\u3000\u30003 Guangdong Piano Customized Furniture Co.Ltd(002853) 00285)
Core conclusion
The company released the annual report of 2021. In 2021, the company achieved a revenue of 3.162 billion yuan, a year-on-year increase of 24.37%, a net profit attributable to the parent company of 795 million yuan, a year-on-year increase of 38.57%, a gross profit margin of 45.04%, a year-on-year increase of -1.3pct, a net profit margin of 26.72%, a year-on-year increase of + 2.29pct; Among them, 2021q4 achieved a revenue of 888 million yuan, a month on month ratio of + 24.4% / + 11.0%, a net profit attributable to the parent company of 194 million yuan, a month on month ratio of + 22.8% / – 6.3%, a gross profit margin of 44.0%, a month on month ratio of -0.3pct / + 0.3pct, a net profit margin of 23.0%, and a month on month ratio of -1.1pct / – 4.6pct respectively.
The revenue and sales volume of each sector have achieved high growth. Catalytic materials: in the 21st year, the revenue was + 32%, the sales volume was + 60.4% and the unit price was – 17.7% year-on-year. It was the implementation of the national six standards of heavy diesel in China. The demand for honeycomb ceramic products increased rapidly. At the same time, the cerium zirconium solid solution of the company has passed the downstream certification to realize batch supply, and the production capacity will be gradually released. Electronic materials: the year-on-year revenue of 21 years was + 19.5%, the year-on-year sales volume was + 30.6%, and the year-on-year unit price was – 8.5%, which was driven by the demand for MLCC powder, alumina, boehmite, zirconia and other products by new energy vehicles. Biomedicine: in the 21st year, the revenue was + 19.4% year on year, the sales volume was + 19.3% year on year, and the unit price was + 0.1% year on year. It was due to the company’s gradual opening of overseas markets, the rapid development of China’s oral medicine industry and the rapid growth of demand for zirconia products. In addition, the company continued to launch production expansion plans: 2500 tons of MLCC medium materials, 30000 tons of high-purity ultra-fine alumina and 100000 tons of boehmite, comprehensively promoting the four business segments.
Share repurchases demonstrate confidence and equity incentives motivate employees. On January 11, the company announced that it would repurchase some shares for equity incentive plan or employee stock ownership plan, with the repurchase amount between 150 million and 300 million yuan. As of February 28, the repurchase amount of the company had reached 139 million yuan. This repurchase demonstrates the company’s confidence in long-term development. At the same time, it is used for employee incentive, which can fully mobilize the enthusiasm of employees and is of great significance to enhance the competitiveness of the company.
Investment suggestion: we are optimistic about the deterministic increment of each business track of the company, and are expected to seize the opportunity of localization of electronic and honeycomb ceramic materials to achieve rapid growth. The company is expected to realize a net profit attributable to the parent company of RMB 1.057/12.72/1.604 billion from 2022 to 2024, maintaining the “buy” rating.
Risk warning: the progress of project construction is lower than expected, the overseas expansion is lower than expected, and the industry competition is intensified
