Data:2009-12-12 2:34
Category: Money Tips Date: 2007-06-23
Source: China Finance Online
Highlights:
Company in the first half sales revenue of 396 million, an increase of 27.8% to complete the net profit of 40.67 million yuan, an increase of 47.5%, 0.3 yuan per share, performance exceeded our expectations. The growth performance of the leading factors are: the scale of production expanded sales increase: yeast series of product sales in the first half rose 24%, yeast is more deep-processed products to achieve revenue growth of 60% of the year.
Raw material price stability in the first half of molasses, along with price adjustment policies, making the level of the first half of gross margin increased by 1.1 percentage points. Subsidiary to enjoy preferential taxation policies led to reduced income tax.
Taking into account the company Yili in Xinjiang and Inner Mongolia Chifeng respective subsidiaries will also enjoy tax breaks and 15% tax rate until 2010, so we will assume that 06,07 effective tax rate for fiscal year 2005 down to and the same 9.5%, adjusted 06,07-year forecast earnings per share was 0.59 yuan and 0.73 (previously 0.52 yuan and 0.68, respectively million).
The company disclosed that the current situation of each subsidiary of the successful expansion of production capacity, including the expansion of Yili in Xinjiang project will be completed in September of this year, coupled with Chifeng in Inner Mongolia and Shandong Binzhou of the technological transformation projects, the company expects full-year 2006 production of highly active dry yeast will add 10,000 tons.
Maintain the "recommended" investment rating.
