\u3000\u3 Shengda Resources Co.Ltd(000603) 195 Gongniu Group Co.Ltd(603195) )
Core conclusion
The annual report issued by the parent company was RMB 12.31 billion, with a year-on-year net profit of + 2.21 billion and a year-on-year net profit of + 2.21 billion; Among them, 21q4 company achieved an operating revenue of 3.372 billion yuan, a year-on-year increase of + 16.13%, a month on month increase of + 5.63%, and a net profit attributable to the parent company of 574 million yuan, a year-on-year increase of - 19.65% and a month on month increase of - 26.86%.
In the past 21 years, the income of intelligent electrical lighting products increased rapidly. In 21 years, the company's revenue from electrical connection, intelligent electrician lighting and digital accessories products was RMB 6.413 billion / 55.51 billion / 373 million respectively, with a year-on-year increase of + 15.58% / + 36.90% / - 10.79%. The revenue of the company's core electrical connection products maintained a steady growth, and the revenue of wall opening and LED products realized a year-on-year increase of + 29.55% / + 38.53% respectively.
Affected by the rising price of raw materials, the profitability decreased slightly. In 21 years, the gross profit margin and net profit margin of the company were 36.95% / 22.45% respectively, with a year-on-year increase of -3.17 / -0.57pct. Due to the rise of raw material prices, the profitability of the company decreased; Among them, the gross profit margins of electrical connection products, intelligent electrical lighting products and digital accessories products were 32.95% / 42.02% / 27.00% respectively, with a year-on-year increase of -6.18 / - 1.13 / + 4.63pct.
The active introduction of equity incentive will help the company's long-term and steady development. In April 22, the company issued the restricted stock incentive plan (Draft) for 2022. The number of restricted shares to be granted was 1.55 million, accounting for about 0.26% of the total share capital of the company at the time of announcement. The grant price was 65.46 yuan / share, and the incentive objects were 670 people, including senior executives and core backbones of the company. The company takes the initiative to establish and improve the long-term incentive mechanism, which is expected to fully mobilize the enthusiasm of the company's core team, which is conducive to the long-term and steady development of the company.
Investment suggestion: it is estimated that the operating income of the company in the 22-24 years will be RMB 141.38/167.72/19.645 billion, yoy + 14.2% / + 18.6% / + 17.1%, the net profit attributable to the parent company will be RMB 3.288/4.003/4.9 billion, yoy + 18.3% / + 21.7% / + 22.4%, and EPS will be RMB 5.47/6.66/8.15, maintaining the "overweight" rating.
Risk tip: macroeconomic recovery is less than expected; Risk of rising raw material prices; Channel expansion was less than expected.
