Realize 1.62 billion yuan net belongs parent company

Event description and comment on: gemale group issued 2011 quarter report, Tory Burch Flip Flops, quarter to achieve the company operating income 21.44 billion yuan, 70.31% year-on-year drop; Realize profits 2.4 billion yuan, 86.21% year-on-year drop; Realize 1.62 billion yuan net belongs parent company, 86.08% year-on-year drop, earnings per share 0.04 yuan.
The current expenses rise faster, financial relatively steady current performance the year-on-year decline in the first quarter, and the reason is because more less complete consign, 2011 completion time for the more projects in the fourth quarter of this year. It is expected that the company will still be lower than the medium-term performance level compared to the same period last year. Gross margin, company's current period in approximately 36%, gross settlement with the same period last year, the basic equal in annual settlement is expected gross margin by around 40%. In cost, relative to current contract for the current period, the company sales management fee and cost of sales rise faster. In comparison with China vanke and poly we can clearly see, gemale in sales and management or has the disparity, also in another side proof high-end projects relative sales difficulty ascension. The company in the first quarter to land market, not with a final financial relatively stable.Christian Louboutin Evening Sale, Mobile money as much as 14 billion, with a maturity short-term borrowing for 92 billion total debt, the company financial pressure is relatively minor.
The company quarter sales in the first quarter, receive zhang quadrature cumulative increase 26.8 million square meters, signing area, the cumulative 44.6 percent year-on-year growth in 37.2 billion yuan, sum signed earliest year-on-year. The comparison of the leading enterprises, the company quarter sales calculate can say, the main reason is the quadrature in quarter, making relatively few push shipments first quarter sales account for only the target tenth. On the other hand is the company sales average sales price is high, pressure does exist. In the final for 223 million receive zhang, this is divided into companies in order to lock EPS about 0.84 yuan.
The company commercially available resources are rich, within the existing advanced project commercially available in 2011 pressure area approximately 500 square meters, can sell for the amount of 600 million, the company years 400 million sales targets without change. The 2011 is the year towards gemale, it is expected that the company high-end 11 years days character in the series and other high-end products to more than 10%. We believe that the current market conditions, these high-end projects sales is there is greater pressure. In the second city, 11 years expected in shenyang, xian, wuhan, tianjin etc will increase sales share. Expanding in land in southwest expected this year, with Yangtze Tory Burch Flip Flops, river delta second-tier cities will continue to expand.
Profit forecast and valuations: company for 11 years commercially available more, but because supply under current market adjustment, currently has gradually entered the opening phase of high-end projects achieving sales is our focus of concern. At the same time the company is also four enterprise, elastic higher enterprise, it is expected that the company 11 to 12 years EPS respectively, maintain "0.81, 1.04 recommend" rating. (Yangtze river securities