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China Shipbuilding: performance was better than expected earnings forecast upw
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May 1-9, 2010 the company realized main business income of 209.6 yuan, up 10.64%, 2.02 billion yuan net profit attributable to parent company, an increase of 2.93% and achieve earnings per share of 3.05 yuan. Better performance than expected. Company gross profit margin was 17.24% 1-9 months, up 2.52 percentage points higher. The first quarter was 18.8%, 17.4% in the second quarter, 15.98% for the third quarter, 1-June Ship higher gross margin benefited from the lower prices, we expect gross profit margin is expected to remain at 17.3 %. Main business income from a single quarter, the completion of the first quarter of 5.6 billion, the second quarter of 7.4 billion, 7.9 billion in the third quarter, in general, more revenue in the fourth quarter, we expect the main income of the year generally to 281 million. May 1-9, 2010, 239 million cost of sales, down 043 million yuan. Management costs 880 million yuan, an increase of 1.5 million. Finance costs last year -6 billion this year to -4.6 million. During the expense ratio increased from 2.14% to 3.15%, 3.7% for the year is expected. 1-9 months -2.28 billion investment income for the same period last year to 600 million, mainly due to the company under the companies involved in legal disputes, Guangzhou Shipyard, a 426 million medium-term provision for loss reserves. 1-9 months for impairment of assets of 33.38 million yuan from the same period last year rose to 1.37 billion, mainly due to the increase in inventories. We raised the appropriate performance of the company predicted that the company expects operating income for 2010-2012 was 281,2 80,267 billion, net profit attributable to parent company were 25.5,27.9,24.1 billion, respectively, corresponding to EPS 3.85 4.21 and 3.64 yuan. October 31 closing price of 65.62 yuan, according to 17 times 2010 PE calculation, reasonable price 65.45 yuan, to maintain "neutral-A" investment rating.