On October 25, Sun Paper (002078.SZ), which specializes in non-coated cultural papers, announced its 3Q11 performance report. From January to September, Sun Paper achieved an operating income of RMB 6.25 billion, an increase of 8.23% over the previous year; a net profit attributable to shareholders of listed companies was RMB 503 million, a year-on-year increase of 0.76%; earnings per share (basic and diluted) was RMB 0.50, compared with 2010. In the same period, it achieved 71% of the 2011 consensus market consensus.
In the third quarter, the company's operating income was 2.217 billion yuan, a slight increase of 0.36% year-on-year, an increase of 15%; and the net profit attributable to shareholders of listed companies was 146 million yuan, a year-on-year decrease of 2.53% and a year-on-year decrease of 6%.
According to valuetool platform statistics, since 2011, the company's net profit has continuously declined. In the second quarter, net profit fell from 200 million yuan in the first quarter to 156 million yuan, a decrease of 22% from the previous quarter.
Sun Paper's gross profit margin in the third quarter was 18.40%, down 2.6 percentage points from the second quarter, the first drop in three quarters. Affected by this, the company’s operating profit in the third quarter decreased from 203 million yuan in the same period of 2010 to 150 million yuan, a year-on-year decrease of 26.11%.
According to statistics from the valuetool platform, Sun Paper's net profit in the third quarter was significantly affected by non-recurring gains and losses, of which non-operating income reached 161 million yuan, accounting for 49% of net profit. Compared with the same period of 2010, the company’s non-operating income increased by 367.81%. The reason for the sharp increase was that Sun Paper received a subsidy of RMB 31.3304 million from the Ganzhou Municipal Government at the end of September.
The cash creation capacity of the company was not good. In the third quarter, cash flow from operating activities changed from 402 million yuan in the same period last year to 704 million yuan, accounting for 4% of operating revenue. In addition, as of the end of the third quarter, the company achieved EPS (ttm) of 0.64 yuan, corresponding to a ROE level of 16%.
Since the paper industry has maintained a sluggish economy since 2011, with unfavorable factors such as rising production costs and weak demand, Sun Paper expects its annual net profit range to be -30% to 10%. For the whole year of 2010, the company achieved a net profit of 636 million yuan attributable to the shareholders of the listed company.
According to the valuetool platform statistics, a total of five institutions in the past quarter forecast the 2011 EPS of Sun Paper, with an average of 0.70 yuan, a maximum of 0.77 yuan, and a minimum of 0.62 yuan. These institutions include Shenyin Wanguo, China Merchants Securities (600999.SH), Guosen Securities, and Orient Securities, among which Shenyin Wanguo has given the company an “overweight†rating.
In the third quarter, the company's operating income was 2.217 billion yuan, a slight increase of 0.36% year-on-year, an increase of 15%; and the net profit attributable to shareholders of listed companies was 146 million yuan, a year-on-year decrease of 2.53% and a year-on-year decrease of 6%.
According to valuetool platform statistics, since 2011, the company's net profit has continuously declined. In the second quarter, net profit fell from 200 million yuan in the first quarter to 156 million yuan, a decrease of 22% from the previous quarter.
Sun Paper's gross profit margin in the third quarter was 18.40%, down 2.6 percentage points from the second quarter, the first drop in three quarters. Affected by this, the company’s operating profit in the third quarter decreased from 203 million yuan in the same period of 2010 to 150 million yuan, a year-on-year decrease of 26.11%.
According to statistics from the valuetool platform, Sun Paper's net profit in the third quarter was significantly affected by non-recurring gains and losses, of which non-operating income reached 161 million yuan, accounting for 49% of net profit. Compared with the same period of 2010, the company’s non-operating income increased by 367.81%. The reason for the sharp increase was that Sun Paper received a subsidy of RMB 31.3304 million from the Ganzhou Municipal Government at the end of September.
The cash creation capacity of the company was not good. In the third quarter, cash flow from operating activities changed from 402 million yuan in the same period last year to 704 million yuan, accounting for 4% of operating revenue. In addition, as of the end of the third quarter, the company achieved EPS (ttm) of 0.64 yuan, corresponding to a ROE level of 16%.
Since the paper industry has maintained a sluggish economy since 2011, with unfavorable factors such as rising production costs and weak demand, Sun Paper expects its annual net profit range to be -30% to 10%. For the whole year of 2010, the company achieved a net profit of 636 million yuan attributable to the shareholders of the listed company.
According to the valuetool platform statistics, a total of five institutions in the past quarter forecast the 2011 EPS of Sun Paper, with an average of 0.70 yuan, a maximum of 0.77 yuan, and a minimum of 0.62 yuan. These institutions include Shenyin Wanguo, China Merchants Securities (600999.SH), Guosen Securities, and Orient Securities, among which Shenyin Wanguo has given the company an “overweight†rating.
Kaian Metal Wire Mesh Co., Ltd. , http://www.hsweldedmesh.com