Report summary:
The company achieved total operating income of 260 million yuan in the first three quarters of 2012, an increase of 6.77% over the previous year; 474.612 million yuan, an increase of 0.73% over the previous year; net cash flow from operating activities was -374,8874 million yuan; and basic earnings per share of 0.06 yuan.
Looking at the third quarter alone, the company achieved revenue of 106 million yuan, a year-on-year decrease of 1.55%; net profit attributable to shareholders of listed companies was 21.5865 million yuan, a year-on-year decrease of 1.44%.
At present, the company's main business revenue still comes mainly from the traditional electrical equipment industry, and this business remained stable in the first three quarters. The company's polyimide industry chain continues to advance, and several major industrial bases have basically been formed. Gaoqi in Changchun, Jilin is the base for polyimide resins, fibers and products, Jiangxi Advanced Materials is the base for nanofiber materials and products, Beijing Gaohang (which has completed the relocation) is the base for advanced lightweight materials such as polyimide foams and composites, and Shenzhen Huicheng High Energy will build a new energy battery base with PI diaphragms as the core.
The company's polyimide fiber production capacity has gradually increased. Currently, the 600-ton polyimide fiber production line has been put into use, and the total fiber production capacity is expected to reach 3,000 tons within the next three years. We expect the company's fiber sales to reach 100 tons this year, forming a major breakthrough in the performance contribution of polyimide products. Furthermore, the company's chlorinated phthalic anhydride production line has solved problems such as corrosion and separation of special impurities, and will initially form its own supply of polyimide raw materials. In the long term, the company plans an annual production capacity of 10,000 tons of chlorinated phthalic anhydride and 3,000 tons of polyimide resin. The company will form a whole industry chain from upstream raw materials to downstream application products.
Jiangxi Xiancai's nanofiber products are mainly battery separators, environmentally friendly filter membranes, etc., all of which have great potential for growth. The first phase of the company's lithium battery diaphragm was put into trial production this year. The initial production capacity was 10,000 square meters per day. It is expected to reach an annual production capacity of 40 million square meters in the second half of next year.
The company's EPS is expected to be 0.10, 0.29, and 0.64 yuan in 2012, 2013, and 2014, respectively. The company's electrical equipment business will be basically stable. The polyimide business is being fully developed, and it is difficult to quickly release short-term results, but there is great potential for long-term growth, maintaining the company's careful recommendation rating.
Risk: Polyimide business falls short of expectations