①Driven by the recovery in the downstream automotive industry, bearing company changzhou nrb corporation achieved a turnaround in the first half of the year; ② The company's net income in the second quarter showed a decline compared to the previous quarter, and the gross margin also decreased accordingly, indicating insufficient growth momentum; ③ In addition, the company also faces negative cash flow, increasing accounts receivable and inventory, which may create financial pressure.
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On August 28th, The underpositive demand from the downstream automotive industry, changzhou nrb corporation (002708.SZ) achieved a turnaround in the first half of the year. However, from the financial report data, it is not difficult to see that the company's performance in the second quarter significantly lagged behind that of the first quarter, with a decrease in net income compared to the previous quarter, indicating insufficient growth momentum.
According to the financial report, in the first half of this year, changzhou nrb corporation achieved revenue of 1.124 billion yuan, a year-on-year increase of 41.06%; net income attributable to shareholders of the listed company was 43.4495 million yuan, turning losses compared to the same period last year; net income excluding non-recurring gains and losses was 40.9007 million yuan, also turning losses compared to the same period last year.
Changzhou nrb corporation stated that the overall growth in the industry and the ramp-up of the company's new projects helped the company achieve significant revenue growth in the first half of the year. Since 2024, domestic passenger vehicle market production and sales have increased year-on-year, with rapid growth in automobile exports and a steady increase in the market share of new energy vehicles, providing a solid market foundation for the company's sustainable development.
The financial report shows that changzhou nrb corporation mainly operates various automotive precision parts and high-end industrial equipment components, with bearings products accounting for the majority. In the first half of the year, the automotive industry contributed 90.05% to the company's revenue, while the remaining 9.95% came from the electronics industry. It is reported that supported by policies such as trade-in for new vehicles and subsidies for new energy vehicles in rural areas, coupled with a temporary cooling of the vehicle market price war, the overall automotive manufacturing industry has maintained steady growth, achieving moderate growth in the first half of the year.
According to the China Association of Automobile Manufacturers statistics, from January to June 2024, automobile production and sales reached 13.891 million and 140.47 million units, respectively, with year-on-year increases of 4.9% and 6.1%. New energy vehicle production and sales reached 4.929 million and 49.44 million units, respectively, with year-on-year increases of 30.1% and 32%. In addition, in the first half of the year, the penetration rate of new energy vehicles in China reached 35.2%, an increase of 7.5 percentage points year-on-year.
However, behind the moderate growth of the automotive industry, there are also some hidden instabilities, mainly due to the relatively low base in the same period of the first quarter, where growth exceeded double digits in the first quarter, but the overall growth rate slowed down in the second quarter compared to the first quarter.
This situation also affects the Changzhou NRB Corporation. From a quarterly perspective, the company achieved a total operating income of 0.554 billion yuan in the second quarter, a year-on-year increase of 24.96%, a quarter-on-quarter decrease of 2.78%; net profit attributable to shareholders of the listed company was 19.5978 million yuan, a year-on-year positive turn, a quarter-on-quarter decrease of 17.84%; net profit excluding non-recurring gains and losses was 19.0062 million yuan, a year-on-year increase of 163.29%, a quarter-on-quarter decrease of 13.19%.
In terms of profitability, the second quarter was not as good as the first quarter. In the first half of the year, the company's gross margin was 16.05%, a year-on-year increase of 6.30 percentage points; on a quarterly basis, the company's gross margin in the second quarter was 15.81%, a year-on-year increase of 4.13 percentage points, and a quarter-on-quarter decrease of 0.47 percentage points.
In addition, Changzhou NRB Corporation is also facing a cash outflow problem. In the first half of the year, the company's net cash flow from operating activities was -0.101 billion yuan, compared to -0.077 billion yuan in the same period last year, mainly due to the increase in the proportion of sales receipts in commercial bills and the increase in payment of bank deposits for purchases.
In terms of major changes in assets, as of the end of the first half of the year, the company's monetary funds were 0.282 billion yuan, a decrease of 43.98% from the end of the previous year, accounting for a decrease of 6.98 percentage points in the proportion of total assets of the company; accounts receivable were 0.724 billion yuan, an increase of 19.71% from the end of the previous year; inventory was 0.443 billion yuan, an increase of 11.90% from the end of the previous year. These changes will to some extent create financial pressure on the company.