In the following the fourth round of screening will be emphasis on the quality of earnings and the risk of individual stocks, including the Yuyuan Tourist Mart (600655) (600655.SH), including 45 stocks accounted for a total profit of the investment income ratio and the change in fair value profit or loss not total profit over the previous standard, which was eliminated.
the remaining 161 stocks in the fifth round to continue their corporate governance study, who kept most of the phases of dividends or dividend per share number of 0.01 yuan per share, undistributed profits fund, or an average of more than 2 yuan per share, anyone can qualify.
fourth round of the study: the main business based on the quality and profitability of listed companies operating risks, the listed companies net profit and investment income accounted for at fair value through profit or loss than the total profit is an important basis for the current round.
sustainable development from the perspective of listed companies, investment income accounted for the greater the proportion of net profit, which means the more weakened the company's main business, which for the future performance of listed companies in the greater risks.
In addition, although changes in fair value can be considered reflected in the income statement, but it is very obvious. the proportion of total profit share of investment income can not exceed 50% of the share of the profit or loss in fair value ratio of no more than 15% of the total and no more volatile as a condition of selection, then, Moutai (600,519. SH), led by the smooth passage of 161 stocks selected in this round, and including Zhejiang Medicine (600,216), Yuyuan Tourist Mart (600655.SH), Shanghai Automotive (600104.SH), including 45 stocks were unable to overcome this obstacle .
to Yuyuan Tourist Mart, for example, its 2007 net profit of 7.6 billion yuan, up 224.54 percent, performance considerations alone, the Yuyuan Garden Shopping Mall really good, but it should be noted that the total profits of Yuyuan Tourist Mart has 646 million yuan comes from investment income, accounting for 70.78% of total profits. investment income mainly from Debon 165 million and move the securities of 57.4 million yuan gold mining industry.
Zhejiang Medicine Although the investment income in 2007 accounted for a total profit of compared to just 11.71%, but the changes in fair values was as high as the proportion of total profit accounted for 55.29%, and the value of higher volatility in the last five years (2.35% m55.29%), growth performance of sustainable development is worrisome. < br> 2007 Annual Report showed that Shanghai Automotive profit increased by over 300%, but can not help but note that the share of its net investment income ratio was nearly 300%, which in essence is that Shanghai Automotive's main business relative to its profit has been seriously softened, its high net profit growth is heavily dependent on investment income, particularly investment in securities gains, once the stock market downturn, the sustainability of its growth performance is doubtful.
fifth round of the study: profit distribution capacity
purpose is that investors buy stocks to benefit, although both income dividends from listed companies or the secondary market price movements, but in general terms, and never be mean to the distribution of profits or the Company, its For value investors, significantly lower degree.
though not participating companies also have Berkshire Hathaway such super Ushimata b, but very few such cases, after all, the A-share companies are too mean dividend is thinly veiled.
Based on this consideration, in the fifth round of the inspection, the financial weekly average annual dividend will be whether the more than 0.1 yuan to 161 under investigation last round of screening stocks.
We found It shares were Langsha (600137.SH) and other five companies since 2003, has never been distributed dividends. In addition, China Unicom (600050) (600050.SH) and other 6 per share dividend stocks the past five years the number of far much lower than 0.1 yuan, which also included six out of the list of stocks.
, of course, the ability to distribute the profits is also very important. The remaining 150 stocks to be selected, retained earnings per share to fund or share The average is greater than 2 yuan for the conditions of screening, Brilliant Media (600880.SH), Chihong Zinc and Germanium (600497) (600497.SH) of the 10 stocks that is declared out.
Chihong Zinc and Germanium as an example to Although the company's annual dividend up to 5 years 1.45 yuan per share, but its retained earnings per share is only 0.75 yuan per share fund was 1.04 yuan, the profit Chihong Zinc and Germanium distribution capacity seems to have bottomed out. < br> to the sixth round of the stock only went down the 139, this number is only about one-tenth of all the A shares. from the micro level, can stand off to the sixth player in front of the judges are basically the finance excellent, good corporate governance, just visit a business must take into account the factors which influence the industry, after all, there is a problem if the entire industry, few companies can be spared.
on a comprehensive analysis of macroeconomic conditions , the financial weekly to weed out the following listed companies in several industries: coal mining industry, chemical industry, machinery and equipment industry, medicine and bio-industry and non-ferrous metals industry and so on. round out the reasons for the more demanding, the main line is eliminated the downturn in the economic environment was damaged under the cyclical industry. In fact, business cycle in the industry to run to the bottom when the related industries and companies will also appear very good investment opportunities, and because of this selected as the key link to the stability can only be eliminated.
strong cyclical industry, China is now under the most out
to analyze the macroeconomic situation, the current environment of declining external demand, exports by the appreciation of the renminbi and the trade friction and other factors which significantly weakened the investment because of falling house prices, monetary tightening and other factors shrink, while consumption is expected to impact the economic downturn could not afford to chops.
before this judge, we first eliminated lost more dependent on foreign trade of textile industry. now, this industry is almost full loss of foreign trade enterprises, while domestic companies are also under the impact of domestic exports to the day more and more difficult. As a result, seven wolves (002 029) (002029.SZ) and Shandong Ruyi (002193) (002193.SZ), Zhejiang Longsheng (600352) (600352.SH) and other companies out.
demand for downstream industries to invest in steel and machinery industry based out of our the second object. At present, high steel prices fell and the dual pressures of high iron ore prices for iron and steel enterprises have formed the attack, a serious shortage of iron and steel enterprises in the domestic demand, export restrictions, when they can not raise steel prices hedging pressure of rising raw material costs. can be said that the steel industry has just come true bitterness, and in this logic, the Maanshan Iron and Steel shares (600808) (600808.SH) sadly withdrew.
state non-ferrous metals industry To make matters worse, the industry by the international base metals prices decline in the already depressed, and all earnings targets in 2006 and 2007 than has been a serious decline in the global economic boom has not yet apparent turnaround situations, companies in the industry group was eliminated.
others, such as medical biology, computer applications, and the industrial production of the chemical industry based companies are also listed in the current round of screening is clear. The only exception is Shanghai RAAS (002,252) (002,252 . SZ), because of its blood products industry which is widely optimistic about the prospects, the company received a financial weekly special treatment: a direct cut in the green channel.
long period leading companies in the industry and be able to cut
break the current round of screening companies, often have two characteristics: the industries in which business cycle is longer, or a leading position in the relevant industry, better able to withstand the impact of declining industry boom.
banking industry is the economy long cycle typical of the industry, from this year's mid-year report, a quarterly perspective, the banking sector is also declining relative economic status of one of the smallest. China Merchants Bank (600036) (600036.SH) and Shanghai Pudong Development Bank (600000 ) (600000.SH) and two operating sound bank with good natural growth of the smooth clearance.
Although most steel companies and non-ferrous metal companies have been eliminated, but for leading the company against the risks of trust, or release of Baosteel (600019) (600019.SH) and Angang Steel Company Limited (000898) (000898.SZ) and other steel giants. For the same reason, Zoomlion (000157) (000157.SZ), Pegasus shares (002,122) (002122.SZ) and other industry leading companies through the current selection.
controversy in the judging for the coal industry, coal prices have been at a very high position, and the coal industry, the performance of listed companies is also rising. but, out of policy risks and the economic boom brought about by consideration of demand pressures, the future trend of coal prices and coal companies there is a certain profit level of uncertainty. After considering the industry leader and the future growth of factors, some of Coal companies have been eliminated, Lanhuakechuang (600123) (600123.SH) and other coal companies to cut.
after six brutal rounds of layers of screening, 62 companies entered the final match-ups. 31 companies which won title, this is a difficult choice exceptions.
to the final out of the 62 companies belong to the basic blue chip stocks, has great investment value, but we have a standard use of harsh, that is a major hidden risk inspection. including the risk of major projects, major financial risk, the risk of major governance issues, including the structure and policies on the downstream face of uncertainty. We believe that this is widely ignored by investors problems, such as related party transactions, inventory risk, major projects at the end of the cycle the opposite exposed the risk of huge debts, and so the major shareholder.
risk of major projects to major projects
Angang example, the bull market is one of the most imaginative investment logic, but bear market environment, especially the deteriorating fundamentals of the risks often bring unusual, last week we issued a challenge to China made the Zhuhai project.
on profit margins, product structure and stability are the leading peer Angang Steel was eventually eliminated, The hope is precisely because the design production capacity of 500 million tons of steel Bayuquan project. The project is gradually put into production by the end of August, Anshan Iron and Steel production capacity will increase 31% to reach 21 million tons .2008 depreciation will have no small cost. is more important is the downstream automotive industry has begun a dramatic drop in real estate, supply and demand reversed, steel prices fell in August have started to accelerate, then the time up to 31% of the capacity expansion is likely to be counterproductive. Anshan Iron and pricing between the parent company, because of its half year lag, the rise in steel prices have benefited immensely, but the biggest risk is that the trend from up to down, injured much larger than the peer, the second half of Anshan Iron and Steel Group purchased ore prices to face about 32 U.S. dollars / ton increase, which corresponds to about 280 yuan / ton cost increases, gross margin alone, according to our estimates is equivalent to about 23%.
The new 50,000 tons Cangzhou Dahua TDI into production early next year, but next year will be in the commissioning phase, not will produce big contribution to the second half of 2009 is estimated to generate revenue capacity.
significant financial risks: an example of Zhejiang Sunshine
hidden behind the company's financial underestimated the White Horse.
oriented Zhejiang Sunshine born at the right, the continued expansion of 2008, as announced plans to invest 200 million construction and intent of Fujian Sunshine Lighting Company formed three centers. but the risk is known, the first half of 2008, operating income in North America and the domestic growth rate -46.9% , -1.8%. North American economic downturn will make the region more difficult short-term business improvement; the domestic market concentration is low energy-saving lamps, branding is very difficult. from the currency of cash, accounts payable and bank borrowings situation, financial risk seems small. However, the company 4.5 billion accounts receivable, and the proportion of the top five accounted for 53% models (2007 sales amount of the top five customers accounted for 48% of total sales). Once the global economy continues to down for major customers in financial difficulty, the sun will affect business in Zhejiang.
leading global dyed Lutai A, is in decline in the textile industry in the rare security unit, but in the end could not escape the impact of the general trend, which shows survival reported a substantial increase, reaching as much as 1.29 billion, of which 317 million in product inventory 442 million of goods, raw material as much as 513 million yuan in oil prices after facing great risk of impairment. to , small batches, quick delivery, In 2007 the public and share the business plan, 2008 will acquire another 60% stake in ASL, while plans to acquire another company CDW state-owned enterprises, financial pressure is not described as small.
powerful Baosteel, will have to be hand build out of the car, household appliances industry customers to drag on, mid-year report has been given a very large inventory, and its inventory turnover rate is lower than the long-term large shares of Wuhan Iron and Steel (600005). also has inventory risk is a very good product structure of China Lu New Star (600 426), it also faces the enormous impact the price of raw materials of steam. In addition there are the leading Tech-Long Packing (002 209), and its lack of funds raised have resulted in a termination of the tender, the enterprise, this is a system performance of the chain.
dangerous liaison example
Xiamen Airport is a significant risk of some chronic diseases, but not a scourge of chronic illness who said it?
Xiamen Airport 65.25% of accounts receivable, totaling 57.35 million yuan, is its largest shareholder, Xiamen International Airport Group owed. Not only that, other receivables reached 277 million yuan is as much as 42 times more than last year's surge, very strange. more bizarre is that the first half of Xiamen Airport income changes. the first half of the main business of air transport services operating income 79.5 million, the first drop occurred over the years, dropping by 9% year on year, while costs have risen by 2.8%, the corresponding significant decline in gross profit margin of 6 percentage points; Secondly, the rental revenue 39,080,000, an increase of 21%, while advertising revenue 39,840,000, an increase of 53%, but the main business actually had decreased significantly.
addition, the report and financial costs of management fees reached 12.13 million, respectively, and -342 million, an increase of 6%, respectively, and 92% decline in revenue in the company's business case, the company has no control or management fees, investment income at the same time period is only 3.17 million, 13.78 million the same period in 2007, down 1061 million, and large long-term prepaid expenses increased 11.77 million, the series of indicators of transactions are just vague relationship with the major shareholders, despite speculation links the concept of speculation again and again, so how to reassure investors the financial? < br> Also, there Conch Cement, Chengdelulu, high shareholder Why affiliated transactions, investors need more of a heart.
coal gasification (000968.SZ)
extend both upstream and downstream industry chain advance
Score: 87
Award words: Main coal, coke, city gas supply, of which Coke's earnings accounted for more than half of revenue .8 5 March, announced on listed companies, the National Development and Reform Commission to China Coal Energy (601898, stock it) Group, Shanxi Province Development and Reform Commission approved the approval, agree to energy development in Taiyuan Coal Gasification Co., Ltd Longquan Longquan coal mine construction projects, coal gasification Longquan Mining holds a 42% stake, is trying to get the coal mine absolute control.
Longquan coal a planning capacity 500 million tons, reserves of up to 8 million tons of coal is 1 / 3 coking coal, fat coal and gas coal. coupled with the previously-acquired Lingshi 70 Huayuan Coal % stake in the company's production will be expected to substantially increase in 2008 to more than 1.50 yuan per share, the current dynamic price-earnings ratio in 2008 was less than 10 times.
DR Orchid Branch (600123.SH)
coal, chemical two-pronged
score: 85
Award words: benefit from the hot coal market in 2008, the company achieved operating income of 2.116 billion yuan in the first half, gross margin reached 60.98%, up 3.63 percentage points; fertilizer income 972 million yuan, Gross margin was 14.52%, down 2.84 percentage points.
company headquarters has hakata, Wang Yun, TANG, and Dayang four coal mines, the total capacity of 5.4 million tons, with Asian American Daning 36% of the shares, increasing the company capacity of 400 million tons, the company has 95% stake in Yuxi coal production in 2011, about 240 million tons production capacity increase the company listed in January .8 Sanin mouth just before the acquisition of coal mines will increase production capacity 90 million tons.
other The company has been among the ranks of the largest fertilizer manufacturer, although the expansion of coal chemical industry has just started, but the good momentum of development. Orchid's development strategy is to focus on to achieve tons / year (now largely achieved), dimethyl ether production of 100 million tons / year, while production of organic silicon series, urea-formaldehyde glue, dimethyl carbonate, a total of 6 series of fine chemical products.
Kailuan shares (600,997 . SH)
coking industry chain integration strategies to achieve
Score: 88
Award words: the company is the main fat coal base, and Lujiatuo Fangezhuang two coal mines, the main products of 8 -12 fertilizer grade coal, fat coal production accounts for about 6% of output, accounting for about recoverable reserves remaining economically exploitable reserves of fat coal (44 million tons) about 10%, the company has coal mining, coal washing, coking , coal chemical processing complete industrial chain. the company's gross margin level of the coal business in the same high level of industry, and with coke business and mature phase of production, expected the company's profitability will be greatly improved.
Iraqi special forces (600197.SH)
wait for the injection of coal asset
score: 89
Award words: wine, as fast moving consumer goods, has been considered to be one of the species across the CBBC. The company is Northwest famous liquor brand in the long-term market share of first place in Xinjiang, accounting for about 30% market share, the current annual production of base wine 1 million tons (by 65 meters), 20,000 tons of high-quality finished wine. And the whole Xinjiang region liquor sales have maintained a growth rate of more than 10%.
Seventy-one group companies and joint venture of Iraqi special forces in Xinjiang Coal Chemical Co., Ltd. has already begun preparations, coking assets into the listed company estimates that it still takes time However, a greater certainty.
China Microelectronics (600360.SH)
patented technology support long-term development
score: 91
Award words: the first half of the company gross margin was 27.29%, while decline, but the main competitors Resources Huajing contrast 21% of the gross profit margin, the company is still a significant cost advantage. VDMOS company commissioned the development of patented and proprietary technologies to obtain the four, and has completed nine models of product development and customer authentication through .
MOSFET current domestic self-sufficiency rate of less than 20% of the domestic producers, only China MOSFET microelectronics and Resources Huajing have large production capacity, expected in 2009 6-inch line mass production company sales income for the 3.5 billion about.
Weixing (002003.SZ)
stage performance is now undervalued
score: 88
Award words: non-public offering in 2006 to raise funds and project implementation in early 2008 public offering fund-raising project inputs, the company's main business product release further capacity, the product structure was further optimized, the proportion of the metal zipper zipper share rose to 50%, have achieved a certain level of sales growth.
third quarter is the traditional peak season , full-year net profit in the company accounted for almost half, although by the crystal diamond, optical lenses drag down gross profit margin, but the company will continue the tradition of the third quarter of good performance.
Yantai Wanhua (600309.SH)
MDI production of world-class products
Score: 87
Award words: Wanhua's MDI products are world-class quality, poor quality is different from other manufacturers, Wanhua relatively high-end customers are targeting the first half of the basic were not subject to and MDI's profitability, but even the formation of > new project significantly enhance the production performance of the company
score: 88
Award words: phosphorus Xuanwei Power Company integration project put into operation in May this year, a new phosphorus output of 5,000 tons per share, as the device has captive power plant , yellow phosphorus production cost is low, so the electrical integration of the production of phosphorus Xuanwei solve the company's raw material supply yellow phosphorus, which greatly enhance the company's profitability.
by tight supply, transport control and other factors, the current phosphorus chemical products prices are still high, while Sherwin project put into operation in May, the second half of phosphorus chemical products if prices continue to run high, then the second half of the company performance will be significantly better than the first half.
Huaxing Chemical Industry (002018.SZ)
The only complete chain of domestic pesticide
score: 88
Award words: the company has mastered the use of acetonitrile instead Diglycolamidic diethanolamine method for synthesis of IDA, to achieve the advantages of alternative raw materials. in the synthesis of glyphosate PMIDA phosphine process, the adoption of the air oxidation, and not commonly used hydrogen peroxide oxidation. with a product high yield, high purity, less waste, and low cost production, the company Glyphosate 97% purity -98%, in a leading position.
in cost control, to Chongqing, Huaxing Chemical Synthesis of iminodiacetic natural gas to replace acetonitrile for glyphosate production of diethanolamine, Huaxing Chemical Industry of Chongqing project will be the only one with natural gas feedstock from upstream to downstream products, a complete industrial chain of glyphosate pesticides company, which is the other glyphosate producers can not match the core competitiveness.
Xin shares (600596.SH)
silicone cheer Glyphosate leading
score: 89
Award words: Although glyphosate prices declined, but is expected to end, glyphosate demand into the season (for spring stocking international traders), and one as a cost phosphorus will enter the off-season (dry season), which will lead to another glyphosate supply and demand tension. Therefore, the decline in the price of glyphosate will not last long.
rubber business, the company is positioned in the low-end market, the company acquired a professional rubber manufacturer in Shenzhen Tianyu assets and brand, which in one fell swoop into the high-end market. The Daily News to raise additional public funds will help the company in the existing basis of two main products gradually the downstream industry chain extension and further integration of industrial chain, to expand the company's leading edge.
Pegasus shares (002122.SZ)
precision bearings and CNC machine tools to be harvested
Score: 90
Award words: ground-breaking wind power industry is growing, Pegasus shares of high-end precision bearings and high-end CNC machine tools is looking forward to full harvest. Tianma Beijing Tianma Bearing and holding shares in Qiqihar Heavy CNC after the seven provinces and municipalities across the five production base form contains two-year gross margin improvement and revenue growth will be the main growth point; nearly 2 years turned Railway Bearing 6 times earnings, the market share of more than 30%; wind power bearing obtain Dongfang Electric (600,875, stock it) Group 500 million yuan contract, and and the China Shipbuilding Heavy Industries, N Gold Wind (002,202, stock it) signed a 540 million orders, bearing the next two years will substantially promote wind power growth for the company.
Zoomlion (000157.SZ)
largest major equipment manufacturers
Score: 88
Award words: As the largest manufacturer of major equipment, Zoomlion's main business, including lifting machinery, concrete machinery, earthmoving machinery and other fields .2008 3 months Zoomlion acquisition of Shaanxi Huang workers, won the largest capacity in the market moving machinery industry tickets; April, holding Hunan axles, axle to reduce procurement costs; June, 1.7 billion out of the international success of the acquisition of Italian CIFA The first step in the strategy, then the G-7 also plans to establish subsidiaries abroad; July, in order to improve the sales and logistics system, the company intends to acquire 82% stake Huatai Heavy Industry.
CSG A Shares (000012.SZ)
theme is supported with a new energy stocks
score: 86
Award words: energy saving LOW-E insulating glass, solar PV industry chain as the main driving force supporting CSG earnings, with the automotive glass, electronic glass gradually withdraw , CSG A Shares maturing national distribution. first half of the 16.53% growth in core business revenue, profit margin increased 2.68 percentage points to 32.08%, profit growth of 26.92%.
CSG A Shares from the original film to high-end ITO glass Most varieties of glass. saving LOW-E insulating glass due to state mandatory building energy efficiency policies, energy conservation in 2002 Asia's longest LOW-E insulating glass production line settled in CSG, CSG seize technological advantage to a 60% market share; oil prices, solar energy can be a significant new skill, from polysilicon, silicon solar cells to form a complete industrial chain, the only theme supporting the future development of new opportunities for large energy stocks.
Shandong Expressway (600350.SH )
core sections of a stable income
score: 87
Award words: Shandong high earnings trajectory is not complicated, the total turnover of 84.64% of the prevailing high cost of benefits to ensure the stability of Shandong, while diversified expansion of its industry constantly looking for new profit point. Jinan-Qingdao and Jinan Yellow River Bridge section of the operating income of two core bridge toll revenues accounted for 93% of the first half of synchronous growth of 12.8% and 17.3%, is expected to second half of the two lines of traffic and revenue will remain stable growth. just opened Zile also presents a potential high growth capacity. as a representative cross diversified petroleum products business, its principal place of business income accounted for 15.09% of income.
into fat Technology (600391.SH)
product gross margin significantly improve
score: 86
Award words: science and technology into the hair air momentum of rapid development of foreign trade, domestic aviation achievements of the new product growth is expected. in the first half, foreign trade turnover of aviation products accounted for the proportion of a new high, reaching 85.8%, deserved to become the company's core product. deserves attention is that science and technology into foreign aviation products made up only 0.2% of world market share of the market great prospects. domestic product after the structural adjustment to new product-based, gross profit margin increased significantly from the 8.58% to 50.88%, high-tech products, as the potential growth the next three years.
Datong-Qinhuangdao Railway (601006.SH)
half net profit up 25.8% to 3.7 billion, of which the proportion of main business income of cargo up to 92.76%.
volume of coal as the world's largest and most efficient rail transportation, transportation accounts for half of total national coal transportation the amount of 21.31%. Datong-Qinhuangdao railway infrastructure and transport operations with a complete industrial chain, though pricing has not been mastered, it benefited from strong demand for coal transportation, the first half of this year sales growth of 12.5% is derived from the amount of coal transportation growth. At present, the present shortage of domestic coal transportation situation, Datong-Qinhuangdao Railway in 2009 is expected to transport the coal price is expected to rise. Datong-Qinhuangdao railway as the Ministry of Railways, the expected assets integration platform has not changed, this extensional development of whom may still be worth investors watch .
BDStar (002151.SZ)
main industry leader in high-end segments
Score: 85
Award words: mapping, ports, the main business leader in satellite navigation and other high-end segments The company in the industrial chain in the middle, effectively improve gross margins and flexible control costs.
BDStar a Deepening the expansion. in the first half very productive, an increase of port revenue 144.94%, 52.01% gross margin while substantially increasing; in the field of Surveying and Mapping Surveying and Mapping Equipment OEM board made possession of more than 90% of the market, large-scale procurement and reduce the appreciation of the renminbi procurement costs, gross margin increased by 7.81 percentage points to 45.78%. satellite navigation project is a national strategy to support industry, good opportunity to clear a compound annual growth of future performance and 30% more determined.
Jiangling Motors (000550.SZ) < br> efficient car
ability to withstand negative factor score: 87
Award words: high crude oil go from car sales suffered a setback. At this point, diesel, commercial vehicle, two factors will affect oil prices scaled to a minimum. JMC-off energy-saving diesel light commercial vehicles is the beneficiary of the Transit Department. Jiangling Motors by the end of the environment and raw materials is relatively small. in the first half of the JMC receivables grew 36.22%, to 517 million million, the deal with the same period increased by 46.33% year on year, reaching 2.211 billion yuan, indicating that the company ability to transfer risk.
in the first half, although the company's consolidated gross profit margin to 25.7% in 2007 decreased by 1.2 percentage points, However, in the forefront in the industry, prices and other unfavorable factors to digest the information capacity of a good.
Shanghai Pudong Development Bank (600000.SH)
listed banks in the performance of the fastest growing
Score: 87
Awards words: Shanghai Pudong Development Bank in the first half as the performance of the fastest growing listed bank, the bank in the first half net profit rose 149.62%, total assets increased 9.58%, to reach 1.0026 trillion yuan. Shanghai Pudong Development Bank higher profit growth was mainly due to costs and reduce corporate income tax credit. At present, non-performing loan rate of 1.46% in late 2007 to end the first half of 2008, 1.22%, but overdue loans increase slightly, due to the gradual release of provision for (up to 215.08 by the end of June 2008 %), the bank's credit costs will remain at a relatively low level of 0.57%.
Yueyang Paper (600963.SH)
main strategy towards rapid and accurate
score: 87
Award words: Yueyang Main newsprint paper, offset paper, decorative paint, clear coated paper and wrapping paper, in 2008, lower gross profit margin Yueyang Paper stopped the production of newsprint, lightweight coated paper production and sales ratio increased from 18.58% in 2007 to the current 27.49%, company's main income ratio increased significantly. the adjustment of product structure shows the company's good market adaptability and marketing capabilities, the company also revealed a clear development strategy. timely 37.12% year on year increase in turnover and net profit growth of 164.38 percent year on year, gross margin increase of 2.3% year on year, to 21.05 %....
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