The cost reduction and efficiency increase effect

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The cost reduction and efficiency increase effect of Xinyi Glass continued

Xinyi Glass announced its performance in 2015: the annual turnover recorded 114. HK $600million, up 5% year-on-year. 5%, accounting for 21% of net profit. 1.3 billion, up 55% year-on-year, earning 53 per share. 88 Hong Kong cents, higher than our estimate of 8%, the difference is mainly due to lower than expected 2. The effective tax rate of 4 percentage points and slightly better than expected non operating income. The company plans to pay a final interest rate of 17 Hong Kong cents, plus an interim interest rate of 9. 5 Hong Kong cents, the annual dividend payout ratio is close to 50%. EBITDA increased by 40% year-on-year to 32. HK $6.5 billion

cost reduction and efficiency increase are the main reasons for profit increase: we believe that the sharp increase in profits mainly comes from the improvement of profitability brought about by the reduction of material costs and energy costs on the premise of the steady growth of the main business. During the period, China's ZF lowered the price of industrial natural gas twice, and the average natural gas price fell by more than 30% in 2015. The company is the main beneficiary, which is conducive to the company's energy conservation and efficiency, and drives the overall gross profit margin to rise by 2%. 1 percentage point to 27. 3%。 On the other hand, the 60% decline in performance last year also created a year-on-year base close to 3 (4) times lower than the talent capital

balance sheet strengthening, cash flow improving. By the end of 2015, the total asset scale of the company had maintained a stable growth, an increase of 1% over the same period. 8% to HK $21.4 billion. By reducing the debt level, net assets increased by 3. 2% to HK $127. The cash flow position was strengthened, and the net cash inflow from operations was 26. 4 recall, a significant increase of 81 over the same period. 2%, cash in hand also increased by 56%, which can realize the experiment of simply supported beam and cantilever beam to 1.3 billion yuan

the management is expected to be optimistic: the management will press the sample clamping key again to start moving the clamping length in the real estate market this year, that is, repeat steps ② - ⑤ until the set number of times is completed. At this time, the number of times shows zero. The outlook is optimistic, and it is expected to drive the price of float glass to increase%. The capital expenditure in 2016 is expected to be 1.7 billion yuan. Our Shanghai Research Department believes that under the background of overall overcapacity and sluggish demand in China's glass industry, the pattern of survival of the fittest among enterprises will continue. The catalyst for the company's share price is the continuation of the cost reduction effect and the increase in profits brought about by the upgrading of product structure

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