Earnings per share in the first half of the year was 0.22 yuan, an increase of 81.67%
In the first half of the year, the company achieved operating income of 201 million yuan, a year-on-year increase of 70.96%; realized operating profit of 77.36 million yuan, an increase of 86.61%; Listed company The net profit of shareholders was 66.27 million yuan and the earnings per share was 0.22 yuan (including the first quarter of 0.09 yuan in the second quarter of 0.13 yuan), an increase of 81.67% year-on-year, in line with our expectations.
In the context of rising raw material prices, the company maintains a high gross profit level. From the perspective of profitability indicators, the price of graphite and other diamond raw materials has increased significantly in the first half of this year. However, due to the strong price increase of diamond products in the second quarter, the company’s first half of the year Gross profit margin still reached 46.05%, 0.61 percentage points higher than the same period of last year, the highest level since 2010. Among them, the gross profit margin of the first quarter was 45.75%, and the gross profit margin of the second quarter was 46.26%, showing a sequential increase. From the perspective of cost control, the three expense ratios in the first half of the year were 7.23%, the lowest level in the past three years, mainly because the interest on loans decreased and the interest on deposits increased, resulting in a decrease of 5.02 million yuan in financial expenses compared with the same period of last year. The financial expense ratio was -2.37%. The management expense rate of 7.59% and the sales expense rate of 2.01% are all normal. With the increase in gross profit margin and the decrease in the expense ratio, the company's net profit margin reached 32.91%, the highest level since the second half of 2009.
The diamond production is growing rapidly, and the progress of the cutting line project is expected to exceed the expected diamond production. The company's annual investment of 300 million carats of high-grade synthetic diamond in the fund-raising project has reached the end of April this year; the super-raised funds will build an annual output of 340 million carats. The grade diamond project is progressing smoothly. At the same time, the company has invested in its own funds and debt funds to build an annual output of 1.02 billion carats of high-grade diamond projects. We maintain our forecast for the company's 1.2 billion carat diamond production this year. After the super-raised fund project is put into production in 2012, the capacity will reach 1.5 billion carats. After the project, the capacity of the 1.02 billion carat project will reach 2.5 billion carats in 2013, achieving rapid growth. In addition, as far as the diamond cutting line project is concerned, the company is actively promoting the process. According to our tracking, the current product has been successfully trial-produced, and the progress of the project is expected to exceed expectations.
Maintain “Recommended†investment rating Considering the progress of various projects of the company, we maintain the company's 2011 and 2012 0.56, 0.81 yuan/share performance forecast and are expected to further improve. At present, the company's share price is 38, 26 times, respectively. We maintain the company. “Recommended†investment rating.
Cup Mask,Cup Face Mask,Cup Kn95 Mask With Valve,Kn95 Approved Cup Face Mask
Ningbo Autrends Prevention Products Co., Ltd , https://www.autrendsafety.com