Changying precision production capacity release accelerated, profit trend is good

Guangzhou, Aug 30, 2022 -- The company posted a revenue of 7.079 billion yuan in the first half of this year, up 56.54% from the same period last year, according to its semi-annual report for 2022 disclosed on Aug 29 evening. Revenue hit a record high for the same period of the year.

Although the company's net profit attributable to shareholders of listed companies in the first half of the year was still a loss of 267 million yuan, but if we look at it by quarter, the quarterly data of the company's net profit is rapidly improving. According to the quarterly financial report, the net profit attributable to shareholders of listed companies in the fourth quarter of 2021, the first quarter of 2022 and the second quarter of 2022 were respectively -712 million yuan, -195 million yuan and -73 million yuan, and the profit situation was continuously improved. The net profit after deducting non was -818 million yuan, -228 million yuan and -32 million yuan respectively. The improvement trend of net profit after deducting non was more obvious, indicating that the profitability of the company's main business is recovering rapidly. If this trend continues, Changying Precision may soon enter the profit inflection point.

Analysis shows that one of the main reasons for the decline in the performance of Changying Precision from 2021 is that the company has invested a large number of production lines in the fields of new energy and consumer electronics in the past two years, leading to high fixed costs including depreciation charges. However, as these new production lines gradually reach production and scale effects emerge, the economic benefits will gradually improve. The company is also expected to return to profitability.

According to the semi-annual report, Changying Precision achieved a revenue of 1.049 billion yuan in the new energy business in the first half of this year, with a year-on-year growth of 140%. The main reason is that the company's three production bases of battery structural parts in Yibin, Sichuan Province, Changzhou, Jiangsu Province and Ningde, Fujian Province have started production, and the production capacity of the new energy business segment has been gradually released. Prior to this, Changying Precision's new energy business revenue has been rapid growth for several consecutive quarters.

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In the field of consumer electronics, Changying Precision also began to prepare capacity for notebook computer projects of international major customers in the first half of last year, and the project has maintained a high growth rate since the fourth quarter of last year. With the further release of production capacity, the long-term scale effect is expected to be further reflected.

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