The company released its 2014 semi-annual report. In the first half of the year, the company realized revenue and profit of 950 million yuan and 46.84 million yuan respectively, an increase of 136.5% times and 89.98% respectively over the same period of last year, and realized earnings per share of 0.09 yuan; gross profit margin was 24.6%. with...
The company released the semi-annual report for 2014. In the first half of the year, the company realized revenue and profit of 950 million yuan and 46.84 million yuan respectively, an increase of 136.5% times and 89.98% respectively over the same period of last year, and realized earnings per share of 0.09 yuan; gross profit margin was 24.6%, year-on-year. The increase was 8.8 percentage points. The period expense rate was 18.7%, a sharp drop of -4.4 percentage points year-on-year, and the operating profit margin was 5.23%. After the increase and restructuring, the loss was greatly increased. The company's performance exceeded expectations and its profitability increased significantly. In terms of quarterly, the income and profit in the second quarter were 440 million yuan and 26.19 million yuan respectively, and the profit increased by 26.8% from the previous quarter. The net profit rate in the second quarter was 6.33%, a significant increase of 2 percentage points from the first quarter.
The main reason for the company's substantial growth
1) The improvement of the PV market will bring about better demand, and at the same time, it will take advantage of the mixed ownership system after the reorganization of Xindaxin to improve the profitability of the products; 2) Newly expand the online waste mortar recycling business, improve customer viscosity and profitability; 3) Diamond cutting The line gradually increased its volume. In the first half of the year, the production capacity utilization rate was nearly 50%, and a profit of 3 million yuan has been formed. As the capacity utilization rate increases, the profit will further increase substantially. The gross profit margins of the main products of wafer cutting blade/waste mortar and other products were 21.6%, 26.9%, and 57.96%, respectively. Among them, the gross profit margin of waste mortar recycling materials increased by 15.43 percentage points.
Company highlights
1) The first half of the year's performance increased by 89.9% year-on-year, and the second quarter increased by 26.8%, and the performance continued to enter the growth period;
2) After the merger of Xindaxin Materials and Yicheng Shares, the “mixed ownership†characteristics, synergy and market pricing mechanism will be fully utilized, and profitability will increase steadily;
3) The price of traditional SiC blade and waste mortar recycling business has gradually recovered by nearly 10%, improving the company's profitability;
4) The polyester diamond cutting line has gradually increased its production capacity, and many domestic/multi-crystal silicon wafer companies have gradually accepted it, and have realized a profit of 3 million yuan, opening up nearly 8 billion market space in the future;
5) The localization of cutting lines and micro-powder in the three major raw materials in the resin diamond cutting line will greatly reduce the cost and increase the profitability by more than 10%, laying the foundation for comprehensive replacement;
6) The sapphire resin diamond cutting line is actively researched and developed, laying a solid foundation for the potential market of nearly 1 billion;
7) Implement a “roof†with a 300MW distributed power station and cut into the field of distributed generation;
8) Actively expand new materials business, SiC tube is a typical import replacement product, and is expected to gradually increase in the fourth quarter;
9) With the background of Pingmei Shenma's major shareholder, we will create a model listing company of “mixed ownership†in the Central Plains, and form a comprehensive platform for new materials; EPS is expected to be 0.3 yuan and 0.44 yuan in 14-15 years, and 31 and 21 times in PE.
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NINGBO SHINE MAGENETIC TECHNOLOGY CO.,LTD , https://www.shinemagnets.com