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Commercial lighting is a term used to describe lighting that is used in commercial spaces, including auto dealerships, distribution centers, churches, factories, offices, and warehouses. Unlike residential lighting, commercial lighting is made to withstand more abuse and has a longer lifespan.
While the focus of residential lighting is often on aesthetics, commercial lighting is task orientated. Commercial lighting systems are designed based on what the application is. For example, in an office-type setting, you may see task lighting, which illuminates specific areas where employees need concentrated light to be able to perform their jobs.
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Xiamen Tungsten Industry released its 2008 annual report on March 20th. The company achieved operating income of 494,712,500 yuan in 2008, a year-on-year increase of 6.96%; total profit of 405,518,800 yuan, an increase of 6.91%; net profit attributable to shareholders of listed companies was 20,260,650 yuan , a year-on-year increase of 1.08%; basic earnings per share of 0.2971 yuan, net assets per share of 3.43 yuan, a return on net assets of 10.26%. 1.5 yuan (including tax) is proposed for every 10 shares.
The company's tungsten ore and tungsten products continued to decline while maintaining a small profit growth, mainly due to the development of waste tungsten and waste recycling projects, so that production costs have been effectively reduced. In addition, the company's real estate project entered the harvest in 2008 is also an important factor in the increase in profits.
During the reporting period, due to the sharp decline in the prices of metals such as tungsten and molybdenum in the fourth quarter, the operating income of tungsten-molybdenum non-ferrous metal products business decreased by 2.80% year-on-year to 334.859 million yuan, while operating costs decreased by 4.63 percentage points to 281,633,140 yuan. As a result, the gross profit margin of the business increased by 1.62 percentage points year-on-year to 15.90%. As the Chengdu Ludao International Community Phase II project delivered the house and confirmed the income, the company's real estate business realized operating income of RMB 925,290,200, a year-on-year increase of 82.35%, and the gross profit margin was as high as 42.29%, an increase of 3.76 percentage points year-on-year. In addition, due to the increase in sales of the company's energy new materials business, operating income increased by 8.27% year-on-year, and gross profit margin increased by 3.80 percentage points to 8.27%.
Due to the long industrial chain of the company, the inventory is still large in the products, and the price loss caused by the falling prices of metal raw materials and finished products cannot be spared. In the fourth quarter, the total inventory depreciation loss amounted to RMB 43.63 million. In addition, due to the adjustment of the national macro-policy, the export tax rebate for some products was reduced, cancelled, and even increased export tariffs, affecting profits of 48.37 million yuan.
Nearly half of the company's operating income came from exports. In 2008, export revenue fell by 7.50% year-on-year. In view of the current international economic situation, the company's sales revenue in the first half of 2009 may fall sharply. Despite this, the company still plans to achieve consolidated operating income of 6.141 billion yuan in 2009, an increase of 24% over 2008; total cost of mergers is 5.453 billion yuan, an increase of 21% over 2008; the net profit is not lower than the 2008 level.
In the future, the company will continue to develop the cemented carbide business. The new cemented carbide production line that was raised in 2007 will ensure that the company's cemented carbide production will maintain a 30% growth in the next 2-3 years; the new tungsten material engineering technology center project will be able to Help companies develop new products and enhance their competitiveness. In the future, it is expected to significantly increase the company's profitability. It is a hydrogen storage alloy powder project. The company has completed the construction of a 5,000-ton hydrogen storage alloy powder project, and is still in the product certification stage. The key equipment of this product has achieved self-production replacement, which will greatly reduce its production costs.
However, the market prospects of the above projects need to be further observed. Especially in the form of low crude oil prices and the need for countries around the world to rescue funds from financial institutions and traditional real economy, the development and use of new energy materials with higher costs may slow down. Cemented carbide market development may also require a period of incubation.
Xiamen Tungsten Industry's performance in 2008 increased slightly
In the case of the sharp decline in the price of metal products in 2008, Xiamen Tungsten achieved a small increase in net profit due to effective control of production costs and the entry of real estate projects into the harvest period.