Aoyang Shunchang's net profit for the first half of 2013 fell 17% year-on-year

On July 24th, Aoyang Shunchang (002245.SZ) disclosed its 2013 mid-year report. The mid-year report showed that Aoyang Shunchang achieved a total operating income of 675 million yuan, down 25.66% over the same period of the previous year; realized operating profit of 80.906 million yuan, an increase of 3.78%; net profit of 72.92 million yuan, net profit attributable to shareholders of listed companies 4,498,800 yuan, down 8.31% and 17.16% respectively over the same period of last year.

The main business of Aoyang Shunchang is two sectors: metal logistics distribution business and micro-credit business.

From January to June this year, Aoyang Shunchang achieved a total of 102,000 tons of steel plate processing and distribution, and a total of 18,000 tons of aluminum sheet processing and distribution. Among them, the commissioned logistics distribution mode, steel plate production was 32,000 tons, and aluminum plate production was 0.7 million tons. The revenue of the metal logistics distribution business segment reached 613 million yuan. Although the total processing and distribution increased slightly compared with the same period of last year, from the business structure of Aoyang Shunchang, the business volume under the active distribution mode has declined, mainly due to the low degree of high-related IT manufacturing. Therefore, compared with the same period of last year, operating income decreased by 27.48%.

In the first half of this year, Aoyang Shunchang’s microfinance company issued a loan balance of 526 million yuan, and the bank’s capital balance was 150 million yuan. The operating income of the microfinance business was 48.427 million yuan, an increase of 3.75% over the same period of the previous year. The net profit of the shareholders of the listed company was RMB 14,434,700, a decrease of approximately 2.53% over the same period of the previous year. The reason for the increase in revenue and revenue was that the financing balance of microfinance companies increased and interest expenses increased, resulting in a slight decline in the gross profit margin of microfinance companies.

In addition, the LED project of Aoyang Shunchang began to be put into production. In the future, LED is also the main business area of ​​Aoyang Shunchang. The annual report of Aoyang Shunchang 2013 also revealed that the civil engineering of LED project has been completed; MOCVD equipment (all imported 69-piece machine) ) 5 pieces have been delivered, of which two MOCVDs have been installed and commissioned, and mass production has been completed. A LED chip production line has been completed and put into production. At this point, the company's epitaxial wafer and chip production line are all in line, product performance and The quality meets the design requirements. At the same time, the other three MOCVD equipments are still in the stage of installation and commissioning, and will be gradually put into operation at the end of July 2013.

However, in the first half of the year, the operating income of the LED business for Aoyang Shunchang was 4.11 million yuan, and the gross profit margin was actually -14%. However, the board of directors of Aoyang Shunchang believes that the technological development of the LED industry has gradually matured. The future competition will be comprehensive competition among enterprises in terms of efficiency, cost, technology and market. More than 25 units will be gradually invested in the next one year. MOCVD equipment, the scale effect will also be gradually reflected.