On the afternoon of March 31, the shareholders' meeting of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) ( Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) . SH) was about to be held. In the building next to the office building, the company's employees were inspecting and debugging the stainless steel packaging equipment.
Packaging production line equipment with a price of tens of millions is an essential production facility for many consumer goods companies. In addition to consumer goods, many subdivided industries such as household appliances and batteries are also inseparable from packaging production. However, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) which is mainly engaged in packaging production equipment and the overall scheme of intelligent packaging focuses the market more on the food industry. Why?
The 2021 annual report shows that among the top ten circulating shareholders of the company, public funds account for six seats, including new positions of well-known public fund managers. What is the logic of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) ? Under the pattern of numerous international head packaging equipment enterprises such as Tetra Pak and Krones, how much space can the market opportunity of domestic substitution be released in the future?
In response to the above problems, taking the opportunity of the general meeting of shareholders, the reporter of daily economic news communicated with the person in charge of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) relevant departments.
positions of multiple public funds Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901)
603 sets of intelligent packaging production lines, 18948800 standard stand-alone equipment and 240862400 tons of packaging materials are the sales performance of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) 2021.
According to the data of the annual report, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) in the past year, the total revenue was 2.707 billion yuan, a year-on-year increase of 34.02%; The net profit attributable to the parent company was 261 million yuan, a year-on-year increase of 53.05%; The net profit deducted from non parent company was 222 million yuan, with a year-on-year increase of 54.85%.
According to the data, from 2019 to 2021, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) revenue increased by 13.34%, 7.96% and 34.02% year-on-year respectively, while the net profit attributable to the parent company increased by 32.85%, 73.13% and 53.05% year-on-year respectively, showing a relatively rapid growthP align = "center" Image Source: screenshot of financial report
Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) said in the annual report that the company's revenue increased rapidly in 2021, mainly due to the growth of downstream milk, snack food and other industries' demand for packaging equipment and the improvement of the market competitiveness of the company's core products. The profit has maintained a high growth in recent three years, mainly due to the growth of main business income and the improvement of profit margin. From the perspective of gross profit margin, the gross profit margin of products in Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) different industries is basically maintained at 21.17% ~ 39.48%.
However, the reporter of the daily economic news also noted that the increase of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) operating costs was slightly higher than that of operating revenue. By industry, the gross profit margin of the packaging industry in 2021 decreased by 0.55 percentage points over the previous year Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) said that if the macroeconomic trend causes the unstable development of China's economy and the demand of the food and beverage industry with a large proportion in the downstream is affected by the cycle, it will lead to the reduction of its new fixed asset investment, which will have an adverse impact on the production and operation of the company. In addition, industry restructuring and merger will give birth to more large-scale enterprises, which will intensify market competition and may affect the sales price of products, resulting in the decline of gross profit.
From the annual report, the company also attracted a number of public funds to buy positions. Among the top ten shareholders disclosed in the 2021 annual report, both Wells Fargo Tianhui growth under star fund manager Zhu Shaoxing became the new top ten shareholders, and several funds under harvest were listed.
According to the data, by the end of 2021, there were more than 100 funds with positions Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) , while in the third quarter of 2021, the number of funds with positions was less than 30.
As of April 2, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) closed at 13.19 yuan / share, with a total market value of 6.443 billion yuan.
new consumption forces and new brands bring demand increment
In an institutional survey in mid March 2022, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) disclosed the proportion of revenue in major downstream industries in 2021, of which the dairy industry accounted for about 17%; Beer industry accounts for about 11%; Solid food accounts for about 12%; Other liquid foods account for about 4%; The home appliance industry accounts for about 4%.
It is understood that Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) main customers include leading enterprises in the consumer goods industry such as Yili, Mengniu, snowflake beer, Budweiser beer, Tsingtao Brewery Company Limited(600600) , Haier and Gree. The sales of the top five customers reached 460 million yuan, accounting for 16.99% of the total annual sales.
On March 31, the relevant person in charge of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) Securities Department told the reporter of daily economic news that the packaging equipment industry has strong anti cycle ability and is widely used in downstream industries. The company has also tried in many fields, but it still focuses on the food industry in the end. "Because this is an industry that will not disappear, and the demand is very stable. The world's large-scale packaging equipment manufacturers also mainly come from the food industry."
Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) mentioned in its annual report that in 2021, the company actively arranged Baijiu, beverage and other industries, expanded new customers, extended the main sales areas of the company's intelligent packaging line products from beer, low-temperature milk and condiments to the whole liquid packaging industry. By the end of the year, the liquid packaging line of the company has covered most of the well-known brands of milk, beer, beverages, condiments and baijiu.
From the perspective of Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) industry, the annual report shows that in 2021, the packaging equipment industry developed well, and the demand of the downstream consumer goods industry represented by food increased rapidly, especially the liquid food industry. In addition to the demand for packaging equipment caused by the rapid change of liquid food packaging type, the demand for packaging upgrading caused by the improvement of liquid food quality jointly promoted the rapid development of the company's business.
According to the "household income and consumption expenditure in 2021" released on the website of the National Bureau of statistics, in 2021, the household consumption expenditure continued to recover, and the basic living consumption continued to grow rapidly. Among them, the national per capita consumption expenditure on food, tobacco and alcohol was 7178 yuan, an increase of 12.2%, accounting for 29.8% of the per capita consumption expenditure.
From the perspective of development trend, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) mentioned that the revival of traditional food industry brings new demand for food and packaging equipment. In the future, the revival of China's traditional food industry Baijiu, roast food, the demand for standard production and food safety will bring new blue ocean market for food and packaging equipment industry.
Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) the relevant person in charge of the Securities Department said that with the rise of some new food consumption forces and new brands in recent years, many new consumer brands have been added to the downstream customer structure of listed companies. "For example, in the field of milk, we have adopted a cow and other new brands. In the field of beer, we have added many customers of refined beer. In the beverage market, a subsidiary we have acquired is the main supplier of packaging equipment for a well-known bubble water enterprise in China.
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how much space does packaging equipment have for domestic replacement
In terms of industrial mergers and acquisitions, in 2021, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) carried out a number of layouts.
The company acquired Zhejiang Longwen precision equipment Co., Ltd., extended its products to the manufacturing equipment of metal packaging cans, and improved the industrial layout of liquid packaging equipment. Meanwhile, Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) has invested in the automatic equipment of Baijiu Intelligent Equipment Co., Ltd., Hunan, by adding capital. In November 2021, the company also signed an equity transfer intention agreement with Du Zhenqing and other 25 natural persons to acquire 70% of the equity of Langfang Baiguan Packaging Machinery Co., Ltd. and Langfang Zhongjia Intelligent Technology Co., Ltd. held by the above natural persons in cash, and expand the company's products in the intelligent packaging production line of beverages such as aerated drinks and water.
Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) the relevant person in charge of the Securities Department disclosed that based on the characteristics of many types of packaging products and market segmentation, the company will adhere to the vision of building an unmanned factory for the downstream food consumption industry in the future, and will further optimize the product structure and improve the layout of intelligent packaging equipment in different market segments through the combination of extensive M & A and self innovation.
\u3000\u3000 "By building an unmanned factory system and providing intelligent packaging solutions for customers in the downstream food industry, we have helped more and more food industry companies with new brands and new consumption forces in recent years to achieve optimal production. From the company's position, the overall solution can also bring better profit returns to the company, but the premise to do this is to enrich and improve the market segments of packaging equipment. ”
This puts forward higher requirements for domestic packaging equipment enterprises in technology and R & D Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) mentioned that the downstream consumer goods industry represented by liquid food has seen strong growth, and the continuous emergence of new brands and products has promoted the rapid development of food consumption. At the same time, the dependence on high-speed, intelligent and flexible packaging equipment has further increased.
From the perspective of the development of the global packaging equipment industry, well-known enterprises in developed countries still occupy a large share of the high-end packaging equipment market. Including China's high-end packaging equipment market, Tetra Pak, Krones and other international well-known packaging equipment head enterprises occupy a lot of shares. At present, most Chinese packaging equipment enterprises are small in scale and have weak R & D capability.
With the rise of China's new consumer brands, the upstream packaging equipment manufacturers have also ushered in more market opportunities. It is worth looking forward to whether Hangzhou Youngsun Intelligent Equipment Co.Ltd(603901) can win more domestic alternative market share in this round of development.
