The results are in line with our expectations. The company achieved operating income of 348 million yuan, a year-on-year increase of 18.04%, and a net profit of 44.473 million yuan attributable to the parent company, which was 1.75% year-on-year, and earnings per share of 0.21 yuan, which was in line with our three-quarterly adjusted forecast. Profit distribution plan: A cash dividend of 0.20 (tax included) is distributed for every 10 shares.
The price of raw glass in the upstream segment decreased, and the fourth quarter's performance increased significantly. In 2011, the prosperity of the glass industry declined sharply. In November, the average price of float glass fell to a low of 61.04 yuan/weight in the year, a decrease of 23.6% from the beginning of the year. The purchase cost of the original glass used in the company's security glass was reduced, which created the conditions for the improvement of gross profit margin. The gross profit rate in the fourth quarter was 37.3%, which was 5 percentage points higher than the previous quarter. Operating income and net profit increased by 18.14% and 144% respectively.
The security glass business is mainly used in public construction, and it is affected by the regulation of real estate. Security glass business revenue was 239 million, an increase of 13.3%, accounting for 73% of the company's total revenue. The company's initial investment project “High-Intensity Monolithic Antimony Potassium Fireproof Glass Production Line Technical Transformation Project†and “Wujiang Plant 120 Square Meter Fire Prevention Production Line†were fully put into operation, and the safety glass production capacity doubled to 2.4 million square meters. The company’s security glass is currently used mainly in public buildings. Statistics show that office buildings and commercial buildings in the first three months of the year grew by 43.4% and 34.2% respectively, which is much higher than the 19% growth rate of residential buildings. The company’s impact on real estate control policies is minimal. . This year's Wujiang project's total contribution of production capacity, coupled with the low price of the original glass film, will guarantee the growth of this year's performance and improve the gross profit margin.
BIPV has a fire protection function, which is not affected by the declining economy of the photovoltaic industry. In 2011, BIPV business revenue was 64.8484 million yuan, an increase of 26.88%, and gross profit margin was 34.12%, down 15 percentage points. We believe that the company's BIPV glass revenue can still grow under the severe economic downturn in the PV industry. This is mainly due to the fact that the company's BIPV has increased fire protection capabilities compared to ordinary photovoltaic glass, and it has unique features. At the same time, the upstream battery has been put into production. This year's BIPV cost advantage will emerge. .
With the introduction of the fire protection regulations document, the company welcomes policy opportunities this year. The national standard "Code for the Fire Protection of Architectural Design" and "The Code for the Fire Protection of High-rise Civil Building Design" have been examined and approved by experts in Tianjin. The industry policy is further clear. The scope of buildings with mandatory use of fire-resistant glass will be greatly increased on the existing basis. More fire protection glass will be used in the construction site, and the fire-resistant glass market will usher in rapid growth.
Earnings forecasts and investment advice. We expect the company's 2012/2013 EPS 0.29 yuan and 0.38 yuan, an increase of 40.5% and 31.7%, 2012PE is 24 times, taking into account the full release of production capacity this year and the increase in the gross margin of the lower raw material prices of security glass, we upgrade the rating to ' Buy'.
Risk Warning: The growth rate of commercial real estate has declined; the price of original glass film has rebounded sharply at the bottom.
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