Securities code: Hunan Sokan New Materials Co.Ltd(688157) securities abbreviation: Hunan Sokan New Materials Co.Ltd(688157)
Hunan Sokan New Materials Co.Ltd(688157) investor relations activity record
No.: 2022004
■ specific object research □ analyst meeting
Investor relations activities □ media interviews □ performance briefing
Category □ press conference □ roadshow activity
□ site visit □ others
Penghua Fund: Su Dong, Cheng Qingyun
Name of participant
BOC Fund: Liu gaoxiao, Wang Wei
And personnel name
China Europe Fund: Li Zijing, Dai Yunfeng
19:00-20:00, April 7, 2022
Time: 20:00-21:00, April 7, 2022
19:00-20:00, April 8, 2022
Location teleconference
Secretary of the board of directors of the listed company: Wu Junyun
Personnel name: securities affairs representative: Zhou Huan
1. Annual performance review of the company in 2021 and outlook for 2022?
A: in 2021, in the field of high-end consumer electronics, the company deepened cooperation with key customers, and achieved varying degrees of growth in sales of major consumer electronics customers in North America, Xiaomi, ASUS and other end customers. At the same time, it also cooperated with glory, Google, Lenovo, voice, Logitech, meta, Anker Innovations Technology Co.Ltd(300866) , Iflytek Co.Ltd(002230) , Shi investor relations activities, Ned Kohler and many other new high-quality customers established business cooperation and fully connected with ODM manufacturers, including Wentai, Huaqin and Longqi, which effectively hedged the adverse effects caused by Huawei’s lack of core and changes in the external environment. The annual revenue of high-end consumer electronics was 480493200 yuan, a year-on-year increase of 12.31%.
In the field of passenger cars in “Kaijiang”, a new situation has been opened through the two wheel drive of technology and market. It has successively obtained the AVL qualification certification of more than ten well-known car enterprises, such as Byd Company Limited(002594) , Tesla, Xiaopeng, Weilai, Geely, FAW, GAC, SAIC GM Wuling, Volkswagen, Toyota and great wall, together with Yanfeng group, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Ningbo Huaxiang Electronic Co.Ltd(002048) , minshi group Gerhan and many other well-known auto parts manufacturing enterprises at home and abroad established strategic cooperation relations, and the annual revenue in the field of passenger cars was 224623 million yuan, a year-on-year increase of 274.39%.
In terms of profit, the company realized a net profit of 973949 million yuan attributable to shareholders of listed companies, a year-on-year increase of 11.72%. Among them, the price of raw materials increased by about 6.5% compared with last year. In addition, the share payment fee recognized by the equity incentive granted in 2021 was 186227 million yuan, which together had a certain impact on the profit growth of the company.
In terms of R & D, the company always adheres to the concept of technological innovation. In 2021, the R & D cost reached 587544 million yuan. In addition to the iterative upgrading of products in the field of high-end consumer electronics, the company also carried out forward-looking research in new fields such as intelligent Siasun Robot&Automation Co.Ltd(300024) , AR / VR, passenger cars, new energy, semiconductors and special equipment, and further enriched the downstream application scenarios of the company’s products. At the same time, it has successively introduced a number of strategic high-level talents and industry expert talents, and the company’s overall R & D heritage is becoming more and more profound.
In 2022, the strategic determination and determination of the company will remain unchanged. According to the orders in hand and the situation of customers, we estimate that the high-end consumer electronics field is still in a benign growth trend. On the other hand, with the continuous improvement of the penetration rate of new energy vehicles and new power vehicles, as well as the continuous expansion of our own business scope and the deepening of market expansion, the passenger car business will continue to maintain a good pace of development. 2. The gross profit margin of the company decreased slightly in 2021. Can the gross profit margin rise in 2022? A: the company’s raw material costs account for a relatively high proportion of operating costs. In 2021, the prices of the company’s main upstream raw materials, solvents and additives increased by 32.90% and 12.12% respectively year-on-year, which had a certain impact on the company’s gross profit margin.
In 2022, in terms of cost side control, the company will take many measures at the same time, including adopting the procurement mode of “strategic procurement and purchase by sales”, actively using the price regulation mechanism or preparing domestic substitution, so as to alleviate the business risk caused by the price fluctuation of raw materials. In terms of open source, the company will continue to maintain its gross profit margin at a high level in the industry by increasing the expansion of new customers and new markets and continuously launching innovative products. 3. What are the competitive barriers in the field of new functional coating materials? A: compared with traditional coatings, the application scenarios of new functional coating materials are relatively complex and have high functional requirements. The main industry characteristics are difficult access, high technical threshold, and significant industry threshold and certification barriers.
The end customers of the new functional coating material industry are high-end consumer electronics brand enterprises and passenger automobile (parts) brand enterprises, and the direct customers are the upstream mold factories of the above brand enterprises. To enter its supply chain, it is necessary to complete the dual certification of “terminal certification” + “mold factory certification”, and the whole entry process usually takes 1-4 years.
In addition, the field of new functional coating materials is a typical technology intensive industry. In order to continuously meet the characteristics of downstream products such as diversification, multi change, customization and high quality, all links in the industrial chain need to maintain corresponding innovation quality and rhythm. The rapid development of scientific and technological innovation and the rapid iteration of new substrates pose many challenges to the application of new functional coating materials, which requires relevant enterprises to create the best use experience for users through continuous R & D investment and technology update. 4. What is the market scale of 3C high-end consumer electronics, passenger cars and special equipment coatings? A: the market scale of 3C high-end consumer electronic coatings is about 10 billion, that of automotive coatings is more than 100 billion, and that of special equipment coatings is trillions.
5. What are the competitive advantages of the company’s automotive coatings? A: relying on the technical advantages and rapid response service advantages accumulated in the field of high-end consumer electronics, the company has formed seven differentiated automotive product systems: anti fog lamp coating, PVD coating, UV silicon coating, piano black coating, automotive water-based coating, hardened coating and lamp cup coating. The above products are basically applicable to door handle, steering wheel, central console, instrument panel, horn network, vehicle logo On all auto parts such as rear-view mirrors, they have better performance in dirt resistance, antibacterial and other functions, better decorative effect, better texture and environmental protection, which can better meet consumers’ needs for new texture, new vision and new body feeling of terminal products.
In addition, in terms of technology, at present, the traditional automotive parts coating adopts water electroplating process, which is polluted by heavy metals and strictly controlled by the state. The company took the lead in launching the UV curing PVD technology in China. Compared with the traditional water electroplating process, the production process of this technology is more green and environment-friendly, and will not produce heavy metals and sewage. It has been recognized by more and more automobile terminal brand customers. 6. What are the future growth points of the company? A: the company will adopt the business strategy of both endogenous and extension to promote the long-term sound development of the company. In terms of endogenous growth, the company will take three major routes: ① relying on the technology and service advantages accumulated in the field of consumer electronics, the company will expand from the original focus on the mobile phone and accessories market to other subdivided fields such as smart appliances, lock the terminal head enterprises in the subdivided fields, gradually improve the penetration rate and open more market space in the subdivided fields. ② In the field of ink and adhesive, the company has had relevant reserves for many years and initially established a three in one product system. The company’s product categories are further enriched, which is expected to bring new performance increment.
③ Strengthen the synergy of molecular companies and increase the layout in the field of automotive coatings and special equipment. At present, the company has made double breakthroughs in market and technology in the field of passenger car coatings, and actively carried out technical research and application research focusing on the cutting-edge technologies related to surface treatment, functional coatings, adhesives and other application fields such as rail transit, aerospace and marine equipment. In terms of extension, the company will make full use of capital market means, timely carry out vertical and horizontal investment and M & A around the industrial chain, strengthen cooperation with excellent enterprises and help the rapid development of the company.
7. What are the considerations of Guangdong ruitu project, the target company to be acquired by the company this time?
As one of the key indicators of the coating industry and electrical appliance industry in China, it can directly affect the function and safety of the coating materials in the field of aviation and electrical appliance industry, It is one of the key industrial fields developed by the state.
The target company Guangdong ruitu mainly focuses on the R & D, production and sales of environmental protection functional coating materials such as insulating coatings and three prevention coatings in the fields of smart appliances and new energy vehicles, as well as special resins as key raw materials. Its related products cover environmental protection products supported by national policies such as high solid content UV coatings and water-based coatings, Among them, UV three proofing coatings have obtained the product carbon footprint certificate issued by China Quality Certification Center. After years of deep cultivation and development, Guangdong ruitu is breaking the monopoly position of foreign well-known enterprises such as Dow Corning, Japan Xinyue, Germany pites, American Simi and Germany arentas on the target market, and gradually realizing import substitution, which has formed a certain market competitive advantage.
In terms of application fields, Guangdong ruitu takes the field of smart appliances and the field of new energy vehicles as the main target markets, which is in line with the company’s strategic development direction. In terms of product positioning, Guangdong ruitu focuses on the field of protective coating materials with insulation and three prevention functions. Among them, insulation products are mainly used in motor parts of smart appliances, and three prevention products are mainly used in internal structural parts such as intelligent control printed circuit boards of smart appliances and new energy vehicles, which are highly complementary to the company’s products.
Annex list (if any) none
Date: April 7, 2022, April 8, 2022
