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The Yellow River Cyclone (600172) released its 2009 interim results report on July 30. The company achieved operating income of RMB 30,907,630 in the first half of the year, a decrease of 3.80% year-on-year, operating profit of RMB 23,333,300, a decrease of 27.1% year-on-year and a net profit of RMB 13,363,500. 48.14%, earnings per share of 0.051 yuan, net assets per share of 3.93 yuan, return on net assets of 1.29%.
In the context of the economic crisis, the company has ensured that the gross profit margin of diamond products has stabilized in the same period of 2008 through a series of production management control measures. However, the increase in administrative expenses and the increase in minority shareholders' profit and loss led to a sharp decline in net profit year-on-year.
The company's main product, synthetic diamond, generated a total operating income of 269,129,200 yuan, a year-on-year increase of 3.40%, which means that the decrease in total operating income was mainly from other products. The gross profit margin of synthetic diamond products was 29.19%, an increase of 0.26 percentage points year-on-year. The implementation of new diamond process development and related process reengineering projects has made progress and reduced costs, which is the main reason for achieving the increase in product gross profit margin.
The company's management expenses for the first half of the year was 27,295,400 yuan, an increase of 1,666.9 thousand yuan over the same period of 2008, resulting in a decrease in total cost lower than operating income, thereby reducing operating profit. In the first half of the year, the minority shareholders' profit and loss was 4,214,400 yuan, compared with 329,600 yuan in the same period of 2008, which led to a more significant decline in net profit attributable to owners of the parent company.
According to the data, the company is controlled by the Yellow River Industrial Group, the largest domestic synthetic diamond manufacturer in China and Japan; the production capacity is about 3 billion carats/year, and the output in 2008 is about 2 billion carats; the domestic market share is about 50%, production and sales. They are ranked first in the world. In recent years, the company has improved by technology, and the yield ratio of new processes has increased by more than 15%. As the 4 trillion investment continues to drive infrastructure, domestic stone demand will pick up, driving the increase in stone production. Since about 50% of the diamonds used in China are used to make stone mining tools, the company indirectly benefits from the increase in infrastructure investment. Due to the lag of the industry, this effect will only begin to appear in the second quarter, and the diamond industry will pick up. .
In 2008, the company used its own funds to invest 780 million yuan to build a 22,000-ton press to synthesize coarse-grained diamond single crystal and large-diameter polycrystalline composite sheet industrialization project. Due to the economic crisis, the price of diamonds continued to be sluggish. Therefore, the implementation progress of the project was slower than the plan. At present, the plant construction has been completed, and about 40 presses have begun to be assembled. It is expected to contribute revenue in the fourth quarter of 2009 at the earliest.
On May 27, 2009, the National Development and Reform Commission agreed to support Henan to develop a regional high-tech industrial chain of super-hard materials and products, and agreed to the company's “600mm bore diameter press synthetic high-quality coarse-grain diamond high-tech industrialization demonstration projectâ€. The industrial development project plan and the national fund subsidy plan will arrange a subsidy of 10 million yuan. The “Superhard Composite Materials High-Tech Industrialization Demonstration Project†of the controlling shareholder Huanghe Industrial Group received a subsidy of 15 million yuan.
As a leading company in the super-hard material segmentation industry, the company has the advantages of technology, cost and scale. The rebound of diamond prices in the short term and the gradual production of the above projects will bring opportunities for the company to grow; The increase in demand for diamonds and the development of applications will drive the company to further expand its business.
In the first three months of 2009, the Yellow River Cyclone realized operating income of RMB 13,352,300, a year-on-year decrease of 17.27%, net profit of RMB 8,848,400, a year-on-year decrease of 34.94%, and earnings per share of RMB 0.03, and a return on net assets of 0.80%.
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Indirect benefits of infrastructure investment, the Yellow River whirlwind is expected to achieve breakthrough performance
[Shihua News] The Yellow River whirlwind was affected by the decline in product prices in the first half of 2009, and operating income decreased, but the gross profit margin of diamond products remained stable. In the future, the company will gain more opportunities due to the rapid development of the super-hard materials industry.