Trapped mobile payment standards conceded a decline in national technology net profit

National Technology announced yesterday the first half of the performance reduction notice, the company achieved a net profit of about 29.46 million yuan -35.35 million yuan in the first half, down 40% -50%. According to the company, the main reason is that the company's main product, U SBK EY, has a large drop in gross margin and revenue from its security master chip, resulting in a decrease in its overall operating income and net profit. The state of national technology is representative of the technology-based SMEs listed on the A-share market. Once the key businesses face market or policy uncertainties, the company’s performance will face greater risks. In order to ensure the core technological advantages, it will require continuous substantial R&D. The cost of investment.

National Technology's first-half net profit fell by nearly 50%

National Technology announced on the 2nd that the company expects net profit for the first half of 2012 to be approximately 29.46 million to 35.35 million yuan (58.919 million yuan in the same period of last year), a year-on-year decrease of 40%-50%. Basic earnings per share of about 0.11 yuan -0.13 yuan, down 40% -50%. The main reason for the decrease in net profit in the first half of 2012 was explained by the fact that the market competition has intensified and the company’s main product U SBK EY safety master chip has a large drop in gross margin and revenue, resulting in a decrease in the company’s overall operating income and net profit; mobile payment products And communications RF chip business grew year-on-year, but it has not yet materially affected its performance.

National technology was listed in May 2010, and net profit began to stop rising in 2011. Since then, net profit and operating profit have declined sharply in each financial period. The company’s 2011 annual report stated that the operating income for the year was 571 million yuan, a decrease of 18.7% year-on-year, and the net profit attributable to the shareholders of the listed company was 108 million yuan, a decrease of 39.2% year-on-year. Revenue in the fourth quarter decreased by 22.2% year-on-year and 6.6% month-on-month.

In the first quarter of 2011, the company achieved operating income of 121,744,091.28 yuan, a decrease of 28.76% from the same period of last year, and a net profit of 22,113,193.29 yuan, a decrease of 47.51% from the same period of last year. During the period, the company’s government subsidy led to a 155.66% year-on-year increase in non-operating revenue, which shows that the main business has declined by a large margin. The company’s main product U SB KEY security main control chip sales revenue decreased by 47% year-on-year, and mobile payment product sales revenue increased by 368% year-on-year. Its security chip products together accounted for 84.62% of the main business, of which mobile payment products accounted for 15.07%, communication chip products accounted for 9.42%. The company’s product gross margin also fell from 44.37% in the middle of last year, and fell to 33.69% in the first quarter of this year.

Faced with huge price pressures, the main reasons for the decline in net profit of national technology are explained as follows: First, due to intensified market competition and other factors, the overall gross profit margin of products has declined; second, operating income has decreased by 28.76% year-on-year, which has a greater impact on total net profit Third, the company continued to increase investment in R&D, paid attention to talent reserves, and operating and R&D expenditures rose slightly year-on-year.

Beijing Gao Hua believes that National Technology’s business is facing huge price pressure this year: despite a year-on-year increase of 32% in shipments, the revenue of this business was reduced from RMB430 million in 2010 to RMB 397 million in 2011. This year’s revenue is expected to Continue to decline, and it is estimated that the revenue in 2012 will be 381 million yuan. It is estimated that 2.4G chip shipments will be 2.5 million in 2012, of which more than half will be sent to Shenzhen. In view of the recent slow progress in discussions at the Ministry of Industry and Information Technology, 2.4G mobile payment technology is unlikely to become a national standard in 2012. It is expected that the contribution of other new businesses to revenue in 2012 will be RMB 140 million, including financial/social security cards, PA chips, MMB chips and LTE radio frequency chips.

Yesterday, National Technology reported 0.44% micro-report. Its share price dropped sharply by more than 50% last year. It had rebounded sharply by 45% in the first quarter of this year. However, it fell after hitting its long-term downtrend line, and it has approached the low of 19.84 yuan in November last year.

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