\u3000\u3 Shengda Resources Co.Ltd(000603) 889 Zhejiang Xinao Textiles Inc(603889) )
In the 21st year, the revenue was 3.47 billion yuan, an increase of 53% and the net profit attributable to the parent company was 290 million yuan, an increase of 94%
The company issued a performance express. In 2021, the revenue was 3.47 billion yuan, an increase of 52.7%, of which the total revenue and growth rate of 21q1-4 were 640 million (+ 30.5%), 1.12 billion (+ 90.8%), 950 million (+ 47.1%) and 770 million (+ 38.1%) respectively;
We predict that in 2021, the income of wool worsted yarn will be 2.01 billion yuan, accounting for 58%, with an increase of 26%; Cashmere income was 870 million yuan, accounting for 25%, with an increase of 344%; Wool income was 520 million yuan, accounting for 15%, with an increase of 31%;
The revenue growth in this period was mainly due to the recovery of the consumer market and the textile industry, the low repair and rise of the price of raw material wool turned into stable fluctuation, the company optimized the production and efficiency strategy, strengthened the incentive assessment, and improved the capacity utilization. The production and sales of main products increased significantly year-on-year.
The net profit attributable to the parent company in the past 21 years was 293 million yuan, an increase of 93.5% at the same time, mainly due to the company's remarkable achievements in broadband development and the production and operation of cashmere business gradually on track; Among them, the net profit attributable to the parent company and the growth rate of 21q1-4 were 50 million (- 21.8%), 120 million (+ 362.0%), 80 million (+ 593.0%) and 40 million (- 23.9%) respectively.
We estimate that the profit of wool worsted yarn is 150 million yuan, accounting for 50%; Cashmere profit is 60 million yuan, accounting for 19%; Wool profit was 50 million yuan, accounting for 17%.
Optimize production and marketing strategies, promote the release of high output, and link brands to open new marketing
Based on its capacity scale advantages, the company adopted the production and marketing mode of promoting production by sales, optimized the team incentive assessment, and promoted the release of high output. The capacity utilization rate and production and marketing rate of 21h1 wool worsted yarn remained high, and the production and sales volume reached a record high.
Open up a new track with content marketing. In the past 21 years, the company has participated in two seasons of tmall nfac roadshows, shared 7 kinds of yarns, and won the top 3 in fabric selection; At the end of the year, Boyang seven stars jointly launched wool cashmere home clothes; Duncan, a British subsidiary, held a men's show with high-end men's wear brand gornia to further promote its brand value by breaking the circle with content.
Cashmere business gradually matures, raises profit space, optimizes product structure and brings profit increment
The broadband strategy has achieved rapid growth of cashmere business. In the past 21 years, the company seized the opportunity of global consumption recovery, the sales volume of cashmere increased, the production and operation of its subsidiary Ningxia Xinao gradually stepped onto the right track, and the profitability was improved; Duncan focuses on the high-end market, turning losses into profits in 21 years. In the future, with the gradual maturity of cashmere business and the increase of the proportion of distribution orders, the profitability may be further improved.
Focus on high-quality category tracks and optimize product structure. Relying on its outstanding new product R & D and technological innovation capabilities, the company has developed its products into differentiation and functionalization. For example, the company has launched high value-added products such as activwool series outdoor sports yarn. As of 21h1, the company's sports yarn sales account for nearly 20% of the company's revenue. With the further deepening of the company's cooperation with various sports brands, the proportion is expected to continue to increase and promote profit growth.
Expand high-end production capacity, optimize the layout, release production capacity, stack intelligent manufacturing and reduce costs to promote the improvement of profitability
The company continues to expand high-end wool textile production capacity, deepen intelligent manufacturing projects and improve production and storage efficiency. The company's convertible bond raising and investment project plans to add 60000 wool worsted woven yarn capacity to boost the optimization of product structure; The subsidiary's "annual increase of 6000 tons of wool top and 12000 tons of functional fiber modification processing production line project" is conducive to improving the upstream layout of the industrial chain and realizing intensive and refined operation. In the future, with the gradual release of production capacity and the further improvement of production capacity utilization, the market share and profitability of the company are expected to continue to improve.
Maintain profit forecast and buy rating. The company has been deeply engaged in the wool textile industry for more than 30 years, and the broadband development strategy has achieved remarkable results. The orders in 22 years are expected to be better. We expect the company's revenue in 21-23 years to be 3.47 billion yuan, 4.31 billion yuan and 5.2 billion yuan respectively, the net profit attributable to the parent company to be 300, 400 and 500 million yuan respectively, the corresponding EPS to be 0.6, 0.8 and 1.0 yuan / share respectively, and the corresponding PE to be 10.5x, 7.7x and 6.2x respectively.
Risk tips: raw material price fluctuation risk, exchange rate fluctuation risk, production capacity release less than expected and other risks. The performance express is only the preliminary accounting result, and the specific financial data shall be subject to the annual report.
