From January to March 2012, the company achieved operating income of 28.21 million yuan, an increase of 12.23%; operating profit of 7.91 million yuan, an increase of 159.08%; net profit attributable to the parent company of 9.02 million yuan, an increase of 194.72%; The stock income was 0.11 yuan. Operating income increased steadily and comprehensive gross profit margin rebounded. In the first quarter of 2012, the company actively expanded its sales channels, and its market share increased. Its operating income increased by 12.23% year-on-year. At the same time, the prices of major raw materials fell, and the sales of high-end new products with higher gross profit increased. The company's comprehensive gross profit margin rose by 3.06 percentage points year-on-year to 47.39%, in line with our previous judgment. The company's large-diameter (50.8mm) tool PDC composite sheet and high-end petroleum PDC composite sheet have a good response to the trial of the two new products. It is expected that the sales volume will increase significantly this year, and the company's performance will also achieve rapid growth. The expense ratio has dropped significantly during the period. The company's expense ratio was 18.30%, a year-on-year decrease of 13.65 percentage points, mainly due to the inclusion in the same period last year. IPO After the one-off cost of the process, after deducting the impact of this factor, the actual growth rate of the company's management fees and sales expenses is relatively stable. As the company continues to increase R&D investment, R&D expenses will continue to increase and management fees will remain at a high level. Due to the increase in interest income from raised funds, the financial expenses decreased by 1.77 million yuan to -2.01 million yuan, and the financial expense ratio also decreased by 6.18 percentage points to -7.14%. It is expected that with the use of raised funds, subsequent interest income will gradually cut back. The fundraising and over-raising projects have brought about growth in performance. In 2011, the company's total investment income from investment projects was 8.12 million yuan, and reached 5.46 million yuan in the first quarter of 2012. The contribution gradually increased. After the fundraising project is completed, the company's production capacity will increase significantly this year. In addition, the construction period of the two super-raised projects is one year, and will be put into production as soon as possible at the end of the year. The technical level of the products of the two new projects is at the leading position in China, and the import substitution space is broad and can be exported. Through mass production, the company's market competitiveness and industry leading position will be further consolidated. Earnings forecast and investment rating. We believe that the company's performance this year will resume growth. It is estimated that the company's EPS for 2012-2014 is 0.64 yuan, 0.87 and 1.15 yuan respectively. The previous trading day's closing price is 19.57 yuan, and the corresponding dynamic PEs are 31 times, 22 times and 17 times respectively. . We are optimistic about the long-term development prospects of the composite super-hard materials industry and the company's future high growth.
Heat Shrink Tubing Sleeves,Heat Shrink Sleeve ,Heat Shrink Tape ,Clear Heat Shrink Tubing
Plastic Strap & Tape Co., Ltd. , http://www.nbwraptapes.com