The price of graphite products for core products continued to decline, which led to a large loss in the first quarter of 2019. Specifically, since 2017, the price increase of graphite electrodes has been very large, and now with the gradual release of production capacity, the relationship between supply and demand is no longer tense, and the price of graphite electrodes has dropped significantly since July 2018. Affected by the sharp drop in the price of graphite electrodes, Fangda Carbon's revenue and net profit in the third and fourth quarters of last year have shown a year-on-year decline. In fact, Fangda Carbon is in a strong cyclical industry. When the industry is booming, the company can achieve very bright results, but once the industry is in the down cycle, the sharp decline in performance is difficult to avoid.
It is particularly worrying that Fangda Carbon's carbon product sales in 2018 was 176,600 tons, a decrease of 7.55% year-on-year. In the case of expansion, the inventory of carbon products reached 10,400 tons last year, an increase of 44.81%. Based on the current status quo, as the price of graphite electrodes continues to decline, the performance of Fangda Carbon in 2019 may not be able to exceed the performance in 2017 and 2018.
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