Tianshan Textile: Achievements Turn Losses Into Profit &Nbsp; Restructuring Is The First Step.
Guo Yuan Securities
Through development
Independent brand
As well as the improvement of domestic sales situation, the company's 2010 report reversed the first quarter loss situation and achieved profitability.
The total profit in the first half of 2010 was 2196022 yuan, down 11.79% compared with the same period last year. The net profit attributable to shareholders of listed companies was 2785961 yuan, down 3.45% compared with the same period last year, and the earnings per share were 0.0077 yuan, down 3.75% compared with the same period last year.
Affected by the financial crisis, the company's foreign sales revenue was 49 million 871 thousand and 400 yuan, down 23.62% compared to the same period last year.
But through the construction of independent brands and sales channels, the domestic sales revenue of the company reached 72 million 514 thousand and 100 yuan, up 44.89% from the same period last year, which is the main reason for the gross profit margin growth of the company.
Among them, cashmere sweater achieved revenue of 55 million 596 thousand and 300 yuan, and gross profit margin increased by 7.15% over the same period last year.
Xinjiang Katie Investment Co., Ltd. reorganized Tianshan textile (11.61, -0.03, -0.26%) to complete the first step, completed the pfer of equity pfer procedures in July 9, 2010. At this point, Xinjiang Xinjiang invested in 206354457 shares of Tianshan textile, accounting for 56.78% of the total share capital of the company and became the controlling shareholder of the company.
The next step to restructure is the asset injection of Xi Tuo mining.
According to the company's announcement, the assets of the mine will not be profitable in 2010 and 2011. There are some uncertainties in the development of the mineral resources. However, the injection of mineral resources will fundamentally change the main business and profitability of Tianshan textile, and it is worth looking forward to.
Katie, the new controlling shareholder of the company, commitment to investment: guarantee
Tianshan textile
In 2010, there will be no loss, net profit of not less than 10 million yuan in 2011 and net profit of not less than 20 million yuan in 2012. If the above profit target is not achieved, the deficiency will be replenished in cash so as to fully protect the interests of listed companies and minority shareholders.
This commitment will prompt the company to take measures to improve its operation and ensure that the company can maintain its growth in performance before its main business has changed.
We expect the company's EPS in 2010 and 2011 to be 0.01 yuan or 0.011 yuan, giving the company a "neutral" rating.
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