CCCL: Interesting tidbit from the 20-F:
"Porcelain tiles . Gross profit for porcelain tiles increased 28.5% from RMB 209.6 million ($30.6 million) for the year ended December 31, 2009 to RMB 269.4 million ($40.1 million) for the same period in 2010. Our gross profit margin was 33.9% for the year ended December 31, 2010 compared to 31.6% for the same period in 2009. The increase in gross margin was due to the higher gross margin of products manufactured and sold by Hengdali. The gross margins of Hengda and Hengdali were 32.4% and 38.2%, respectively, in fiscal year 2010. Porcelain titles was the major product of Hengdali, its revenue totaled 97% of the whole revenue of Hengdali for the year ended December 31, 2010. The higher margin in Hengdali was primarily due to higher automation of equipment, less maintenance cost and expendable supplies as a new factory. "
I was not modeling for significant gross-margin improvement in 2011, but I guess I have to now since Hengdali's percentage contribution to the business will skyrocket this year (and Hengda is getting new equipment too).
Should make my old EPS estimates be very conservative :).
-Fernando
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