Hepalink performance growth hard to hide 60% profit for dividends

Once questioned the annual report of the Sea of 002399, close 133.47 yuan, the company achieved net profit of 1.21 billion yuan in 2010, compared with 2009 year-on-year growth of 49.5%, compared with its steady growth in performance, its annual report the biggest bright spot is undoubtedly its high profit distribution plan,　　The company intends to increase 10 units per 10 units to send 20 yuan, the total distribution of cash dividend amounted to 800 million yuan, accounting for its profit of 66%! Performance growth is hard to hide. Yesterday, Hepalink released 2010 Annual report said the company 2010 total operating income of 3.85 billion yuan, an increase of 73.26%.　　To achieve net profit of 1.21 billion yuan, the year-on-year growth of 49.5%, the basic earnings per share of 3.13 yuan. The company's performance growth is mainly related to the price of heparin sodium, Hepalink said the company's export volume of heparin is basically stable, the unit price of 10474 U.S. dollars/kg, compared with the 2007 average price of 1537 U.S. dollars/kg increased by nearly 6 times times.　　Company by virtue of quality and technical advantages, to Sanofi and other customers to export heparin sodium raw materials, to achieve the rapid growth of sales revenue. It is noteworthy that the company's 2010-year income growth rate of more than 70%, but the net profit growth is less than 50%, the macro-source securities analysis that the raw material costs rose swallowed up the profits.　　The securities firm believes that the leading product of heparin sodium raw material costs rose significantly, hepalink operating costs rose 93.98%, resulting in a fall in gross profit margin of 6.18% to 42.08%. Second, the Hepalink FDA's sales of heparin was down in 2010, with data showing that the company's FDA grade heparin, which had a gross margin of 40.57%, was roughly the same as 2009, but the product's revenue was reduced by 30%,　　Only achieve 479 million yuan income; In contrast, the normal grade of heparin sodium raw materials in spite of the decline in gross profit, but the business income of the products reached 3.37 billion yuan, a significant increase of 121%. In addition, to raise funds and the use of Hepalink funds, the utilization rate is very low, according to the annual report, Hepalink 2010 use of fund-raising only 5.7214 million yuan, the project for an annual output of 5 trillion units and in line with the United States FDA certification and the European Union CEP certification standard heparin sodium raw materials production and construction projects.　　Among the funds raised, 2.5 billion yuan is deposited in the fixed deposit and 2.2 billion yuan in the current deposit.　　Cash dividends amounted to 800 million yuan stable growth, hepalink distribution of profits is not stingy, the proposed 10 shares to 10 shares, 10 shares of cash dividend 20 yuan (including tax), of which the total distribution of cash dividend amounted to 800.2 million yuan, accounting for its net profit of 66%. However, the main part of the high dividend by the chairman of the Chief of the sea, Li Li and his wife in the bag, data shows that Li lithium through its control of Le Ren Technology, wholly-owned flying stone technology and Li Tan through its control of the gold field technology total holdings of 71.96% per cent of the sea, this calculation,　　Li Li and his wife will reach a total dividend of 576 million yuan.The Hepalink share price soared yesterday after a better-than-expected dividend the shares to 133.22 Yuan after a sharp opening, the share price rushed to 138.99 yuan, compared with its Friday close to 128.9 yuan in the highest rise of 7.83%, and a record of nearly 2.5 months since the new high, the daily turnover of 426 million yuan, is the highest in a single day transaction amount.