Changjiang Securities recently published a research report by Sifangda, analyzing the performance of a listed company that released its third-quarter financial results for 2013. During the quarter, the company reported operating revenue of RMB 98 million, representing a year-on-year growth of 5.93%. Operating costs stood at RMB 55 million, a slight decrease of 1.09% compared to the same period last year. Net profit attributable to shareholders was RMB 24 million, down 8.41% year-on-year, with an EPS of 0.11 yuan.
In the third quarter alone, the company generated RMB 38 million in revenue, up 14.59% from the previous year. The cost of operations rose to RMB 20 million, an increase of 5.69% year-on-year. Net profit for the quarter reached RMB 10 million, up 7.78% from the same period last year, with an EPS of 0.05 yuan. This compares to an EPS of 0.03 yuan in the second quarter, indicating a positive trend in quarterly performance.
The company’s consolidated performance improved significantly during the third quarter, largely due to the inclusion of Huayuan Superhard Materials Tools Co., Ltd. The firm acquired this leading PCD tool manufacturer in the first half of the year, and it began to be consolidated in the third quarter. Given Huayuan’s strong profitability and the rise in operating income during the quarter, the company’s overall profitability saw a noticeable boost. Its comprehensive gross profit margin increased from 42.27% in the second quarter to 47.39% in the third quarter, reaching historical highs. Meanwhile, the net profit margin improved from 22.62% in Q2 to 26.32% in Q3.
Excluding the impact of Huayuan’s consolidation, the parent company achieved RMB 26 million in revenue during the third quarter, a decline of 13.76% from the previous quarter. With over 52.07% of its sales coming from exports, the continued appreciation of the RMB since the fourth quarter of 2012—especially the sharp rise in the second quarter—has weakened the company’s export competitiveness, affecting its foreign market development. This is the primary reason for the drop in third-quarter revenue. However, the parent company’s comprehensive gross profit margin in the third quarter remained at 44.95%, showing an improvement from the second quarter. This can be attributed to the increased proportion of high-margin, high-end products resulting from the release of fundraising projects. Additionally, investment income and non-operating income from effective fund management contributed to stable earnings for the parent company in the third quarter.
Although the RMB’s appreciation has posed challenges for the company’s export business, the promotion of new high-end products has shown some positive results. Moreover, Zhengzhou Huayuan, which focuses on the segmentation of PCD tools for domestic woodworking, provides a certain buffer for the company’s overall performance. Overall, while there are external pressures, the company continues to show resilience through strategic acquisitions and product innovation.
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