Old Phoenix growth is guaranteed after the injection of asse

China's gold and silver jewelry industry in 2005 to 2007 the rapid development of gold and silver jewelry wholesale and retail sales year on year growth rate of more than trade. Cities of gold and silver jewelry line is still the main market, the wholesale model by rapid increases in market share of less-affluent cities of gold and silver jewelry sales business development. Guotai Junan that
Old Phoenix (600,612, the closing price 25.10 yuan)
Future direction is to develop stores in the second and third tier cities.
Investment strategy, Guotai Junan optimistic about our prospects for the development of gold and silver jewelry industry, the company brand was, and set in one of the Trade and Industry, major shareholders support the company bigger and stronger will to clear, there is room to improve performance after the reorganization, with long-term investment value. But considering the current share price higher, based on conservative earnings forecasts, to give "careful overweight" rating.
After the assets into the development of large space diamond diamond.yifei8.net
May this year, the company re-enter the stage of the restructuring plan for the company to Huangpu District, Shanghai SASAC private placement to acquire its holding 27.57% of Shanghai Old Phoenix Arts and Crafts Company stock options and 100% equity. Among them, the Old Phoenix 1.66 billion market value of net assets, the acquisition of 27.57% corresponding to assess the value of 458 million shares; work the market value of net assets of U.S. 364 million (the acquisition of 100%), total 822 million yuan two options. Non-public offering price of 14.08 yuan/share, shares issued 5,837.45 shares.
Arts and Crafts company's main business revenue comes mainly from sales of handicrafts, jewelry and business income, the higher level of gross margin for the working crafts sales company profits from the United States, accounting for each of more than 50% of total gross profit. To profitability, the current arts and crafts company's net profit and net capital gains rate was higher than the old Phoenix shares (before the reorganization of listed companies), but arts and crafts products companies are facing smaller market segments, the development prospects of small embarrassing situation. After the restructuring, the company on its overall adjustment, developed more than 10 new class of goods, still the main development handicrafts, jade ivory, inks and other products and jewelry processing, ivory carvings could be the highlight of the company's future earnings. diamond diamond.yifei8.net
At the same time, large shareholders Huangpu District, Shanghai SASAC to support development of the company's attitude clear, the injection of quality assets, profitability, good asset injection is complete, the Old Phoenix profit to a new level. Guotai Junan restructuring plan is expected to present only the first step in the restructuring plan, the future employee stock ownership and the ownership of natural persons will be part of the solution.
Expo will enhance the brand value of the benefit
2010 World Expo in Shanghai Lao Feng Xiang and only won the gold in gold production and operation of precious metal products, right pricing Expo jewelry limited by the World Expo Bureau, the company fine-tuning based on market factors. The company has more than 50 in Shanghai, the country received a total of more than 60 stores Expo franchise, for the completion of the year 150, the company will give greater hope that the Expo is scheduled for the Expo 10 billion in new revenue target , accounting for revenue this year, 10% of the company. Guotai Junan Expo is expected to have a greater contribution to raise revenue, but also to expand the "Old Phoenix" brand awareness, but to enhance the rate of corporate profits is limited. diamond diamond.yifei8.net
In addition, the company pencil business domestic exports account for 50% of revenue, the current expansion of the domestic market may be less space, while overseas demand slowed down, but for all kinds of considerations, the company will spin off the business.
The impact of price fluctuations on the company, and Guotai Junan that the risk of misjudgment from the gold price soaring and gold market plunge in two ways. Gold prices steady growth conducive to increasing sales and gross margin, or fluctuations in the price of gold up or slow down are conducive to the gold trading business.
In the earnings forecast, according to financial data and calculated after the table is expected in 2009, 2010, net profit attributable to equity holders of the growth rate was 189.7%, 29.8%, EPS was 0.6 yuan, 0.78 yuan. Guotai Junan
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