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东江集团控股(02283.HK):拟继续扩大产能

Dongjiang Group Holdings (02283.HK): Plans to continue to expand production capacity

金利豐證券 ·  Mar 9, 2020 00:00  · Researches

Dongjiang Group (2283) is an injection molding and mold manufacturer. Its subsidiary Tangjia Land in Shenzhen obtained an increase in capacity at the beginning of this year to increase space for industrial development. At the same time, the Group has been expanding its current production capacity. Currently, it has leased Hongben Real Estate License production plants in Huizhou, Guangdong, Suzhou, Jiangsu, etc., to avoid rental property risks. In October of last year, the Group invested 1.75 million Euro in Spanish Model A factory FISAS NAVARRO to further cultivate the Southern European market, closely meet customer needs, and provide local customers with one-stop services such as better pre-sales technology, sales period consultation, and post-sale maintenance. In the first half of 2019, affected by the Sino-US trade war, the Group's operating value was 1.05 billion yuan, down 2% year on year, net profit fell 18.7% to 114 million yuan, and gross margin fell 4 percentage points to 27.5%. During the period, the Group's revenue from injection-molded component manufacturing decreased by 1.6% year-on-year to 675 million yuan, accounting for about 67.2% of the Group's total revenue. Furthermore, with the signing of the first phase of trade talks between China and the US, trade prospects are expected to improve, helping the Group to stabilize the order trend. At the end of June 2019, the Group's total cash and bank balance was $878 million, and net cash was $319 million. On the trend, it fell to 3.3 yuan on February 25 and stopped falling back. The STC%K line continued to rise above the %D line, and the MACD bull gap widened. It was better to wait 3.4 yuan lower to absorb, the rebound resistance was 3.9 yuan, and continued holding without falling below 3.15 yuan.

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