SHANGHAI, Apr. 25 (SMM) – According to the annual report of Qingdao Hanhe Cable, net profits attributable to shareholders of its listed company declined 30.65% YoY to RMB 208 million in 2012. Its earnings per share also fell 12.20% YoY to RMB 0.36.
The company specializes in high and extra high voltage cable and special cable. It is a leader in the R&D of high and extra high voltage cable in China.
It acquired 100% stakes of Changzhou Bayi Cable in 2012 by issuing shares and cash. This acquisition allows it to expand its business to cable used in nuclear power stations, instrument control, data bus, mobile communication base stations, photovoltaic industry and wind energy.
It rate of winning bids from the State Grid on 220kV and 110kV cable ranked first in China last year. Its 500kV ultra-high voltage, cross-linked cable was bought by the State Grid.
The output and sales volumes of its steel-cored aluminum stranded cable last year surged 96% and 102.99%, respectively, driven largely by robust demand for steel-cored aluminum stranded cable.
Qingdao Hanhe Cable’s revenue growth depends heavily on the State Grid’s bid invitation. The State Grid’s bids for ultra-high voltage and special high voltage cable will continue to increase this year, which will continue to contribute to its earnings growth.