Jiangnan Red Arrow Annual Report: Cost Advantages Consolidate Leading Position

Jiangnan Red Arrow released its 2013 annual report. During the reporting period, the company achieved operating income of 2.08 billion yuan, down 3.75% year-on-year; operating cost was 1.31 billion yuan, down 7.76% year-on-year; net profit attributable to the parent company was 381 million yuan, up 9.11% year-on-year. According to the latest share capital calculation, the EPS achieved in 2013 was 0.52 yuan.

In the fourth quarter, the company achieved operating income of 630 million yuan, down 11.40% year-on-year; realized operating costs of 384 million yuan, an increase of 20.90%; realized net profit attributable to owners of the parent company of 131 million yuan, an increase of 26.97%; realized EPS0 in the fourth quarter. 18 yuan, the third quarter is 0.14 yuan.

The company announced a net profit of 0.63 billion yuan to 0.78 billion yuan in the first quarter, corresponding to EPS0.09 yuan to 0.11 yuan.

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The cost advantage consolidates its leading position and its performance has grown steadily: After completing the delivery of Sino-South Diamond assets, the company has become the world's largest single crystal diamond producer. In terms of production and sales in 2013, the company's annual sales of super-hard materials increased by 2.23% year-on-year; in terms of price, the company's technical advantages in super-hard materials continued to reduce the cost of diamond production and led to a decline in sales prices. As a result, the company's sales revenue decreased year-on-year. 3.75%, but the price fell because of the cost reduction, the company's gross profit margin did not decline, but rose 2.74 percentage points year on year. At the same time, the three expenses were reduced. In 2013, the company's net profit achieved a small increase year-on-year.

Overall, the main downstream demand for companies such as stone cutting and drilling exploration in 2013 was relatively stable. The company's performance growth was mainly due to the decline in manufacturing costs brought about by long-term technology and process accumulation. The cost advantage made the company's leading position in the super-hard industry more stable. .

The fourth quarter results improved seasonally: although the company's gross profit margin declined slightly in the fourth quarter, the business growth of the company's net profit increased significantly. In addition, the three expenses did not follow the increase in income and the income tax expenses fell to a certain extent to contribute to some performance increments.

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