On the evening of April 19, Jiaozuo Wanfang (000612.SZ) released the quarterly report for the first quarter of 2011. In the first quarter, the company achieved revenue of 1.106 billion yuan, a year-on-year decrease of 15.20%; net profit attributable to shareholders of listed companies was significantly reduced by 67.35%. Only 60.50 million yuan.
Industrial Securities analyst Luo Renyuan pointed out in the Jiaozuo Wanfang Research Report that the unsatisfactory performance of the company was mainly due to the fact that the company’s electrolytic aluminum production capacity has not been restored. The production capacity that was shut down from the fourth quarter of last year was slower at the beginning of this year, which affected the increase in sales of electrolytic aluminum in the company. However, Luo Renyuan believes that with the gradual recovery of production capacity, the company will be able to achieve full production in the next three quarters.
Luo Renyuan also said in the research report that the first quarter of last year was the best period for the electrolytic aluminum industry to make the most profit, and was followed by a series of crackdowns by real estate control and energy conservation and emission reduction. The electrolytic aluminum industry maintained its low profit. However, since the beginning of this year, energy prices have continued to rise, the cost support for aluminum prices has been relatively strong, and the profitability of electrolytic aluminum companies will be sustainable. In 2011, Jiaozuo Wanfang's performance will improve substantially over the same period last year.
According to the quarterly report of Jiaozuo Wanfang, due to the year-on-year increase in ZhaoGuang Energy's investment income, the company’s investment income increased by 63.88% from the same period last year to 83.67 million yuan, accounting for 139% of the net profit in the first quarter of this year. Nanjing Securities analyst Yin Jianhui pointed out in the research report that Jiaozuo Wanfang owns 30% shares of Zhaogu Energy, which in 2010 accounted for 185.65% of the company's annual net profit. Although the company is affected by factors such as capacity constraints and declining gross profit, the revenue from Zhaogu Energy will effectively smooth the fluctuation of the company's performance.
On April 19, Jiaozuo Wanfang closed at 22.72 yuan, down 3.65%.
Industrial Securities analyst Luo Renyuan pointed out in the Jiaozuo Wanfang Research Report that the unsatisfactory performance of the company was mainly due to the fact that the company’s electrolytic aluminum production capacity has not been restored. The production capacity that was shut down from the fourth quarter of last year was slower at the beginning of this year, which affected the increase in sales of electrolytic aluminum in the company. However, Luo Renyuan believes that with the gradual recovery of production capacity, the company will be able to achieve full production in the next three quarters.
Luo Renyuan also said in the research report that the first quarter of last year was the best period for the electrolytic aluminum industry to make the most profit, and was followed by a series of crackdowns by real estate control and energy conservation and emission reduction. The electrolytic aluminum industry maintained its low profit. However, since the beginning of this year, energy prices have continued to rise, the cost support for aluminum prices has been relatively strong, and the profitability of electrolytic aluminum companies will be sustainable. In 2011, Jiaozuo Wanfang's performance will improve substantially over the same period last year.
According to the quarterly report of Jiaozuo Wanfang, due to the year-on-year increase in ZhaoGuang Energy's investment income, the company’s investment income increased by 63.88% from the same period last year to 83.67 million yuan, accounting for 139% of the net profit in the first quarter of this year. Nanjing Securities analyst Yin Jianhui pointed out in the research report that Jiaozuo Wanfang owns 30% shares of Zhaogu Energy, which in 2010 accounted for 185.65% of the company's annual net profit. Although the company is affected by factors such as capacity constraints and declining gross profit, the revenue from Zhaogu Energy will effectively smooth the fluctuation of the company's performance.
On April 19, Jiaozuo Wanfang closed at 22.72 yuan, down 3.65%.
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