High-Grade Carbide Products Accounted for A Relatively Small High-Tech And Other Factors Caused by The Poor Performance of Tungsten

Tungsten high-tech ( 000657 ) in October 2013 completed the HNC purchase shares of non- public offering of shares held by the hard- line 100% equity stake from 80% of the company's major asset restructuring hard . Upon completion of this restructuring , the overall strength of the company's main business has been significantly enhanced , the company established a leading position in the domestic enterprises carbide industry. After the completion of the restructuring , according to the data display after retroactive adjustment , full-year 2013 the company achieved total revenue of 11.237 billion yuan , an increase of 32.4% ; completion of the net profit attributable to equity holders of 158 million yuan , an increase of only 2.3% the results failed to meet the commitments made ​​in the reorganization .

The reasons for the poor performance of high-tech tungsten , in addition to market factors , and their numerous deficiencies also closely related to : 1 ) processing is not deep , not fine finishing , facing fierce competition. In the country , whether technical or personnel accumulation literacy , high-tech tungsten in its hard- line , self- doubt is called the hard carbide industry leader , but because of staff turnover , low-grade carbide products have been presented intense competition , and the company really high-end products accounted for a relatively small , only diamonds and Jinzhou has a strong advanced, but compared to foreign products and the gap is still large. 2 ) staff large output inefficient. Subsidiary strains are hard and stiff from decades-old state-owned enterprises , a large number of personnel , the heavier the burden , relative to other companies carbide , per capita output is too low. 3 ) all rely on raw materials purchased , industry chain defects. Companies incomplete industry chain , in addition to tungsten concentrate , APT purchased as a raw material needs , the intermediate products such as tungsten carbide , also need outsourcing, huge production capacity and alloy carbide tools business only modest processing fee charged , resulting in gross profit margin lower .

The actual level of management and shareholders controlling fusion or accelerated decision making. Tungsten tech decision chain length, but also led to its repeated disappointing reasons. In the high-tech tungsten above , in addition to Hong Kong listed company Hunan Nonferrous , there HNG before the real decision-making level CMNH ; while in the high-tech tungsten or less , in addition to its subsidiaries , as well as nearly 20 branch and sub- subsidiary . According to communicate with management , we are told , CMNH and HNG ongoing management integration , which previously CMNH and CMN have unified management , after the completion of the company's management will achieve three triple layer , which will help to improve decision-making efficiency , promote the progress of the relevant commitments .


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