A new round of expansion of the hottest Hexing pac

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Hexing packaging: a new round of expansion is imminent

the company announced the third quarterly report of 2014. In 2014, the company realized an operating revenue of 2.045 billion yuan, a year-on-year increase of 12.28%, an operating profit of 115million yuan, a year-on-year increase of 31.97%, and a net profit attributable to the owners of the parent company of 91 million yuan, a year-on-year increase of 36.18%, and a basic earnings per share of 0.26 yuan

q3 revenue growth declined slightly, and the revenue in the first three quarters still maintained double-digit growth. In the first three quarters, the company achieved a revenue of 2.045 billion yuan, a year-on-year increase of 12.3%, with a growth rate of 2.1 percentage points lower than that in the first half of the year. The main reason is that the revenue growth rate in Q3 fell slightly to 8.3% (q1:10.6%, q2:17.6%). In the third quarter, the decline in the consumption growth rate of the company's main downstream household appliances and beverages is estimated to have an impact on some orders of the company. Looking forward to the fourth quarter, considering the in-depth cooperation between the company and e-commerce, express logistics and other customers, the consumption incentives of the national day and the double-digit day are expected to bring about the recovery of the company's revenue growth, and the double-digit growth of the whole year is still a high probability

the comprehensive gross profit margin remained at a high level. The company's comprehensive gross profit margin in Q3 was 20.8%, up 0.2% year-on-year in 13q3. The comprehensive gross profit margin in the first three quarters reached 20.5%, up 0.9% year-on-year. The expansion of production and marketing scale brought about cost dilution effect and in-depth identification of customer needs. The fundamental reason for the continuous improvement of the company's comprehensive profitability of products was to enhance the added value with the overall packaging design solution. At present, the comprehensive gross profit margin of products in Central China, Southwest China and North China has exceeded 20% in the first half of the year. Previously, we expected that South China would gradually approach 20%. Combined with the situation of comprehensive gross profit margin in the third quarter, we judged that the comprehensive gross profit margin for the whole year would be higher than 20%

reasonable cost control and good profit growth. In the first three quarters, the overall period expense rate of the company was 14.2% (month: 15.2%; month: 13.6%). Since the beginning of 2013, the three major expenses have remained at a reasonable level, which shows that the standard chemical plant after the company's extension and expansion has a strong management ability, ensuring the release of scale effect and the steady growth of profits. In the first three quarters, the growth rate of the company's cumulative net profit was 38.2%, 34.7% and 31.7% respectively. At the same time, the company expects the growth rate of the annual performance to remain at 30%-50%

with the help of expanding project reserves, e-commerce customer development and M & a funds, the new round of growth path is gradually clear. Since 13 years ago, the company has gradually reaped the first round of growth results. In the face of the accelerated development of the packaging logistics industry and the rising demand for large-scale, personalized and rapid response services from downstream customers, the company has laid out a new round of project reserves in Wuhan, Chongqing, Zhengzhou, Tianjin, Foshan, Chuzhou, Yingkou, Weihui and Qingdao, aiming to further improve the production and supply capacity and service scope. On this premise, in the strategy of collectivization and key customers, the company not only aims at well-known customers in the industries such as home appliances, consumer electronics, food and beverage, but also focuses on e-commerce key customers, which meets their national logistics and packaging service needs. Considering the usual supplier qualification requirements such as scale, efficiency, quality and service radius of key customers, the company is still optimistic about the development progress of the company's next key customers. In addition, the company has established a special asset management plan with Guangfa Xinde and Ruiyuan capital investment to acquire or participate in relevant projects in line with the company's strategic development by means of mergers and acquisitions, so as to provide the company with the selection and reserve of high-quality project resources. This move will undoubtedly make full use of the relevant investment resources and experience of the partners, and greatly enhance the company's operation ability in the expansion and integration of the packaging industry chain

the company's performance in the first three quarters continued to grow steadily, continuing to confirm the performance release logic after the first round of capacity layout. In the medium and long term, extensive expansion is still the strategic first choice for paper packaging companies to consolidate their leading position in the industry. The company has rich project reserves, continues to practice the strategy of collectivization and key customers, and sets up a growth path with one steel ball above the M & a base and three static steel balls below. It is expected that the company Sinoma Technology Co., Ltd. will, in response to the requirements put forward by the experts in this acceptance, the EPS in 2016 will be 0.40 yuan, 0.50 yuan, and the construction technical guide will be 0.65 yuan. The corresponding dynamic PE will be 28 times, 22 times and 17 times respectively, maintaining the recommended investment rating

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