In the first half of 2006, it achieved a revenue of RMB 1.023 billion from its main business, a year-on-year decrease of 21.73%; a net profit of RMB 22 million, a year-on-year increase of 14.55%; and a per-share return of RMB 0.06, an increase of 20%. The current net asset per share is 2.97 yuan.
The board meeting recently held by the company passed a proposal on the non-public issuance of shares by the company. The number of shares to be issued will not exceed 50 million shares and the raised funds will be used to invest in the company's 10kt/a high-purity aluminum project. After being completed and put into production, it can produce 12,247 tons of 70KA series high-purity aluminum ingots each year, which will enhance the company's competitiveness and profitability. In March this year, Xihuashengsheng Aluminum Co., Ltd., a joint venture between the company and China Aluminum, has been put into production and production capacity will gradually expand. The company's benefits are also expected to grow with the expansion of production capacity and the widening of the electrolytic aluminum-alumina price gap.
The company belongs to the electrolytic aluminum plate. Alumina is the main raw material for the production of electrolytic aluminum. It consumes about 2 tons of alumina per ton of electrolytic aluminum production. The cost of alumina accounts for about 55% of the total cost, and the cost of electricity accounts for about 30% of the total cost. . Since August this year, the price of alumina has dropped for two consecutive times. The price of alumina has dropped from RMB 5,650/ton in early August to RMB 4,900/ton, and the price of alumina has been adjusted to RMB 3,800/ton in September. China Aluminum’s alumina The factory price was lowered by 32.74% in the short term. In late September, China Aluminum once again announced that the spot price of alumina dropped from 3,800 yuan / ton to 2,950 yuan / ton, a decrease of 22.4%. In less than two months, China Aluminum has lowered the spot price of alumina three times in a row, from the higher 5,650 yuan/ton this year to 2,950 yuan/ton, and the alumina price has fallen by almost half. The drop in alumina prices will significantly reduce the company’s production costs.
In the secondary market, the stock has adjusted extremely well with the market since May and the risk has been fully released. Non-public issuance of stocks, industry warming, and capacity expansion are expected to be an opportunity for the stock to strengthen. In the short-term, the stock is at a low point for the year, and the medium-term upside potential is relatively large and it is actively concerned.
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