Abstract In 2013, the company achieved operating income of 151 million yuan, an increase of 14.95%; realized operating profit of 35.932 million yuan, an increase of 12.14%; realized net profit attributable to shareholders of listed companies 32.902 million yuan, a year-on-year decrease of 4.16...
In 2013, the company achieved operating income of 151 million yuan, an increase of 14.95%; realized operating profit of 35.932 million yuan, an increase of 12.14%; realized net profit attributable to shareholders of listed companies of 32.902 million yuan, a year-on-year decrease of 4.16%; realized earnings per share of 0.15 yuan .
The company also released the first quarter of 2014 performance forecast, which is expected to achieve a net profit attributable to shareholders of the listed company of 7,320,400 yuan - 8,784,500 yuan, an increase of 0% -20%. The main reason for the slight increase in the company's performance was that sales revenue and gross profit margin both increased year-on-year, but interest income decreased by about 50% year-on-year.
In terms of products, the super-hard composite materials business achieved revenue of 107 million yuan, a year-on-year decrease of 3.83%, gross profit margin of 44.22%, an increase of 2.15 percentage points year-on-year; super-hard composite materials business realized revenue of 46.7790 million yuan, an increase of 158.98% The gross profit margin was 35.48%, an increase of 14.26 percentage points year-on-year. In terms of regions, domestic sales realized revenue of 777.65 million yuan, a year-on-year increase of 21.94%, gross profit margin of 38.45%, an increase of 3.65 percentage points year-on-year; export business realized revenue of 72.639 million yuan, an increase of 7.19% year-on-year, gross margin of 45.09% , an increase of 1.66% year-on-year.
During the reporting period, the company achieved a series of achievements, among which the company's new series of polycrystalline diamond wire drawing blanks was successfully launched, which accelerated the import substitution process of high-end products; the cost-effective advantages of high-end oil/gas drilling composite sheets gradually became prominent, and the foreign market developed steadily. PCD/PCBN tool composite sheet relies on large diameter and quality to expand the market share; through the acquisition of 80% equity of Zhengzhou Huayuan, a domestic woodworking PCD tool company, it has expanded into a product segment.
The EPS of the company in 2014, 2015 and 2016 is expected to be 0.19, 0.24 and 0.30 yuan respectively. The company has long-term growth potential, but the growth rate is expected to be stable before the super-raised project is put into production, so the company will be given an overweight rating.
Risk: The systemic risk of the GEM is worthy of attention; new product sales are less than expected.
The company also released the first quarter of 2014 performance forecast, which is expected to achieve a net profit attributable to shareholders of the listed company of 7,320,400 yuan - 8,784,500 yuan, an increase of 0% -20%. The main reason for the slight increase in the company's performance was that sales revenue and gross profit margin both increased year-on-year, but interest income decreased by about 50% year-on-year.
In terms of products, the super-hard composite materials business achieved revenue of 107 million yuan, a year-on-year decrease of 3.83%, gross profit margin of 44.22%, an increase of 2.15 percentage points year-on-year; super-hard composite materials business realized revenue of 46.7790 million yuan, an increase of 158.98% The gross profit margin was 35.48%, an increase of 14.26 percentage points year-on-year. In terms of regions, domestic sales realized revenue of 777.65 million yuan, a year-on-year increase of 21.94%, gross profit margin of 38.45%, an increase of 3.65 percentage points year-on-year; export business realized revenue of 72.639 million yuan, an increase of 7.19% year-on-year, gross margin of 45.09% , an increase of 1.66% year-on-year.
During the reporting period, the company achieved a series of achievements, among which the company's new series of polycrystalline diamond wire drawing blanks was successfully launched, which accelerated the import substitution process of high-end products; the cost-effective advantages of high-end oil/gas drilling composite sheets gradually became prominent, and the foreign market developed steadily. PCD/PCBN tool composite sheet relies on large diameter and quality to expand the market share; through the acquisition of 80% equity of Zhengzhou Huayuan, a domestic woodworking PCD tool company, it has expanded into a product segment.
The EPS of the company in 2014, 2015 and 2016 is expected to be 0.19, 0.24 and 0.30 yuan respectively. The company has long-term growth potential, but the growth rate is expected to be stable before the super-raised project is put into production, so the company will be given an overweight rating.
Risk: The systemic risk of the GEM is worthy of attention; new product sales are less than expected.
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