Fu Shi Shares: Textile Steady Growth &Nbsp; Performance Is In Line With Expectations.
Towel products grew well and business income increased by 29.09% over the same period. Towel series products accounted for 71.5%, the first half of the year. Sun Fu stock The company has raised prices to different degrees in various markets. At present, the capacity utilization rate of the company is 100%. Future Ltd will not take the development way of capacity expansion. It will meet the demand growth by increasing the production efficiency and the way of outsourcing of the existing production lines. The domestic market is growing faster and the gross profit margin is slightly lower than the export market, but the growth prospects can be expected.
The shortage of demand and high cost together result in only 1.9% of the gross profit margin of the decorative cloth business. In order to guarantee the high quality of decorative cloth products, the company has purchased the most advanced production equipment. However, the number of high-grade orders in foreign countries is reduced, the gross profit of domestic sales orders is low, and the depreciation cost of fixed assets is high, leading to the low gross profit rate of decorative cloth business. The company announced in July 27th that it will increase capital (130 million yuan of cotton spinning equipment and its own currency fund 50 million yuan) for wholly owned subsidiary decorative fabric company, so as to enhance the profitability of the decorative cloth business, and the profit situation still needs constant attention.
Crystalline silicon packaging business grew rapidly, achieving a net profit of 12 million 548 thousand and 600 yuan in the first half of this year. The technology of the company is more mature, the capacity is 50Mw, the product positioning is high-end, the selling price is 1.6 euro / tile, higher than the similar products. The crystal silicon packaging product is sold by BOSCH, Germany. There is no need to worry about the demand. Plan to increase production capacity by 300 thousand Mw during the year. The CIS thin film solar cell project is expected to be profitable and is still being debugged. It is expected that there will be no profit contribution this year.
Earnings forecasts. It is expected to be realized in 2010 and 2011. Earnings per share 0.18 yuan, 0.25 yuan, according to the company's closing price of 10.32 yuan in August 16, 2010, the PE in 2010 and 2011 were 57.3 times and 41.28 times, respectively. Textile business Steady growth, crystal silicon and thin film battery business prospects, but the current valuation level is high, to give "neutral" rating.
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