\u3000\u3 Shengda Resources Co.Ltd(000603) 901 Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) )
The annual revenue increased by 34% year-on-year, and the net profit attributable to the parent company excluding the provision of goodwill increased by 65% year-on-year
In 2021, the company realized an operating revenue of 2.71 billion yuan, a year-on-year increase of 34%; The net profit attributable to the parent company was 260 million yuan, a year-on-year increase of 53%. During the reporting period, the demand of downstream milk, snack food and other industries increased, and the market competitiveness of the company’s core products continued to improve; Driven by factors such as the decline in the rate of selling expenses and the increase in non recurring income (government subsidies and income from changes in the fair value of financial assets), the company’s net interest rate increased in 2021, and its performance increased significantly, which was in line with expectations as a whole.
In 2021, Q4 company achieved an operating revenue of 730 million yuan, an increase of 11% year-on-year and a decrease of 1.8% month on month; The net profit attributable to the parent company was 43.46 million yuan, a year-on-year increase of 25% and a month on month decrease of 49%. It is mainly due to the fact that the operation of the subsidiary guangerqing did not meet the expectation and the provision of goodwill of 20.81 million yuan; After deducting the impact of accrued goodwill, the company’s Q4 net profit attributable to the parent was 64.27 million yuan, an increase of 85% year-on-year, and the net profit attributable to the parent was in line with expectations.
The overall scale effect of the company is obvious in 2021, and its profitability is expected to be further improved
Affected by adverse factors such as rising raw material prices, the company’s gross profit margin was 32.1% in 2021, a year-on-year decrease of 0.1pct; The net interest rate was 9.6%, a year-on-year increase of 13%. In the future, with the optimization of the company’s product structure, the flexible use of price mechanism adjustment and the cost reduction and efficiency increase of large-scale production, the gross profit margin and net profit margin are expected to be further improved.
In 2021, the company’s sales expense was 200 million yuan, with a year-on-year increase of 22%; The management fee was 150 million yuan, a year-on-year increase of 33%; The R & D cost was 160 million yuan, a year-on-year increase of 36%. The year-on-year growth rate of the company’s sales expenses was significantly lower than the growth rate of revenue. The scale effect of the company was gradually reflected, driving a significant increase in net interest rate.
The packaging equipment industry has opened up incremental market space, and the company’s accelerated production expansion is expected to lead the same industry
The company’s continuous technology optimization is applied to aseptic filling system in dairy and beverage market. It has improved the stability, advanced and intelligent degree of products, and has formed a relatively complete packaging equipment product system. With the gradual development of China’s Chinese Baijiu technical transformation project and the continuous improvement of low temperature milk permeability, the company will rely on technical superiority and product quality to enhance its downstream customers, and the market share of China will be further improved. The company’s downstream main customers include Yili, Budweiser beer, Gree and other consumer goods industry leaders, which helps the company improve its brand effect. The company accelerated its capacity expansion and promoted the construction of “40000 sets of packaging equipment per year” to alleviate the current capacity bottleneck of the company as soon as possible; And through the intelligent transformation of the original production equipment, improve the production efficiency and shorten the delivery cycle.
Profit forecast and valuation
It is estimated that from 2022 to 2024, the company will realize an operating revenue of RMB 3.35/4.17/5.3 billion, with a year-on-year increase of 24% / 25% / 27%; The net profit attributable to the parent company was RMB 330 / 430 / 560 million, with a year-on-year increase of 27% / 29% / 31%, corresponding to 19 / 15 / 11 times of PE. Maintain the “buy” rating.
Risk tips
The prosperity of downstream industries is lower than expected, and the growth rate of fixed investment slows down; Industry competition intensifies and price war breaks out; The prices of raw materials such as steel, plastic particles and aluminum fluctuated sharply
