Hai Long software gross profit margin fell below 40% for the first time in two years

"Financial network," reporter Zhang Zhaoyu August 9 Evening, the main software services, SEA-lung software (002195.SZ) August 10 released the 2011 Interim financial report, the first half of the company to achieve operating income of 187 million yuan, an increase of 56% per cent, completed net profit of 32.27 million yuan, an increase of 125%,　　EPS for 0.29 yuan/share. Sea-Lung software to achieve EPS (TTM) 0.56 yuan/share, corresponding to the level of Roe 19%.　　The company's two-quarter gross profit margin fell 6% to 39%, which is the company's gross margin since 2009 for the first time below 40%, the main reason for the decline in gross profit is the increase in sales costs.　　According to the public data, the company from 2004 onwards, excluding 2009 years, gross margin of all maintained in more than 40%, the level of wool interest rates in China's software outsourcing manufacturers ranked highest, and close to the international software outsourcing giant Infosys gross margin level.　　The company's research and development expenditure project cost and labor costs increased, resulting in the first half of the year sales costs rose 80% to 10.12 million yuan. In the long run, the increase in operating rate and the appreciation of the yen effectively increase business gross profit margin. As the company to Japan software outsourcing contracts denominated in yen, and the cost of renminbi-denominated, more favorable yen exchange rate trend of the company's comprehensive gross profit increase contribution.　　The yen has maintained its appreciation of the renminbi since 2010. According to statistics, over the past quarter of 1 institutions to the sea Lung software 2011 years of EPS forecast, the average is 0.61 yuan, the maximum is 0.61 yuan, the minimum value is 0.61 yuan.　　The company completed the first half of the net profit of 2011 Annual market consensus expected 47%. Hai Long software was founded in 1989, in the Japanese software exports, the company has become Japan's important software export base in China. At present, the company's software development areas involving banking, insurance, securities, mobile communications, logistics, traffic control, Internet systems and business applications systems and other companies August 9 closing price of 15.87 Yuan, up 0.06% from the previous trading day. The corresponding P/E ratio (TTM) is 28.1 times times, the city net rate (TTM) is 5.4 times times.