129770904144062500_115Results in line with expectations: the software revenue grew by 34%, speculated that VAT refunds actually affected net income at about $ 20 million, while income tax rates (State planning software companies have not yet identified) affect the net profit of around $ 15 million. Excluding these two factors, actual net profit growth is expected in 30%, in line with expectations. Business watch: Batching system revenues of $ 382 million, an increase of 65%, mainly due to the cross-industry development well, while income classification adjustments rubber equipment revenues of $ 946 million, an increase of 46.9%, now, the business is still dominated by steel tire equipment are expected as the domestic market started in the coming years, growth to exceed all steel steel equipment; solid chemical equipmentRevenue of $ 504 million, an increase of 31.1%, mainly are concentrated in ecorse project confirmed; new business developments such as industrial robots, the tyre industry MES system is good, growth is above 50%, will maintain a relatively rapid growth is expected in the future. 12 is in transition: 11 car sales growth fell to single digits, but still maintain a relatively rapid income growth,Show little correlation between growth in domestic car sales and revenue growth. In the domestic tire industries in transition, foreign brands and domestic premium brand (top) steady growth of demand, and small and medium-sized tire manufacturers demand by a large impact. In this context, the company gradually transition to a high end: Jiaozhou bases strengthened in advanced product development and introduction of talents, merger and acquisition-related companies, andPositive reorganization of business division of the company
diablo 3 power leveling, making Division actually took over all functions of the subsidiary. 11 new check orders of $ 3.2 billion, an increase of 28%
tera power leveling, lag behind revenue growth, we expect that the 12 companies revenue growth will slow, overall profit margins will rebound. Cash flow pressures: 11-the net cash flow from operating activities $ 650 millionAnd $ 1.84 billion of receivables at the end, shows the cash flow stress. UNIKOM occupy a larger percentage of receivables, is expected to put into production as the ecorse, accounts receivable as a whole will ease the pressure, but it would crush the poor operating cash flow valuations of the company. Profit forecasts and investment advice: expected 12-14 EPS respectively, 0.85And $ 1.31, maintain a recommended rating. Risk management organization does not meet the business demands of high growth and production. Tip: this article belongs to the research reports section, only those for the analysis of institutions or personal views and opinions on a stock, news reports and informal
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