Rongcheng's third quarter net profit decreased by 98.88%

Lead: Gongda Dacheng Rongcheng suffered from market volatility, and the profitability in 2018 was obviously weakened. In the third quarter, the operation turned losses, which was the first quarterly loss in the past four and a half years. Looking forward to the market outlook, due to the lack of market conditions in the fourth quarter, the Group strengthened the investment layout of cross-strait carton factories, hoping to create greater added value, improve product structure and enhance profitability.

Rongcheng’s net profit before tax in the third quarter was 1.83 million yuan, a decrease of 98.88% from the previous announcement of 163 million yuan.

Rongcheng 2018 consolidated revenue of 13.186 billion yuan in the third quarter (note: this article is NT), the season decreased by 12.4%, an annual increase of 4.66%, a record high, but the gross profit margin was 13.41%, the profit rate was 3.57%, and the score was nearly 6 The annual, three-and-a-half-year low, plus the increase in losses outside the industry, the owner's after-tax loss of 30.91 million yuan, loss of 0.03 yuan per share, for the first quarter of 2014, see a single quarter loss.

In the first three quarters of the year, the combined revenues reached a new high of 39.516 billion yuan, an increase of 23.44%, but the gross profit margin was 14.14%, and the profit rate was 5.61%, which was nearly 5 years and a low of nearly 6 years. In addition to the industry to turn losses, the owner's after-tax net profit of 956 million yuan, an annual decrease of 67.95%, a low for the same period of the past three years, earnings per share of 0.84 yuan.

Rongcheng’s net profit before tax in the third quarter was 1.83 million yuan, a decrease of 98.88% compared with the previous announcement of 163 million yuan. The company explained that the accounting treatment in the cross-strait is inconsistent, including the recognition of the IPO related professional service fees and inventory declines of subsidiaries in mainland China. Loss and other expenses, resulting in the accountant's pre-tax net profit is lower than the self-sufficient.

In the first half of the year, the price difference of waste paper reached 1,200 yuan. In the fourth quarter, the market was not busy, and the market was difficult to control.

Rong Cheng’s spokesperson Zou Yongfang previously said that the spread of waste paper in the first half of China had reached 1,000 to 1,200 yuan in the first half of the year, and has gradually shrunk to around 200 yuan at the beginning of this month, helping to reduce the cost burden. However, the current volatility of waste paper prices is still frequent and violent, and the market outlook is still difficult to control.

Looking forward to this season, Zou Yongfang admits that the market demand in the fourth quarter of mainland China is not prosperous, including the demand for carton orders such as Double 11, Europe and America Thanksgiving and Christmas, not as strong as in the past two years, the judgment should be subject to Sino-US trade war The impact and the soaring price of cartons in the first half of the year have led to the influence of factors such as the replacement of other materials by small businesses and the disappearance of demand from small factories.

Strengthening the capacity building of downstream carton factories, Rongcheng hopes that the proportion of cartons will increase to 70%.

Rongcheng plans to strengthen the capacity building of the downstream carton factory, and announced that it will spend 92 million yuan to purchase 9 land from the related enterprise Baolong for the expansion of Yunlin Carton Factory. It is expected to spend another 300 million yuan to purchase equipment. It is expected that the new capacity will be opened. After the release, the capacity of the carton in the carton is expected to increase by 30% annually, from 360 million square meters per year to 470 million square meters.

At the same time, Rongcheng also continued to expand production in mainland China. The Jingzhou Carton Factory was put into operation in July. The Wuhan Carton Factory, which was built with a capital of RMB240 million, is expected to be put into operation in the first half of next year, which will help boost profitability. As for the 250,000-ton corrugated paper production line of Hubei Rongcheng Phase II, it is also expected to start production in the third quarter of next year.

Zou Yongfang said that green packaging is the trend. Carton products can directly contact customers, understand and assist customers to provide lighter and more environmentally friendly products, and the added value space is relatively large. At present, the contribution of paperboard and cardboard boxes is about half of the total. In the future, it is hoped that the proportion of cartons can be gradually increased to 70%, which will help optimize product structure and enhance profitability.

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