BDO Runda had a loss of 5.197 million yuan in the first half of the year

On August 29, BDO Runda released the 2012 semi-annual report. In the first half of the year, the company’s total operating income was 1.24 billion yuan, a year-on-year decrease of 1.01%; its operating profit was negative, with a loss of 5.197 million yuan, a year-on-year decrease of 804.02%, which was mainly attributable to the substantial increase in operating costs such as sales expenses and management fees of the company during the reporting period. The total profit was 149 million yuan, a year-on-year increase of 12.57%; the total assets at the end of the reporting period was 8.037 billion yuan, a year-on-year increase of 18.69%. The basic earnings per share was 0.11 yuan, compared with 0.22 yuan per share in the same period last year. During the reporting period, non-public issuance of RMB 100 million ordinary shares and the transfer of capital reserves to share capital resulted in an increase of 141.39% in share capital. Net assets per share is 3.67 yuan. In addition, as a result of the overall impact of increased gross profit margin, increased subsidy income, and increased operating expenses during the reporting period, the net profit attributable to shareholders of listed companies was 124 million yuan, an increase of 21.50% year-on-year; and the owner’s equity attributable to shareholders of listed companies increased by 58.83%. Because of profit in the report period and non-public issuance of stocks raised funds of 1.522 billion.

Main business sub-industry, sub-products




Explanation: During the reporting period, under the influence of the poor external economic environment, the Group’s export business of small home appliances decreased by 9.57% over the same period of the previous year; the proportion of the Group’s revenue from main business operations decreased from 75% in the same period last year to 68%. . The LED business stepped up efforts in market development, which led to an increase of 25.99% over the same period of the previous year driven by the growth of LED application products. The proportion of main business revenue increased from 25% in the same period last year to 32%. The reasons for the large increase or decrease in gross profit margin over the same period of the previous year indicate that during the reporting period, the Group’s LED chips have begun mass production, some of which are used for group lighting products for their own use and some are sold externally. During the reporting period, it achieved sales of RMB 26,458,800 and gross margin of 2.79%. There was no such business in the same period of last year.

Main business by region




During the reporting period, affected by the European debt crisis, and the company accelerated the development of innovative products to reduce the production of low-margin products, the orders of the company’s major household appliances business in North America and Europe declined, and the sales in the North American market decreased by 12.84 over the previous year. %; The European market was down 14.34% from the previous year, but the gross profit rate increased by 3.93% over the same period. The LED business of the Group vigorously expanded the market, and sales in Japan, Russia, and Southeast Asia increased significantly, making the company's business distribution area more diversified and reducing the risk of dependence on a single market.

The domestic main business income was 413 million yuan, accounting for 34.05%, an increase of 1.42% year-on-year; foreign main business revenue was 799 million yuan, accounting for 65.95%, a year-on-year decrease of 1.61%.

Main business profitability




During the reporting period, the overall gross profit rate of the company's main business increased by 5.77 percentage points over the same period of last year. The small household electrical appliance business increased gross margin by 3.93 percentage points as the company accelerated the development of innovative products, reduced the production of low-margin products, and the overall decline in the prices of bulk raw materials. The gross profit rate of LED business increased by 4.47 percentage points year-on-year, which was mainly due to the expansion of LED business scale and the relatively large proportion of high-margin LED street lighting products.

Capital Markets BDO Runda yesterday's closing price of 7.19 yuan, corresponding to a price-earnings ratio of nearly 33 times, the market price is about 2.

Hongyuan Securities believes that the street lights and commercial photos started, and the performance of the company has gradually dawned. It is estimated that the company will realize a net profit of 5.94, 7.73, and 779 million yuan in 2012-14, and achieve a net profit of 2.96, 5.60, and 736 million yuan. 3 The compound growth of 77%. Target price is 9.00 yuan. LED and small home appliances businesses are priced at 9.8 billion yuan and 700 million yuan respectively. LEDs correspond to 16 times PE in 2012.

In the announcement, the company claimed that due to the reduction of financial subsidies (the financial subsidies included in profit and loss from January to September last year amounted to 298.64 million yuan (before tax), there was a significant reduction from January to September this year) and the external economic environment was unfavorable. Affected by the reason that the company's exports were lower than expected, the company expects 2012-01-01 to 2012-09-30 results: net profit of 108,420,000 yuan to 181.74 million yuan, a decrease of 60% to 30%, year-on-year results: net Profit 271055953.24 yuan.