Abstract In 2013, the company reported a total operating revenue of 1.556 billion yuan, representing a significant 23.93% year-over-year growth. Net profit attributable to shareholders reached 210 million yuan, up by 22.49%, while the earnings per share (EPS) stood at 0.39 yuan. Overall, the company’s performance met expectations and reflected solid operational execution.
Looking at the business segments, the super-hard materials division generated revenue of 1.079 billion yuan, an increase of 20.86%. The gross profit margin for this segment was 31.58%, slightly down by 1.29 percentage points compared to the previous year. Meanwhile, the metal powder business saw strong growth, with revenue rising to 199 million yuan, a 42.47% increase, and a gross margin of 39.98%, up 2.46 percentage points year-on-year. The super-hard composite materials segment also performed well, achieving 184 million yuan in revenue, a 45.15% rise, with a gross margin of 39.91%, up 2.73 percentage points. On the other hand, the super-hard tool segment experienced a slight decline, with revenue falling to 17.6827 million yuan, a decrease of 5.79%, and a gross margin of 22.30%, down 2.66 percentage points. The super-hard materials products segment recorded minimal growth, with revenue increasing by 0.46% to 22.08 million yuan, but the gross margin dropped to 15.14%, a decrease of 3.60 percentage points. Overall, the metal powder and super-hard composite materials businesses were key drivers of the company's performance growth.
In terms of future plans, the company intends to issue no more than 187 million shares, raising a total of up to 1.067 billion yuan. The funds will be allocated to the industrialization of metallized single crystal and high-quality micro-powder projects for super-hard materials, the construction of a super-hard material tool production line, and to supplement working capital. If these projects are successfully implemented, they are expected to enhance the company’s product structure, expand its presence in the diamond super-hard materials industry, and create new profit growth areas.
Looking ahead, the company’s EPS is projected to be 0.48 in 2014, 0.59 in 2015, and 0.71 in 2016. Given that the metal powder and super-hard composite materials businesses remain in a high-growth phase, they are expected to continue driving the company’s performance. Currently, the company’s valuation is considered attractive, and we maintain our "Buy" rating based on its strong fundamentals and growth potential.
Looking at the business segments, the super-hard materials division generated revenue of 1.079 billion yuan, an increase of 20.86%. The gross profit margin for this segment was 31.58%, slightly down by 1.29 percentage points compared to the previous year. Meanwhile, the metal powder business saw strong growth, with revenue rising to 199 million yuan, a 42.47% increase, and a gross margin of 39.98%, up 2.46 percentage points year-on-year. The super-hard composite materials segment also performed well, achieving 184 million yuan in revenue, a 45.15% rise, with a gross margin of 39.91%, up 2.73 percentage points. On the other hand, the super-hard tool segment experienced a slight decline, with revenue falling to 17.6827 million yuan, a decrease of 5.79%, and a gross margin of 22.30%, down 2.66 percentage points. The super-hard materials products segment recorded minimal growth, with revenue increasing by 0.46% to 22.08 million yuan, but the gross margin dropped to 15.14%, a decrease of 3.60 percentage points. Overall, the metal powder and super-hard composite materials businesses were key drivers of the company's performance growth.
In terms of future plans, the company intends to issue no more than 187 million shares, raising a total of up to 1.067 billion yuan. The funds will be allocated to the industrialization of metallized single crystal and high-quality micro-powder projects for super-hard materials, the construction of a super-hard material tool production line, and to supplement working capital. If these projects are successfully implemented, they are expected to enhance the company’s product structure, expand its presence in the diamond super-hard materials industry, and create new profit growth areas.
Looking ahead, the company’s EPS is projected to be 0.48 in 2014, 0.59 in 2015, and 0.71 in 2016. Given that the metal powder and super-hard composite materials businesses remain in a high-growth phase, they are expected to continue driving the company’s performance. Currently, the company’s valuation is considered attractive, and we maintain our "Buy" rating based on its strong fundamentals and growth potential.
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