PCB upstream material manufacturer's earnings decline over the same period last year

The first three quarters of the PCB upstream material manufacturer's financial reports were released. The copper foil substrate factories including Lianmao (6213), Taiwan Optoelectronics (2383), and Tai Yao (6274) made more than double the profit in the third quarter, but other companies have The performance was relatively unsatisfactory. Hua Yu (5481) turned from profit to loss, and Shang Mao (8291), which was about to be listed on the counter, also experienced a 20% decline. Part of the fiberglass cloth factory, Fu Qiao (1815)'s profit for the third quarter was slightly better than that of the previous quarter, and Jianrong (5340) was near the profit and loss level.

The upstream copper foil substrate factory of PCB has suffered from international copper price rush, which has greatly increased the difficulty of cost control. In order to improve the financial structure, it has evolved into environmentally-friendly substrates and halogen-free substrates. From the first three quarters of this year's financial report, Taiwan Optoelectronics successfully took the upsurge of demand for smart phones and tablet PCs. In the first three quarters, the combined gross profit rate reached 16.69%, ranking the highest in the industry, but it was still 17.9% lower than the same period last year, after-tax net profit It was 690 million yuan, a year-on-year decrease of 24% and EPS 3.14 yuan.

In the first three quarters of the same period, the combined gross profit margin was 12.64%, which was also lower than the 15.51% in the same period of last year. The pressure from rising costs was not small. The net profit after tax was 941 million yuan, which was a year-on-year decrease of 25% and EPS3.14. Lianmao Although there was a serious fire alarm in the Pingchen factory, fortunately, the assets on the other side of the land were abundant and the orders could be allocated. The impact on the operation in the second half of the year was limited.

In the first three quarters of this year, Tai Chi’s combined gross profit margin was held at 10%, 4.69 percentage points lower than the same period of last year. The net profit after tax was 174 million yuan, which was a significant 50% decline from the same period of last year, and EPS was RMB0.75.

In addition, in the first three quarters of the year, China Huan Group's consolidated gross profit margin was negative at 6.98%. After disposing Changshu Factory's profit contribution, the net profit after tax reached 62.54 million yuan, which was still 14.5% lower than the same period of last year, and EPS was 0.63 yuan.

Shangmao, which is going to be listed on the counter, has not achieved satisfactory results this year. The gross profit in the first three quarters was 12.22%, which was lower than the 14.65% in the same period of last year. The after-tax net profit was 28.38 million yuan, which was a 65% year-on-year decrease and EPS 0.42 yuan.

The positive gross profit margin of Hezheng (5381) in the first three quarters dropped sharply from 8.27% in the same period of last year to 1.49%, with a post-tax loss of 264 million yuan and EPS of 0.88 yuan.

In terms of the profit performance of the third quarter, although the copper foil substrate faced no small downward pressure on prices in the third quarter, Lian Mao, Taiwan Optoelectronics, and Tai Yao achieved profitability under earnings growth and exchange gains. The net profit reached 322 million yuan, 312 million yuan and 0.51 billion yuan, which was more than double the previous quarter. As for Shangma tax, the net profit was 3.93 million yuan, a 20% decrease from the previous quarter, and Huasheng 0.5% from the surplus. 100 million yuan, performance is relatively inferior.

Part of the fiberglass fabric factory, Fu Qiao, Dehong, and Jianrong underperformed the second quarter in the third quarter of the year due to the impact of customer pulls and price declines. Among them, Dehong and Jianrong were reduced by more than 20 respectively. %, Fu Qiao rely on the support of industrial grade fiberglass yarn business, not only the performance of the relatively defensive revenue, profit is slightly better than the level of the previous quarter.

In contrast, the third quarter of Dehong and Jianrong’s profits was not ideal. Dehong’s net profit after tax in the third quarter was only RMB 21 million, a 70% decrease from the previous quarter. Jianrong also only reached profit and loss.

In the past three quarters of profit, Fuqiao's gross profit margin was 25.78% better than its peers, but it was significantly lower than last year's 35.98%, which was the impact of falling prices; and after-tax net profit of 579 million yuan, annual growth rate of 1.88%, of which income tax returns Chonghong contributed RMB 130 million, EPS2.05.

Although Dehong is actively integrating vertically into fiberglass yarn, the effect has not yet been seen. The gross profit margin for the first three quarters was 21.46%, which was lower than the 23.07% for the same period of last year. The net profit after tax was 184 million yuan, which was a year-on-year decrease of 55% and EPS0.91.

Jianrong cooperated with Ridong Textile and hoped to improve its thin cloth production technology. However, it was hampered by the overall unfavorable environment and competed with market price competition. Jianrong only reached profit and loss in the third quarter, and the gross profit margin in the first three quarters was 8.24%, compared with last year. In the same period, it decreased by as much as 10 percentage points. The net profit after tax was 28,240,000 yuan, which was a year-on-year decrease of 73% and EPS 0.14 yuan.

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