Sustained growth performance, in line with market expectations. Xi'an transformer showed that three of the Quarterly Bulletin:2011 1-9 month, Xi'an transformer to achieve operating income of 173000000 yuan, an increase of 64.35%, operating profit of 77600000 yuan, an increase of 48.82%, to achieve ownership of the parent company net profit of 58700000 yuan, grow 50.44% compared to the same period, fully diluted earnings per share 0.65 yuan.
High voltage electrical detection becomes the continued growth of the main thrust. Xi'an transformer is the only can be simultaneously engaged in high, low voltage electrical testing services of an independent third party agencies. In the detection of low voltage electrical fields, is the domestic scale is the largest, detection detection project most entire, detection capacity of the largest enterprises. In recent years, in the consolidation of the low voltage field on the foundation of the advantage, Xi'an transformer also actively to testing high-voltage electrical fields, especially in the solution space and power supply test equipment limited company to increase the voltage detection, business investment, low voltage electrical testing companies accounted for the overall proportion of revenue in the year. Among them:2010 production35kV and 220kV grade high voltage electrical testing system, since the company high voltage electrical testing business showed strong growth momentum, and in 2010 made the explosive growth;2011February, the pilot port system the successful completion of the project; in 2011September,40kV-550kV1/ 2 polar synthetic test circuit system completed on schedule and to solid. In addition, the company has passed CB laboratory pre assessment, formal review preparations are underway as we think, Xi'an transformer high voltage electrical testing ability promotes gradually, the next two years, Xi'an transformer will enter rapid development period.
Gross interest rates remain high, strong profitability. During the reporting period, the company 's gross margin of 74.32%, continued to maintain a high level, main reason is the electrical detection of existence of industry of strict market access restrictions, and has the technology, capital and other multiple barriers. At present, construction of power grid in China is still in a period of rapid growth, electrical manufacturing industry whole development is good, product upgrades and updates faster and faster, which will drive electrical detection of market demand growth. Therefore, we believe that the Xi'an transformer profitability can maintain higher level.
Xi'an transformers the development of clear thinking, multiple areas of development, market share is expected to further enhance. Xi'an transformer low-voltage electrical appliances, high-voltage electrical detection of two major business backbone, with the scale of business development, the company is expected to further improve the detection of business market share.
Profit forecast and rating. We expected the company in 11,12 and13 year earnings per share were 1.38 yuan,2.22 yuan,3.21 yuan, respectively, corresponding to11 years,12 years,13 years of dynamic earnings ratio of 25.32 times,15.58 times,10.77 times, taking into account China's urban and rural power grids, the railway electrification, large-scale construction of UHV grid factors that influence, we believe that the company's vast room for growth, giving the Xi'an transformer" overweight" rating. Risk tip.
(1) detection of low-voltage electrical business price control risk;
(2) fixed assets depreciation resulting from future earnings decline risk.
