King Hing Paper sharp drop in first
King Hing Paper sharp drop in performance was mainly dragged down by 2008 due to overstock. Products Industry of the economy is close to the bottom of the degree, but the company remains to be Europe and the United States to enhance the economic performance of a full recovery.
King Hing Paper (002 067) on July 30 to release the results of Letters, from January to June 2009, the company achieved operating revenue 858 million yuan, down 22.49%; total profit -263.57 million, attributable to parent net profit of 1,083.11 million business owners, respectively, decreased 95.76% year on year, 72.83%;'s basic earnings per share were 0.03 yuan, 4.33 yuan per share, net assets, return on equity of 0.64%.
Company performance plummeted, mainly dragged down by 2008 due to inventory backlog. In 2008 the company invested into the production stage, but in 2008 three quarters of the industry boom of the nosedive, a large number of high-priced purchase of raw materials has continued to digest the second quarter of 2009.
It is understood that in 2008 the company owned subsidiary of Zhejiang Jiang Jingxing new production line in operation, and the merger of Zhejiang on paper, increase production capacity from 320,000 tons to 77 tons, greatly increased 142.26 percent year on year. As the 2008 fourth quarter domestic product Pulp There was a substantial price adjustments, inventory value greatly reduced. Early July 2008 the international northern bleached softwood pulp and hardwood pulp prices for 900 U.S. dollars per tonne and 840 U.S. dollars, but by the end of Dec. 2008 have been dropped to 642 U.S. dollars and 585 dollars, decrease of 28.67 percent and 30.36 percent; to the 2009 second quarter bottom to 577 U.S. dollars respectively at the beginning and 483 U.S. dollars, up into the second quarter rose to 621 U.S. dollars and 506 U.S. dollars. 2008 assets impairment losses amounted to 9,716.52 million, compared to -433.95 million in 2007.
The past two years Papermaking Increased degree of industry boom, the major paper companies to accelerate capacity expansion, resulting in lower prices, while costs remain stubbornly high costs and is a considerable change in company performance reasons.
Information, companies and Nine Dragons Paper and other companies by the end of 2007 nearly 1.2 million tons cardboard production capacity, oversupply, weak downstream demand, the company's raw material base for not producing benefits, raw materials imported, the cost is difficult to pass, Sell Gross margins continued to decline. Since the fourth quarter of 2008, the macro environment changes unexpectedly, the main products significantly shrinking market demand, industry inventory backlog in serious condition, fourth quarter sales price from 3,600 yuan / ton down to 2,600 yuan / ton, decreased by 30% The high raw material purchased or three quarters, unit costs are increased substantially over the previous year, resulting in operating losses the company produces large.
Company is mainly engaged in include high-grade kraft box, high-intensity Corrugated Medium And flour production and sales of kraft paperboard, is the most important in East China, one of high-grade packaging board production. Companies in the November 2007 public offering of A shares 9,300 shares, 1.1 billion of funds raised for the company's business expansion and achieve sustained development of a strong funding. Raise new capital investment projects and 400,000 tons 200,000 tons of Kraft Liner Board Kraft flour cardboard items, the actual capacity of two projects is expected to reach 750,000 tons. As the economic situation changes, the company's new projects can not effectively enhance the performance of the short term, in March 2009 the company decided to stop 400,000 tons of Kraft Liner Board project.
2009 years, freezing the current industry needs through industry have to pick up, but compared with the industry's culture of white cardboard paper and there is still a rigid demand for high-grade kraft box leading products, high-intensity corrugated paper mainly for export packaging, more vulnerable to economic cycle fluctuations, fear of the future demand is difficult to return to growth in the short term, but the lower prices of raw materials is conducive to business recovery in gross margin. Degree of trade near the lower part of the economy, but the performance of the company remains to be Europe and the United States to enhance the overall economic recovery.
Information, Newsprint Leading enterprises Huatai Paper (600 308) Although the performance has significantly declined 54.37%, but second-quarter earnings per share were 0.194 yuan, up 240.35 percent chain, growth trends evident; the second quarter earnings per share of 0.02 yuan, but the performance increase trend is not obvious.
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