subject: Chemical industry still concerned about the prospect of new materials is expected to well - Chemical, the new material - chemical industry [print this page]
The first quarter of this year, operating income, decreased by 1.85%, while net profit attributable to parent company rose 67.54% ring, which indicates that the costs fall on the main contribution to growth in net profit.
From operating costs, the part of the plate in the first quarter fell by 1.2% compared with the fourth quarter, indicating that decline in operating income is the main factor causing the decline in operating costs, while chain sales gross margin decreased slightly also means sales price or declined.
Gross margin declined slightly in sales while net profit margin but never sold in the first quarter last year, 2.41% to 4.16% the first quarter of this year, up 1.75 percentage points, up by more than 70%. This means that the increase in net profit mainly due to the decrease in contributions to the three charges.
Together, chemical industry, a quarter less than ideal operating situation. Because it is winter season in the first quarter, many products in the off-season. After the second quarter into the season many products, such as the construction of many large recovery will boost sales of chemical products, agricultural fertilizer will increase drug use, it is expected that industry will improve the business environment, which facilitates its sales and gross margin improvement is expected in quarter will still get good results.
However, the chemical industry chain length, very different industry segments, earnings will be quite different. According to an analysis of quarterly financial targets, new chemical materials (Shen million two industry) are still cause for concern.
Data, new chemical materials in the first quarter operating revenues increased 3.27%, while net profit chain greatly increased 183.8 percent. It is noteworthy that its first quarter gross margin from last year's fourth quarter sales up 15.54% to 19.91%. Because of its operating costs in the first quarter, decreased by 1.57%, indicating that its gross margins to improve due to both cost and revenue, which contributed significantly to product prices.
Net profit margin from sales of view, the first quarter of this year is 6.68%, increased 4.6 percentage points sequentially, at rates 221%, far exceeding the gross margin of 28.12% of the chain increases. This indicates that the cost of the decrease in net income during the contribution is not small. Data, operating expenses, management expenses as a percentage of revenue share sequentially in the first quarter of this year has decreased significantly, dropping by 7.2%, respectively, 12.31%, but increased by 19.38% finance charge.
From the industry point of view, new chemical materials, new energy, environmental protection, energy saving and high technology, is a growing, and these aspects are consistent with the direction of future development, but also by policy support, development of good prospects . However, relatively higher valuation of view. Data, according to the first quarter of this year, the overall method performance and to remove negative terms, the current price-earnings ratio is 44.85 times the plate, while the net financial shares after the price-earnings ratio is 24.24 times A former than the latter about 85% (overall method to TTM in weeks, 53.7%). Since the beginning of 2003 the historical price-earnings ratio (TTM overall method in weeks) data, the plate after the A shares on the net financial rate of the average premium price-earnings ratio of about 24%.
But because of its favorable outlook, the market is still willing to give a higher valuation, suggest that investors still concerned about the proper adjustments.
