RMB 2.765 Billion! Its Gross Margin Reached 40.16% in 2016!
Cangzhou Mingzhu recently released its 2016 annual report. During the reporting period, the company achieved operating revenue of RMB 2.765 billion, up 27.10% year on year; net profit attributable to shareholders of the parent company was RMB 487 million, up 127.05% year on year, with basic earnings per share of RMB 0.79. In the fourth quarter alone, net profit attributable to shareholders of the parent company reached RMB 100 million, up 68.07% year on year and down 23.25% quarter on quarter, with quarterly EPS of RMB 0.16. The dividend plan is: a cash dividend of RMB 1.60 (tax included) for every 10 shares.
Significant growth in BOPA output and sales
In 2016, the company's operating revenue from its main business was RMB 2.701 billion, up 29.27% year on year. The main reason was first the substantial increase in the selling price of BOPA film products; BOPA film products generated revenue of RMB 785 million, up 29.53% year on year. During the reporting period, the gross margin of BOPA film products was 40.16%, 25.76% higher than the previous year.
Steady growth in BOPA film sales as downstream applications broaden
Cangzhou Mingzhu is one of China's largest BOPA film manufacturers and the first domestic company to fully master the simultaneous biaxial stretching process for BOPA film through independent research and development.
With Japanese competitors exiting the market, Cangzhou Mingzhu, backed by strong technical capabilities, has gained a certain pricing power over its products. The outstanding performance of BOPA film is reflected in its high barrier, high transparency, thinness, light weight and extremely wide temperature range (-60~150℃); downstream it is mainly used for product packaging in food packaging, pharmaceuticals, cosmetics and other fields, and its application areas continue to expand.
In 2016, the company sold 33,200 tonnes of BOPA film, up 2.03% year on year; the average selling price was RMB 23,600 per tonne, up 26.95% year on year, mainly benefiting from the improvement in its industry position and from raw material prices remaining generally low in the first quarter of 2016; corresponding revenue was RMB 785 million, up 29.53% year on year, accounting for 28.38% of the company's revenue.
In 2016, the gross margin reached 40.16%, up 178.89% year on year, mainly due to price increases while raw material price rises were limited. Raw material prices are expected to rise only modestly in 2017, and the company will add two 7,500-tonne production lines to meet strong market demand.
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