased year-on-year in the first three quarters 17.8 1%. We speculate that this is mainly due to the recovery of demand in downstream automobile and other fields, and the rapid growth of sales of modified plastic products for vehicles. In addition, the rapid growth of trade products and the breakthrough of the company's products in new fields such as smart bathroom are also one of the reasons.
However, due to the adjustment of sales strategy in some areas during the reporting period, the gross profit margin of modified plastic products decreased year-on-year, and the proportion of low-margin trading business increased, so the company's comprehensive gross profit margin decreased by 2.89 percentage points year-on-year to 15.22%, and the company's operating profit decreased slightly by 6.86% year-on-year. However, benefiting from the year-on-year increase of non-operating income of 565,438+0,842, 800 yuan (mainly due to the year-on-year increase of government subsidies), the company's net profit increased slightly by 65,438+0.59%.
From the perspective of single quarter, thanks to the recovery of downstream automobile demand since the fourth quarter of last year, product sales in the third quarter continued the growth trend in the first half of the year, and with the rapid growth of trading business income, the company's operating income increased by 32.88% year-on-year. However, due to the decline in gross profit margin of modified plastic products, the proportion of trade goods income increased, the comprehensive gross profit margin decreased by 4.68 percentage points year-on-year to 65,438+04.78%, and the net profit decreased by 4.65% year-on-year.
The profitability of modified plastics business is expected to continue to improve, and attention should be paid to the progress of new materials business and financial business. Blonde Technology is a leading enterprise in the field of modified plastics in China, with obvious advantages in technology and channels. With the recovery of domestic downstream automobile demand and the steady increase of market share, we expect that the sales of modified plastics for vehicles will continue to grow. In addition, the company's development in new fields such as smart bathroom and water purifier and the increase in market share in traditional household appliances are also conducive to the continuous expansion of the company's product sales scale.