Huajin Intl (02738.HK) first-half earnings exceeded 3.2 billion yuan, a year-on-year increase of 7.7%.
On August 30th, Guolanghui announced its interim results. For the six months ended June 30, 2024, the Group achieved a revenue of approximately CNY 3.2065 billion, an increase of approximately CNY 0.2297 billion or 7.7% compared to the first half of 2023. The company's attributable net profit for the first half of 2024 was approximately CNY 16.9 million, a decrease of approximately CNY 22.5 million or 57.1% compared to the first half of 2023. The main reason for the decrease in the group's net profit in the first half of 2024 was the sale of hot-rolled steel.
Express News | Huajin International Holdings H1 Gross Margin 2.9%
Express News | Huajin International Holdings H1 Revenue RMB 3,206.5 Million
HUAJIN INTL: INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024
CITIC Securities: Steel prices fluctuate and seek the bottom, waiting for demand to recover.
Currently, as we approach the end of August, whether the demand will improve in the later period will be the key to whether steel prices will stop falling and rebound, given the significant reduction in production in steel mills.
Huajin International Expects Lower H1 Profit
Huajin International Holdings (02738.HK) is expected to have a comprehensive net surplus of 10 million yuan to 20 million yuan in the medium term.
On August 22, Huajin International Holdings (02738.HK) announced that, based on the preliminary assessment of the unaudited comprehensive management accounts for the six months ended June 30, 2024 ("the period") and the latest information currently available to the board of directors, it is expected that the Group will record unaudited comprehensive net profit of approximately RMB 10 million to RMB 20 million for the period, while for the six months ended June 30, 2023, unaudited comprehensive net profit of approximately RMB 39.4 million was recorded. The board of directors believes that the expected decrease in net profit for the period is mainly due to (including) hot-rolled steel coils.
Express News | Huajin International - Expected Results Due to Drop in Profit Margin for Sales of Hot-Rolled Steel Coils and Scrap Steel, Others
Express News | Huajin International Sees Unaudited Consolidated Net Profit RMB10 Mln to RMB20 Mln for Six Months
HUAJIN INTL: PROFIT ALERT
On August 30th, huajin intl (02738.HK) held a board of directors meeting to review and approve the interim performance.
Huajin Intl (02738.HK) announced that the board of directors will hold a meeting on Friday, August 30th, 2024 to consider and approve the midterm performance of the company and its subsidiaries for the six months ending on June 30th, 2024.
HUAJIN INTL: DATE OF BOARD MEETING
Steel companies are issuing warnings about a "severe winter"! The market cap of the world's four largest iron ore miners has evaporated by over 100 billion US dollars.
Many steel companies' predictions about the severe industry outlook have made several major international iron ore suppliers, who are upstream industries, begin to have a difficult time in recent days. Since the beginning of this year, the price of this key steelmaking raw material has fallen by more than one-third. The market capitalization of the "four major" global iron ore miners has evaporated by about 100 billion US dollars in total.
Huabao Securities: Blast furnace start-up increases compared to the low demand season, steel prices downward pressure.
In July, the terminal demand for steel is still greatly affected by seasonality, and the space for supply contraction is limited. It is expected that the steel price will continue to decline in July, and the short-term profit situation of steel companies may be difficult to improve significantly.
Hong Kong stock market concept tracking: Institutions are optimistic of the steel industry's profit recovery in the second half of the year, as infrastructure projects may have concentrated efforts to complete. (Attached concept stocks)
The situation of relatively surplus raw material supply will also continue, and steel mill profits are expected to rebound due to the double bullish of demand improvement and cost reduction.
Huafu Securities: Profits hit a bottom waiting for recovery, steel prices still have support.
In 2024, there is an expected contraction in steel supply, downstream consumer demand is expected to stabilize, and the steel supply-demand relationship may be improved. Considering the positive development of steel products towards high-end and high added value direction, the industry concentration is expected to further increase, and industry profits may bottom out and recover.
Huajin Intl (02738.HK): Ye Yating will be appointed as an independent non-executive director.
Huajin Intl (02738.HK) announced that Wu Cifei has resigned as an independent non-executive director, member of the audit committee, nomination committee, remuneration committee, and compliance committee of the company recently to develop other businesses and personal affairs. The resignation will take effect when the company's shareholder annual meeting ends on June 27, 2024. The board of directors announced that Ye Yating will be appointed as the company's independent non-executive director, member of the audit committee, nomination committee, remuneration committee, and compliance committee, effective from July 1, 2024.
Huabao Securities: With the upstream supply and demand easing and the downstream vanadium pentoxide prices rebounding, the gross margin of vanadium products is expected to improve.
Overall, the upstream supply and demand is loose, and the downstream vanadium pentoxide prices have rebounded, resulting in a widening of the price spread, which is beneficial for improving the gross margin of vanadium products. Continue to pay attention to the investment opportunities brought about by the restructuring of the supply and demand structure.
Most Shareholders Will Probably Find That The Compensation For Huajin International Holdings Limited's (HKG:2738) CEO Is Reasonable
Huajin International Units Enter Into Supplemental and New Construction Agreements
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