Far East : The First Three Quarters of Net Profit Increased by 15.72% Year-on-year
On the evening of October 27, Far East Shares (600869) disclosed the third quarter performance report, the company achieved operating revenue of 15.937 billion yuan, a year-on-year growth of 6.70%, net profit of 512 million yuan, a year-on-year growth of 14.62%, net profit of 489 million yuan, a year-on-year growth of 15.72%, both hit a new high in the same period.
In the smart cable network sector, the operating revenue in the first three quarters was 14.630 billion yuan, with a year-on-year growth of 11.76%; the net profit was 646 million yuan, with a year-on-year growth of 25.01%; the contract orders of winning the bid/signing of more than 10 million yuan were 15.712 billion yuan, with a year-on-year growth of 50.25%. The construction of major projects such as the high-end offshore cable Industrial Base in the Far East, intelligent Cable in the Yibin Intelligent Industrial Park in the Far East, optical fiber for the Far East Communication Rod, and the expansion of the Yixing Base of the Far East Cable are progressing steadily.
In the smart battery sector, the revenue of lithium battery in the first three quarters was 393 million yuan, and the net profit was -191 million yuan, with a year-on-year reduction of 83 million yuan. Through the series of household storage products such as high-voltage stacked type, low-voltage wall-mounted type and low-voltage enclosure type, the company continued to promote the energy storage market in Europe and other overseas users. Make full use of the synergistic advantages of "cable storage integrated" and the strategic customers accumulated over the years to lay out energy storage on the power generation side. The company continues to make breakthroughs in the field of household storage. As of October, the company has won the bidding/signed orders for household energy storage of more than 10 million yuan over 870 million yuan, and has received fixed notice from European importers of household energy storage systems and other products. It is expected to supply 15,000 to 20,000 sets in 2023. At the same time, the high-precision lithium copper foil project of Yibin Intelligent Industrial Park in the Far East is progressing as planned and is expected to be put into production in the first quarter of 2023, which will further enhance the performance of the listed company. In the smart airport sector, Jing Hangan has obtained the first-class qualification certificate of Civil Aviation Airport runway engineering, becoming the fifth national first-class qualification enterprise in the field of civil aviation professional engineering.
It is worth noting that Far Eastern Shares also disclosed the plan for the non-public offering of A-shares in 2022. The total amount of funds to be raised is not more than 3.8 billion yuan (including the original amount), of which 1.5 billion yuan will be used for the high-end offshore cable industrial base project. 1.5 billion yuan will be used for energy storage research and development and industrialization projects. The company said that the implementation of the private placement will further enhance the strength of the company, consolidate the leading position in the industry and promote the realization of strategic objectives.