**Abstract**
On August 14, Jiang Diamond Co., Ltd. (000852.SZ) released its 2014 semi-annual report on Wednesday evening. The company reported a current operating income of approximately 724 million yuan, representing a year-on-year decline of 14.47%. Net profit attributable to shareholders of listed companies was around 8.13 million yuan, down by 84.63% compared to the same period last year.
According to the announcement, the company faced challenging macroeconomic conditions both domestically and globally during the reporting period. A reduction in drilling footage and rising operational costs contributed to lower returns on net assets and a shrinking gross profit margin. These factors created more severe operational challenges for the company.
In the first half of the year, revenue from the petroleum machinery business dropped by 23.11% year-on-year to 523 million yuan, with the gross profit margin declining by 8.41% to 21%. However, as a Sinopec system company, the firm maintains certain advantages in equipment procurement.
Despite the overall downturn, the company made progress in several key areas. Its diamond drill bit business gradually built up a strong competitive edge, with orders in the first half of the year surpassing those of the previous year. The screw drill product technology matured further, and demand continued to grow. Additionally, the compressor product line showed promising potential. The company's comprehensive capabilities were validated through projects like Daniudi, and demand for washing trucks in machinery factories increased. Meanwhile, the Chengdejiang Drilling Device is expected to complete a successful test in the Jiaoshiba area, opening up new market opportunities.
The natural gas industry also demonstrated strong performance, with the company showcasing robust testing and production service capabilities. It capitalized on the Fuling shale gas development opportunity, successfully establishing an integrated production and sales project team model. The company also implemented a full well contracting service for its drill bit product portfolio, achieving positive results. Furthermore, it set a record in producing steel body PDC bits and equal wall thickness screw combinations at the coke dam.
Industry analysis indicates that over recent years, Jiang Diamond has worked to solidify its leading position in the roller bit sector. It has accelerated the development of screw drilling tools and diamond bit industries, explored new fields such as marine oil and gas equipment, and expanded its range of petroleum machinery products, including natural gas compressors. With this broadened product portfolio, the company is well-positioned for future growth.
Additionally, a representative from Jiang Diamond told the Great Wisdom News Agency in the first quarter that the rise of unconventional oil and gas in China could support the company’s performance. While the company has some orders related to unconventional oil and gas, the volume remains relatively small, and the impact on overall performance is not yet significant.
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