The performance of the Yellow River whirlwind in the first half of the year increased by 30%. In the first half of the year, the company achieved operating income of 585 million yuan, a year-on-year increase of 18.19%; operating profit of 91.7 million yuan, an increase of 33.95%; total profit of 92.39 million yuan, an increase of 26.29%; net profit attributable to shareholders of listed companies of 81.92 million yuan, The year-on-year increase was 30.09%; the realization of EPS was 0.15 yuan. The company's main business income growth was mainly due to the relatively stable product prices, sales of super-hard materials, metal powders and composite materials, and the company reduced costs by strengthening process improvement and maintained a high level of profitability. In terms of quarterly results, the diluted earnings per share for the first two quarters were 0.07 yuan and 0.08 yuan respectively, and the performance was relatively stable. In the first half of the year, the company's profits mainly came from super-hard materials. During the reporting period, superhard materials remained the main source of corporate profits, accounting for 73.94% of operating profit. In terms of regions, the company's operating income growth in the first half of the year increased by 18.19%, of which domestic revenue was 543 million yuan, up 23.63% year-on-year; foreign income was 36 million yuan, down 22.89% year-on-year. The proportion of domestic operating profit of the company increased, accounting for 97.77%, an increase of 2.97 percentage points year-on-year. The comprehensive gross profit margin of the company's products increased by 5.26 percentage points year-on-year. In the first half of the year, the company's comprehensive gross profit margin was 33.89%, an increase of 5.26 percentage points year-on-year. In terms of products, the gross profit rate of super hard materials of the company's main products was 33.20%, an increase of 3.06 percentage points year-on-year; the gross profit margin of metal powder continued to rise to 44.94%, an increase of 18.16 percentage points year-on-year; the gross profit margin of super-hard composite materials was 39.76%, an increase of 12.49 year-on-year. Percentage points. The gross profit margin of the company's main products has risen steadily, mainly because the company has reduced its cost by strengthening process improvement, improving technology and continuous transformation of production processes. In terms of regions, the gross profit margin of domestic sales increased by 5.59 percentage points year-on-year, while the gross profit margin of foreign sales decreased by 3.12 percentage points. The company's other financial indicators are normal. The company's sales expenses in the first half of the year were 18.2 million yuan, a year-on-year increase of 13.55%, mainly due to the company's business expansion, business expenses increased by 20.02%. The administrative expenses incurred were 51.04 million yuan, a year-on-year increase of 30.52%, mainly due to the company's continued efforts to increase the development of new products, resulting in an increase of 60.68% in research and development expenses. The additional issuance project was put into operation in June and began to contribute to the performance in the second half of the year. The company's refinancing project has been basically completed and put into operation in June, forming an annual production capacity of 12,000 tons of alloy powder and 12 million geological mineral drilling grade super-hard composite materials. Due to the initial stage of production, it is estimated that the production capacity of alloy powder will be released by about 4,000 tons this year, and the production capacity of geological mineral drilling grade super-hard composite materials will be released by about 4 million. Performance forecast and investment rating. We predict that the company's earnings per share for 2012-2013 will be 0.33 yuan and 0.46 yuan respectively. The 6-month target price is 8.50 yuan, which corresponds to a price-to-earnings ratio of 26 times and 18 times in 2012 and 2013, respectively. Considering the overall consideration, give the company an “overweight†investment rating. 2T Green Round Sling,Round Sling,Custom Rond Sling,Polyester Rond Sling SHAOXING GULI BELTING CO., LTD , http://www.gulilifting.com
Yellow River whirlwind: stable performance in the second half of the year to see new products put into production
Abstract The performance of the Yellow River whirlwind in the first half of the year increased by 30%. In the first half of the year, the company achieved operating income of 585 million yuan, an increase of 18.19%; operating profit of 91.7 million yuan, an increase of 33.95%; total profit of 92.39 million yuan, an increase of 26.29...