Investment points:
In the first half of 2009, the company achieved sales revenue of 392 million yuan, a year-on-year increase of 35.03%; operating costs of 47.59 million yuan, and net capital of 39.49 million yuan, a year-on-year increase of 11.49% and 40.99% respectively; earnings per share were 0.16 Yuan.
In the first half of the year, the company obtained extraordinary income of 4.35 million yuan, and net capital after deducting extraordinary gains and losses was 35.15 million yuan, a year-on-year increase of 16.56%, which is equivalent to the growth rate of operating costs.
In the company’s brand planning, the brand of Annunciation Bird is subdivided into four series: classic, business, leisure and leather goods. Each series is developed independently and cross-covered by consumers. As of the end of June, the company had 668 outlets of the Angelus brand, an increase of 31 new outlets; and 73 outlets of the Sanjiero fashion brand, an increase of 28 outlets.
The company’s wholly-owned subsidiary Shanghai Baoniao achieved net capital of 9.74 million yuan in the first half of the year, a year-on-year decrease of 26.48%; among which, import orders fell significantly, and the business attire group buying business experienced a year-end climax. Since then, the number of orders has gradually increased, and the success rate of large orders has improved; EBONO e-commerce, CARLBONO advanced customization and BONO TAILOR building customization are cultivating businesses and cannot yet become the company’s capital growth points in the short term.
The company’s analysis gross profit margin in the first half of the year was 49.28%, an increase of 1.12 percentage points year-on-year, mainly due to the decrease in purchasing costs. However, as the company’s sales network expands and the proportion of direct sales increases, the three expenses increase rapidly. In the first half of the year, the company’s period expense rate was 36.57%, 3.03 percentage points higher than the same period last year, which greatly limited the increase in costs.
The company was certified as a high-tech enterprise in Zhejiang Province in August, and the income tax rate of 15% applies to the headquarters from 2008 to 2010.
The company plans to publicly issue 65 million additional shares and raise no more than 800 million yuan for marketing network upgrade projects. We judge that the public additional issuance is more likely to be implemented at the end of 2009 or 2010. It will have no impact on the company’s performance in 2009 and will have a clear dilutive effect on the company’s performance in 2010. ..Based on the company’s current total share capital of 249.6 million shares, the earnings per share in 2009 and 2010 are 0.69 yuan and 0.89 yuan. The company’s future growth is certain, its valuation is low and its growth rate is small in the later period. It has shown strong offensiveness in the recent market adjustment. Maintain “overweight” rating. (Please see the attachment for details) This article is copyrighted by Guerlain Business Wear. Please indicate the source when reprinting. Thank you for your cooperation!
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