\u3000\u3 Shengda Resources Co.Ltd(000603) 601 Chongqing Zaisheng Technology Co.Ltd(603601) )
The decline in revenue in a single quarter gradually converged and increased slightly after deducting the influence of masks and melt blown. In 2021, the company achieved a revenue of 1.62 billion yuan, a year-on-year increase of - 14.04%, a net profit attributable to the parent company of 249 million yuan, a year-on-year increase of - 30.6%, an EPS of 0.35 yuan / share (basic), and plans to transfer 10 to 4 for 1.05 yuan (tax included). The year-on-year decline in the annual performance was mainly due to the sharp year-on-year decline in the income of masks and meltblown materials in 2021, the impact of the expansion progress of the pig cycle and the obstruction of maritime exports. After deducting masks and meltblown materials, the income increased by 0.92% year-on-year; Among them, Q4 achieved a revenue of 464 million yuan in a single quarter, a year-on-year increase of - 18.06% (q1-q3 were 40.78% / - 37.06% / - 20.57% respectively), and the net profit attributable to the parent company was 62 million yuan, a year-on-year increase of + 48.0%.
High efficiency and energy-saving products continue to grow, and many factors cause periodic pressure on clean air products. In terms of products, the revenue of clean air / high-efficiency and energy-saving products was 896 / 694 million yuan respectively, with a year-on-year ratio of - 29.55% / + 17.15%, accounting for 56.35% / 43.65%. Among them, the revenue of clean air materials / purification equipment was 499 / 397 million yuan respectively, with a year-on-year ratio of - 39.79% / - 10.41%. The revenue of masks and melt blown materials / other filter materials in clean air materials was 34 / 465 million yuan respectively, with a year-on-year ratio of - 89.27% / - 9.83%. The growth of energy-efficient products was mainly due to the continued strong demand for VIP core materials and AGM diaphragms, with sales of + 6.83% year-on-year. Among them, AGM diaphragms benefited from the production of new production lines, with sales of + 18.06% year-on-year; The year-on-year decline in clean air products was mainly due to the significant decrease in the income of masks and meltblown materials, as well as the impact of the slowdown in animal husbandry investment and the obstruction of exports due to the extension of shipping schedule. Among them, the sales of fresh air filter materials and equipment in pig houses in 2021 was 101 million yuan, a year-on-year increase of - 57.64%.
The gross profit margin fell under pressure and the expense rate increased year-on-year. The comprehensive gross profit margin of 2021 was 30.95%, with a year-on-year increase of -7.11pct, mainly due to the significant decrease in the sales of mask melt blown high gross profit products, as well as the significant impact of the increase in raw material prices and shipping costs. Among them, the gross profit margin of Q4 in a single quarter was 29.57%, which was mainly due to the implementation of the new revenue standard in the same period last year, which included the annual freight and miscellaneous expenses into the production cost. After restoration, the gross profit margin of Q4 last year was 29.14%. During 2021, the expense rate was 15.66%, with a year-on-year increase of + 2.76pct, of which the sales / management / Finance / R & D expense rate was 2.69% / 6.62% / 0.82% / 5.53% respectively, with a year-on-year increase of + 0.1pct / + 0.93pct / + 0.06pct / + 1.66pct. The increase of R & D expense rate was mainly due to the increase of R & D investment in new products.
Risk warning: the release progress of production capacity is less than expected; The expansion of new products and new markets is less than expected.
Investment suggestions: capacity expansion, continuous expansion of products and applications, and maintenance of the "buy" rating. The company actively continues to expand new products and applications around "clean air" and "high efficiency and energy saving", and the growth space is constantly opened. At present, the construction project of high-performance ultra-fine glass fiber cotton with an annual output of 50000 tons, the construction project of clean air filter materials with an annual output of 8000 tons and the intelligent upgrading and transformation project of clean air filter materials are pushed forward as scheduled, Capacity expansion and overweight will further consolidate the competitive advantage. Considering the fluctuation of pig cycle and the impact of maritime export, the profit forecast is lowered. It is estimated that the EPS in 22-24 years is 0.43/0.55/0.68 yuan / share, and the corresponding PE is 21.3/16.8/13.4x. The current valuation is relatively low and maintains the "buy" rating.
