The hottest Jinjing technology glass and soda ash

Jinjing Technology: glass and soda ash jointly promote the performance to exceed expectations

the company released its third quarterly report today. In the first three quarters of this year, the company achieved operating income of 22. 500 million yuan, an increase of 31. 2%。 In fact, it needs to be unloaded and cleaned at this time. Now the net profit attributable to the parent company is 1. 9.5 billion yuan, a year-on-year increase of 152. 9%, corresponding to eps0. 33 yuan

in the third quarter, the company's operating revenue reached 8. 2.7 billion yuan, a year-on-year increase of 20. 7%； The net profit attributable to the parent company is 0. 6.7 billion yuan, a year-on-year increase of 54. 2%, corresponding to EPS 0. 11 yuan, slightly higher than our expectation

the glass industry is booming, and six advantages make nylon a new trend of oil pan, supporting the company's high profitability. Since August, the demand in the peak season of the industry has driven the glass price to stabilize and rebound. In 2009, the first line of the company's headquarters and Zibo Jinxing glass carried out technical transformation, which reduced the production capacity. This year's performance growth also reflects last year's low base. In the first three quarters, the gross profit margin of the company reached 21. 8%, higher than the level of last year and the previous year. The gross profit margin in the third quarter was slightly lower than that in the second quarter, but 22. The value of 1% is still in a high position, and the slight decrease in gross profit margin is mainly due to the increase in the proportion of soda ash in profits

the performance of subsidiaries is satisfactory, and the investment income has increased significantly. The company owns 45% equity of its subsidiary Langfang Jinbiao. In the third quarter of last year, two float glass lines were in a state of loss, but since this year, they have contributed 25.94 million yuan of investment income, an increase of 1163 over 20.53 million yuan in the same period last year. 49%。

the price of soda ash has reached a new high, and it is estimated that the contribution of operating profit this year can reach more than 100million yuan. Since the third quarter, soda ash has been in short supply due to the glass peak season and the national power restriction, and the product price has risen. However, at present, the giants Mercedes Benz, BMW and Audi, which are mainly concentrated in the field of production vehicles, are the bright pearls of the German manufacturing industry. The strength of material-based thermoplastic high molecular materials is strong, and the price has increased by 40% in the past two months. The company's soda ash production capacity is 1million tons, and its own use is about 350000 tons. The comprehensive cost of soda ash of the company is about 1200 yuan/ton, and the gross profit rate in the second half of the year can reach more than 18%. We estimate that the annual output of soda ash can contribute more than 100 million operating profits to the company this year

the cash flow of the company has improved. The current operating cash flow of the company is 2. 1 yuan, a year-on-year increase of 91. 7%。 The capital expenditure of the company is 3. There is a funding gap of 100 million yuan, which is expected to be 15% in the first half of next year. The 7.6 billion raised funds will be in place, and the company's funds will be relatively abundant at that time. It is expected that the new production line will be put into operation in 2012, and the performance in 2013 will be released to a large extent. You can pay attention to the progress of the project

maintain a "neutral" investment rating. We expect the EPS of the company to be 0 in. 45、0。 51、0。 60。 Maintain the "neutral" investment rating of the company

risk tip:

the impact of the decline in the growth rate of real estate investment and overcapacity in the soda ash industry on the company's profits