Sifangda: 2012 Annual Results Express
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In the fourth quarter, the operating income was 39.29 million yuan, a year-on-year increase of 32.69%; the net profit attributable to the parent company was 7.87 million yuan, down 6.71% year-on-year; the EPS in the fourth quarter was 0.07 yuan, and the third quarter was 0.08 yuan.
The release of production capacity and the development of overseas markets began to achieve results. The annual revenue increased by nearly 20%: In 2012, the company's fundraising projects were gradually put into production, and the release of new capacity boosted the company's revenue growth. According to the company's interim report data, the company's domestic revenue increased by 11.45% in the first half of the year, 0.96% in the first half of the year, and foreign revenue increased by 14.75% in the first half of the year. The growth rate in the first half of the year was relatively fast compared with the domestic income. The company's overseas market revenue is expected to be in the second half of the year. It will continue to grow and become the main source of revenue growth for the company. However, the increase in depreciation expenses due to new capacity and the company's R&D expenses increased by 2.46 million yuan and the government subsidies decreased by 2.51 million yuan in the whole year, resulting in a slight decrease in net profit.
In the fourth quarter, revenue continued to expand, and profitability was to be resumed: in the fourth quarter, the company's operating income continued its pre-annual growth trend, and the year-on-year growth rate further expanded, mainly due to the expansion of production and sales scale driven by the release of new capacity. Of course, considering that the fourth quarter revenue growth is relatively large compared to the same period last year, the company's downstream product climate has also improved.
Although the revenue in the fourth quarter increased quarter-on-quarter, the operating profit decreased on a month-on-month basis: 1. Considering that the company's gross profit margin increased from 29.06% to 42.65% in the third quarter, considering the company's quarterly gross profit margin volatility, the company's gross margin is expected to be 4 or higher. A slight decline has become one of the main reasons for the increase in income in the fourth quarter. It is expected that in the initial stage of opening up overseas markets, the gross profit margin of the company's new products will be relatively low. With the gradual increase of customer cultivation and market recognition, the comprehensive gross profit margin of the company is expected to gradually recover. 2. The increase in R&D expenses and the concentration in the fourth quarter may also affect the growth of profits. This is also consistent with the relatively high management fees in the fourth quarter of the previous year.
The fundraising projects and over-raised projects have brought high growth, and capacity expansion and structural optimization have become the driving force for long-term profit growth. The launch of the fundraising project “Commercial Superhard Material Industrialization†and “Composite Superhard Material Products Project†will help to further expand the company's market share. At the same time, the further expansion of the proportion of high-end products will enhance the overall profitability of the company. The ultra-finance project will also become the source of the company's long-term growth. It is estimated that the company's 2012 and 2013 EPS will be 0.29 yuan and 0.38 yuan respectively.