\u3000\u3 Guangdong Shaoneng Group Co.Ltd(000601) 058 Sailun Group Co.Ltd(601058) )
In 2021, the company's revenue reached a new high, the company's future growth was determined, and the "buy" rating was maintained
On April 1, the company released its annual report for 2021, which realized a revenue of 17.998 billion yuan in 2021, a year-on-year increase of + 16.84%; The net profit attributable to the parent company was 1.313 billion yuan, a year-on-year increase of -11.97%. In 2021, under the external adverse factors such as rising production costs and high sea freight, the company met the difficulties and showed excellent operation and management ability. Combined with the current domestic demand and the spread of the epidemic and other external factors, we lowered the profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 20.09 (- 4.2), 2.681 (- 5.07) and 3.040 billion yuan respectively, and the EPS will be 0.66 (- 0.13), 0.88 (- 0.16) and 0.99 yuan / share respectively. The current share price corresponding to PE is 15.1, 11.3 and 10.0 times respectively. We are optimistic about the release of the company's production capacity, the gradual repair of domestic and foreign demand The gradual increase of liquid gold tires will drive the continuous growth of the company's performance and maintain the "buy" rating.
Q4 realized a net profit of 246 million yuan, a month on month decline, mainly due to the pressure on sales and gross profit margin
Q4 company realized a net profit attributable to the parent company of 311 million yuan, a month on month increase of + 4.0%; The net profit deducted from non parent company was 246 million yuan, a month on month increase of - 9.2%. According to the operation data, the output / sales volume of Q4 company was 120494101531 million, with a chain comparison of + 25.8% / - 6.3%. The output also recovered with the improvement of the epidemic in Vietnam, but the sales volume was still under pressure, showing a decline compared with Q3, and the gross profit margin also fell from 17.34% of Q3 to 15.08%. The average price of Q4 single tire was 414 yuan / piece, up 32 yuan / piece compared with the average price of Q3. The price of raw materials was stable in Q4, and the overall price of natural rubber, synthetic rubber, carbon black and steel cord was + 0.22% month on month. In the whole year, the total sales volume of the company's tires was 436196 million, with a year-on-year increase of about 2.07 million. The average price was 368.92 yuan / piece, with a year-on-year increase of 33.68 yuan / piece. The increase in both volume and price led to the continuous growth of the company's revenue.
Under the expectation of capacity release + "liquid gold" + sea freight mitigation, the tire leaders continue to stand out
In 2022, the company's Cambodia base and Vietnam phase III will continue to increase in volume. With the recovery of demand, the capacity utilization of China's production base will also increase, jointly driving the growth of the company's performance. The "liquid gold" tire launched by the company in 2021 has outstanding fuel-saving performance and wear resistance, which also helps to open the space for price increase. We believe that the past two years have been a great year for the company to put into operation. As a tire leader, the logic of the company's going to the world remains unchanged and its growth is outstanding. The company has shown excellent business ability in 2021. We are optimistic that the company will stand out and continue its leading nature.
Risk tip: the release of production capacity is less than expected, the downstream demand is declining, and trade frictions such as "double reverse" are intensified
