The company's revenue growth was lower than expected mainly because of the following reasons: 1. As the largest IT metal logistics distribution enterprise in the Yangtze River Delta region, the downstream manufacturers' demand is sluggish, customer output declines, and the high inventory of metal substrates makes the market more competitive. Service prices have fallen. 2. The decline in commodity prices has led to a significant decline in the company's revenue growth rate, which has a slight impact on unit profits.
IT metal logistics and distribution is still stable, commissioned distribution will avoid metal price fluctuation risk
Aoyang Shunchang's main business IT logistics distribution, the growth slowed down in the context of economic slowdown, and steel and aluminum sheet prices continued to fall, affecting the company's revenue and profits. In the first half of the year, the company's steel sheet processing and distribution volume was 102,000 tons, and the aluminum sheet processing and distribution volume was 18,000 tons, of which 31,000 tons and 0.7 million tons were commissioned.
The release of production capacity in Shanghai base has transformed the company's business from active distribution mode to entrusted distribution mode. The proportion of entrusted distribution business in the first half of the year reached 30%. It is expected that the profit level fluctuation of this part of the company's business will be significantly reduced in the future, but it is also limited to a certain extent. Profits are growing, but the company will benefit from the backdrop of falling raw material prices.
In terms of regions, the South China region was less affected, and the distribution of aluminum plates increased. However, some of the business of the headquarters was transferred to Shanghai, and the total amount also declined to some extent. It is expected that in the future, with the further release of production capacity, the Shanghai base will assume greater business needs. To avoid risks, the company will further strengthen management while increasing its entrusted business.
The microfinance business has encountered a stall, and the future of the LED project is uncertain.
The balance of microfinance business was 526 million yuan, of which the bank balance was 150 million yuan. The overall performance of the business was stable. The operating income was 48.247 million yuan, a year-on-year increase of 3.75%. However, the increase in financing balance caused the gross profit to decline. In the first half of the year, the microfinance business contributed a profit of 14.34 million yuan, down 2.53% year-on-year. The microfinance business showed insufficient power for the first time. The company added 150 million new funds, but the actual new loan lending volume increased slightly. It is expected that the future growth rate of this business will be separated from the previous high-speed growth and enter a relatively stable stage.
The LED project has been completed, and 5 of the 69 MOCVD equipments have already arrived. The first two of them have already begun to contribute revenue, and a LED chip production line has also been put into production. The company's epitaxial wafer and chip production line have been completed. The other three MOCVD equipment are expected to be commissioned by the end of this month.
The LED business realized revenue of 4.11 million yuan, which was generated in June. It is expected that from the second half of this year, this part of the business income will be significantly enlarged to 50 million. However, as the scale of the business has not yet been fully realized, it will not be profitable during the year.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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