Zhejiang Sunshine Lighting: peak season performance will improve (Figure)

Zhejiang Sunshine (600261) (Market, Information) realized operating income of 806,792,200 yuan in the first half of the year, up 7.53% year-on-year; realized operating profit of 65,536,600 yuan, down 10.16% year-on-year; realized net profit attributable to owners of the parent company of 46,962,200 yuan. The year-on-year decrease was 9.85%, and the basic earnings per share was 0.24 yuan.

In the first half of the year, the company's operating income increased by only 7.53%, completing 44.83% of the annual operating income plan; due to the adverse impact of rising raw material prices and RMB appreciation, net profit decreased by 9.85% year-on-year, only 39.14 of the annual net profit plan was completed. %. In the first half of the year, the gross profit margin of the company's leading product integrated electronic energy-saving lamps was only 12.47%, down 5.09 percentage points year-on-year; the gross profit margin of T5 high-power energy-saving lamps and supporting lamps was 15.44%, down 4.27 percentage points year-on-year; The gross profit margin also fell by 2.83 percentage points year-on-year. The decline in the company's gross profit margin was mainly due to factors such as rising prices of production factors such as raw materials and labor, and the scale effect of new capacity was offset. At present, the company continues to expand the production capacity of the Jiangxi base, and the new production capacity will reach production in 2008. After the completion of the project, the capacity of the Jiangxi base will reach 60 million/year.

Shanghai Securities analyst Deng Yongkang believes that although the performance in the first half of the year has declined, the second half of the year is the company's traditional operating season, and the government's implementation of mandatory procurement of energy-saving lamps, the operating results will be significantly improved in the second half. It is estimated that the earnings per share for 2007-08 will be 0.60 yuan and 0.70 yuan respectively, maintaining the investment rating of "Outperform the market in the next six months"; the target price is 28.00 yuan / share.
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