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卡姆丹克(712.HK):盈利状况难有效改善

Camdank (712.HK): it is difficult to improve profitability effectively

輝立證券 ·  Jun 10, 2014 00:00  · Researches

The company's annual income in 2013 showed that the company's annual income was 937 million yuan, down 8.6% in the same period in 2012, mainly due to the decline in silicon wafers, with a gross profit of 7.5 million yuan and a gross profit margin of 8%. Slightly lower than 0.1 percentage points in 2012, the low profitability has not been effectively improved. For the whole year, we paid 133 million yuan to the people, 20 percent less than the same period last year, or 0.1 yuan per share. The company spent 235 million yuan in the first quarter of this year, down 1.7 percent in the same period last year, and its gross profit margin reached 10.4 percent, up 0.5 percentage points from 9.9 percent in the first quarter of 2012.

The company's total output in 2013 reached 396.9 megawatts, an increase of 19.3% over the same period last year. The revenue of 125mm wafers was 624 million yuan, down 21.9% from the same period last year. This is mainly due to the fact that the product output has dropped from 2.60 yuan / watt in 2012 to 1.90 yuan / watt, while the annual output has increased slightly by 8.6% compared with the same period last year.

The company's "super single crystal chip" is still in the process of being promoted and known by the market. at present, the conversion rate of the super chip is more than 24%, and its performance is excellent, but it needs to be recognized by more customers. The company's annual sales of 11.48 million yuan in 2013, an increase of 242% over the same period last year, are mainly used in super-chip promotion and marketing activities. after the long-term sales sale with Misson Solar 500MW in December 2013, it is expected that the number of super-level chip customers will increase step by step in the coming year, and this product can still provide a huge boost to the company's profit growth.

Single-crystal silicon wafers have remained relatively stable in the market, with 5-inch single-crystal silicon wafers fluctuating within the range of US $0.68 to US $0.70, and it is expected to remain stable in the future. At the same time, the grid of raw material polysilicon has been launched since December last year, and the cumulative range has reached more than 20%. As a result, the company's future production costs may increase, but the expected raw material range is already in place, and polysilicon will fluctuate around US $20 in the future.

At present, the company's production line in 300MW in Malaysia is still under construction and will be put into production within this year. After being put into production, the production line will effectively reduce costs. 62.6% of the company's total revenue in 2013 came from the Philippine market, and South Africa is currently the company's largest market. At the same time, the new production line will also enable the company to further expand its production capacity and meet the production needs of increased sales.

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The company will expand its production capacity and open new production lines in 2014, and the volume of silicon wafers is expected to further increase, but the silicon wafers are still on the rise, the raw materials have increased significantly, and the management company has experienced a significant reduction in production costs. however, it is expected that the company's short-term gross profit margin will definitely increase, and the profit situation in 2014 will improve slightly in 2013. We grant the company HK $1.0 for 12 months, which is equivalent to 20 times 2014-2015 earnings ratio of 40-pound target, which is a "holding" category.

The translation is provided by third-party software.


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