产能扩张突破瓶颈 全年业绩或超预期（Capacity expansion breakthrough bottleneck annual performance or exceeded expectations）.docVIP

产能扩张突破瓶颈 全年业绩或超预期（Capacity expansion breakthrough bottleneck annual performance or exceeded expectations） Three of the quarterly bulletin is given for the annual performance guidelines, net profit growth is expected in 35% to 55%, median 45% level significantly beyond the market consensus of 33.5% is also higher than we expected 33%, Huace will thus become the three quarterly rare to the expected increase in the annual performance of listed companies and media sector. Expected annual results exceeding expectations will be because some of the earnings confirmation of the drama faster progress, the expected performance guidelines should reflect the confidence of the companys management. Comment: The main financial indicators are basically healthy. Company accounts receivable remained high, compared with sales revenue, 1.40, 1.26 and 1.63 in the first three quarters of this year, significantly higher than the same period last year. Company carrying cash as high as more than 500 million, accounts receivable did not cause the cash flow risk, at the same time as the companys main customers are the major television stations, the lower the risk of bad debt, according to the annual report disclosure of information, although there is provision for bad debts, but the entire first half of no real loss of bad debts. Higher accounts receivable should be an operation choice for the company under the condition of large scale expansion and abundant funds. Gross margin was stable near 60% in the three quarter, and the rising cost of film and television production costs has been stabilizing. Subsequent gross margin may be stable for a long time, because the cost increases have been digested, and the range of price fluctuation is also smooth because of the substantial increase in output. The cost of sales rose to nearly 11 million yuan, is the history of a quarter of the highest cost of sales, is the absolute numbers increase, the highest growth in one quarter, sales capacity expansion