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Yantai Spandex: Operating Income In The First Half Of 710 Million Yuan

2010/8/14 10:19:00 69

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The company announced its semi annual report in 2010.

In the first half of 2010, the company realized

Do business

Income was 710 million yuan, an increase of 37.4% over the same period, and net profit attributable to shareholders of listed companies was 140 million yuan, an increase of 388.7% over the same period last year. The basic earnings per share were 0.55 yuan, 6.11 yuan net assets per share and 8.8% of net assets yield.

Our main points are as follows:

Safe viewpoint:

First half of 1.2010 years

achievement

This is in line with our expectations.

The main reasons for the substantial increase in the first half of 2010 were: (1) the gross profit margin of spandex increased by 27 percentage points over the same period last year.

Affected by the recovery of the downstream textile industry, spandex prices have been rising since the two quarter of last year, and the average price of spandex in the first half of 2010 has increased considerably.

(2) aramid sales increased year-on-year.

Interwoven fabrics have been revival in the global market, and production and sales have increased substantially year-on-year.

Gross profit

Influence.

In addition, the gross profit margin of aramid products increased by 2.4 percentage points over the same period last year.

2. spandex industry may have reached a plateau.

Affected by the recovery of the downstream textile industry, spandex prices have been rising since the two quarter of last year.

At the beginning of 2010, the price of 40D spandex was 48 thousand yuan / ton, and then rapidly increased to 62 thousand yuan / ton in the middle of March, down to 58 thousand yuan / ton in late May, and now it is about 52 thousand yuan / ton.

We believe that as the downstream textile and garment industry is likely to recede in the second half of the year, the new spandex production capacity will be released gradually. The second half of this year is unlikely to increase the price of spandex again. The spandex industry may have reached a plateau.

3. optimistic about aramid business continues to improve.

The financial crisis has led to a sharp decline in demand for aramid in Europe and the United States. The export of aramid exports has declined, and we expect its operating rate to drop to about 6 in 2009.

Affected by the domestic and foreign economies, especially the recovery of the international market, the export of aramid products increased after the Spring Festival, and the orders increased and production gradually increased. The price rose by 8 thousand yuan / ton in 4 and May (the current tax rate is 13~14 yuan / ton).

With the global economic recovery, we believe that the aramid business will continue to improve in the future.

4. capacity expansion is progressing steadily.

The remaining 3 thousand tons capacity of 5 thousand tons / year medical spandex project is being installed. We expect to start production in October 2010.

The 7 thousand ton / year comfortable spandex project is expected to be put into operation at the end of June 2011.

The 1000 ton / year aramid project is expected to be put into operation in May 2011.

5. maintain the "recommended" rating. We believe that the aramid business is expected to continue to improve and expand its capacity steadily. The company's future performance will continue to grow steadily. It is estimated that the EPS will be 0.90 and 1.10 yuan in 2011 and 2010 respectively, corresponding to the closing price dynamic price earnings ratio of 26 and 21 times, and maintaining the "recommended" rating.