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Shenghe Resources expected full-year net profit to rise 1,104% - 1,318%

January 29, 2018      Source:Shenghe Resources

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On January 26, Shenghe Resources (600392) released its performance forecast. The Company expected net profit attributable to shareholders of listed company from January to December 2017 to be 330 million to 400 million yuan, up 1104.50%-1317.57% from the same period of last year. The average non-ferrous smelting processing industry net profit growth rate was 102.63%.

The company made the above forecast based on the following reasons:

(1) main business Implications. In the first half of 2017, the State Administration of Industry and Information Technology jointly carried out special rectification actions on the rare earth industry to promote the orderly rectification of rare earth industry and stabilize the market of rare earth products. Rare earth supply-side reform continued to advance. Rare earth enterprises with the core of the six major rare earth groups actively promoted the structural adjustment and industrial upgrading of the rare earth industry. As the demand for rare earth increased due to the application of rare earths, the prices of rare earth products generally rose and generally rose. In the second half of 2017, the prices of rare earth products fluctuated greatly. After experiencing the rapid rise in the third quarter and the fall in the fourth quarter, the prices of rare earth stabilized in the turmoil. Meanwhile, after the completion of major assets reorganization, the company consolidated the financial statements of Ganzhou Chenguang Rare Earth New Materials Co., Ltd., Leshan City Kebai Rui New Material Co., Ltd. and Hainan Wensheng New Material Technology Co., Ltd. since February 2017. The relevant business became a new profit growth point of listed companies, profitability has been enhanced.

(II) Impact of accounting treatment. In February 2017, the company completed a major asset reorganization. Since February 2017, the Company merged with Ganzhou Chenguang Rare Earth New Materials Co., Ltd., Leshan Bailipei New Material Co., Ltd., Hainan Wensheng New Material Co., Ltd. Technology Co., Ltd. three financial statements


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