\u3000\u30003 Eternal Asia Supply Chain Management Ltd(002183) 00218)
In 2021, the revenue was RMB 2.05 billion, with an increase of 32.3%, and the net profit attributable to the parent company was RMB 130 million, with an increase of 161.4%
The revenue growth was mainly due to the same increase of 12.3% in the sales volume of main leather products. At the same time, the product structure was optimized, the proportion of high value-added products was increased, and the sales unit price of main leather products increased by 15% with both volume and price. Among them, the total revenue and growth rate of 21q1-4 were 443 million (+ 51.8%), 510 million (+ 95.05%), 535 million (+ 8.01%) and 558 million (+ 12.06%) respectively.
The growth of net profit attributable to the parent company is mainly due to the company's (1) steady and sound development of production and operation, rapid improvement of quality and sound and fast development. (2) Continuously increase R & D investment, promote product optimization and upgrading, enhance development potential and improve the sustainability of profitability. (3) The subsidy income included in the current profit and loss was 172267 million yuan, a decrease of 2.0794 million yuan compared with the same period of the previous year, the proportion of production and operation profits was further increased, and the profit structure was better. Among them, the net profit attributable to the parent company and growth rate of 21q1-4 were 28 million (+ 447.06%), 41 million (+ 601.4%), 30 million (- 8.05%) and 33 million (- 0.42%) respectively.
The company's profit distribution plan for 2021 is to distribute cash dividends of 2.1 yuan (including tax) to all shareholders for every 10 shares, with a total cash dividend of 446204 million yuan (including tax), accounting for 33.83% of the net profit attributable to the parent company.
The gross profit margin increased by 3.57 PCT at 22.87% and the net profit margin attributable to the parent company increased by 3.19 PCT at 6.45%
By channel, the gross profit margin of direct selling in 2021 was 23.97%, with a year-on-year increase of 3.79 PCT; The gross profit margin of distribution was 16.68%, with a year-on-year increase of 2.5pct.
By region, the gross profit margin of eastern China in 2021 was 23.91%, with a year-on-year increase of 3.11pct; The gross profit margin in the international market was 22.46%, with a year-on-year increase of 3.58pct.
The company issued the employee stock ownership plan, involving 4.51 million shares and the purchase price of employees is 10.54 yuan / share. In the past two years, the company has actively expanded market channels, steadily increased advantageous categories, accelerated the expansion of emerging market areas, and achieved remarkable results in the transformation of customers and markets. All of these are inseparable from the efforts of the core senior management team. The issuance of the employee stock ownership plan this time will help further bind core talents, stimulate motivation and promote the healthy development of the medium and long term.
Adjust the profit forecast and maintain the buy rating. The company will actively expand the markets of functional shoe materials and sofa furniture, increase production and sales of conventional products, and develop and sell products with high technology and high added value; Deepen cooperation with Chinese and foreign brand customers, expand and strengthen existing advantageous stock customers, and actively cultivate new customers; Expand the total amount, constantly adjust and optimize the structure, and enhance the quality and aftereffect of development.
We predict that the EPS in 202224 will be 0.83, 1.11 and 1.38 yuan / share respectively, and the corresponding PE will be 15.62, 11.71 and 9.37 times respectively.
Risk tips: the risk of repeated epidemic and complex and changeable macro environment, the risk of insufficient utilization of production capacity, the risk of fluctuation and rise of raw material prices, etc.
