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Tianlong Group is a company mainly engaged in the production of ink products. After the release of the third quarter is not an excellent performance report, the stock price of Tianlong Group in the secondary market seems to have responded, and the stock price has been declining since the beginning of November.
The increase in revenue and the increase in raw materials problems seriously constrained the development of the third quarter of this year's performance report shows that although Tianlong Group's third-quarter operating income rose 36.7% year-on-year, operating income from January to September rose about 27%, but the third quarter net profit fell about a year-on-year. 30%, basic earnings per share was only 0.1 yuan, down about 33%; net profit from January to September decreased by about 40%, basic earnings per share was 0.22 yuan, down about 46%. At the same time, the company's three quarterly report predicts that the full year 2011 net profit will fall by 15% to 30%.
In the third quarterly report, the company explained in the third quarter report that “there are two reasons for this situation. First, the prices of raw materials have been mixed, and some raw materials such as rosin have fallen, but mainly The prices of raw materials such as styrene and pigments are still high; while the expected decline in economic sentiment and the impact of industry characteristics make product price increases limited, product price increases are less than the increase in raw material costs. Second, business expansion, sales growth The increase in manpower and the increase in low-wage standards have increased employee compensation, benefits and social insurance premiums, and labor costs have risen."
At present, the cost price of raw materials cannot be effectively controlled, which is obviously an important factor restricting the development of the company. However, this factor is not a problem that can be solved in one day and two days. How to effectively solve this problem will be related to the direct development of the company. Lai Jun, the secretary-general of Tianlong Group, said, “At present, the main reason is to strengthen internal management and benefit; at the same time, through technological advancement, formula reform and innovation, the benefits can be improved to reduce the cost of raw materials.â€
Tianxiang Investment analysts said, “The company’s raw material expenditure accounts for nearly 90% of the total cost. Since the fourth quarter of last year, raw material prices have risen sharply, including rosin, which accounts for nearly 30% of total raw material purchases. From 2010 to the first half of 2011, its average price is relatively high. In 2009, the price has more than doubled, and other raw materials have also increased by 17%-80%. The company has twice increased the price of the product and passed the pressure of rising raw material costs. Although the comprehensive gross profit margin of the company's products has not dropped significantly, it still declines. 8.96% to 22.74%."
It can be seen that the raw material problem is an important factor that restricts the company's development. It remains to be seen whether the future raw material issue will be effectively resolved as the company wishes.
There are risks in the fundraising project. I don’t know if it’s a joy or a worry. The company has many ongoing investment projects. It is understood that the company has selected two equity acquisition projects to invest in forestry and chemical industry, in the hope of achieving diversification of corporate development. One project is to sign a letter of intent for the acquisition of equity with Yunnan Linyuan Perfume Co., Ltd., and plans to acquire 100% equity of Yunnan Linyuan Forest Chemical Co., Ltd. with super-raised funds of 20 million yuan; another project is planned to acquire over 4.8 million yuan of super-raised funds. Yunnan Yunxian Tianyilin Chemical Co., Ltd. 100% equity.
However, these two projects are still in the intention stage, and these two projects have the risk of unsuccessful trading. According to Lai Jun, the company’s secretary-general, “the relevant procedures are still being processed, and the progress is still relatively smooth. We will announce the details in a timely manner.â€
At the same time, in addition to the above two projects, the company has about 4 projects in progress. The construction project of the ink production base will be completed by the end of this year, and the other three projects are expected to be completed in early 2012 and early 2013 respectively.
“There are two projects mentioned above, two of which are related to ink production technology, and one is about sales and service network expansion projects. The completion of these projects will certainly solve the problem of raw materials and labor costs for the company. There is a promotion, but the specific effect is not yet certain." Relevant securities analysts believe.
Tianlong ink's net profit from January to September decreased by 40% year-on-year
[ppzhan summary] This year's third quarter performance report shows that although Tianlong Group's third-quarter operating income rose 36.7% year-on-year, operating income from January to September rose about 27% year-on-year, but third-quarter net profit fell about 30% year-on-year, basically every The stock income was only 0.1 yuan, down about 33% year-on-year; the net profit from January to September decreased by about 40% year-on-year, and the basic earnings per share was 0.22 yuan, down about 46% year-on-year. At the same time, the company's three quarterly report predicts that the full year 2011 net profit will fall by 15% to 30%.