Securities code: 002641 securities abbreviation: Yonggao Co.Ltd(002641) record of investor relations activities on January 6, 2022 (I)
No.: 2022-001
Investor relations activities □ specific object research □ analyst meeting
Category □ media interview □ performance briefing
□ press conference □ Roadshow
□ site visit
√ other conference calls
Name of participant and Institutional Investor:
ream Capital He Shuai、亘曦 资产 庄敬杰、 Sealand Securities Co.Ltd(000750) 资产 吴正明、景泰利丰资产 吕伟志、 China Securities Co.Ltd(601066) 基金 张睿、泰康资产 侯星辰、弘则投资 谌红梅、 中信保诚资产 韩宇、金鹰基金 周雅雯、上海进崟投资 鲁仁 浩、上海耀之资产 叶祎梦、成泉资本 王海斌、白犀资产 林 君杰、光大保德信基金 管浩阳、 Founder Securities Co.Ltd(601901) 曹特、信达澳银 基金 沈熙、泰达宏利基金 刘少卿、泰康资产管理 侯星辰、 天弘基金管理 董建楠、国寿安保基金 宋易潞、浙江墨钜资 产 黄田、华宝基金 王凌霄、德邦资产 孔祥国、杭州优益增 投资 吴青树、进门财经 李少芳、浙江元葵资产 张学成、上 海耀之资产 叶祎梦、国华人寿保险 赵翔、建信基金管理 于 振家、建信信托 吴晓鹏、南华基金 刘斐、格林基金 牛玉川、’, ‘dstPersonnel name Tianfeng Securities Co.Ltd(601162) Wang Tao, Wang Wen, Sun Tao, Hou Rui of China Merchants Fund, Wang Qing of Shanghai Yinsheng assets, Li Yue of Shanghai Yinye investment, sun Weicheng of Shibei investment, Ma Feng of Shanghai Hongrun assets, Tang Yadan of Hunan Yuancheng investment, Cui Danwei of Shenzhen Naying private placement, Shao Shiwei of Shenzhen Yujin investment Yihe Jiufu investment Mi Yongfeng, Great Wall wealth assets Hu Jiyuan, Guorong securities song Xiaorong, BOC Samsung Life Insurance Jiang Kunpeng, new era futures Weng Jiali, Shanghai harmony Huiyi assets Chen MengYue, Shenzhen hi tech investment group Luo Jingjun, Hony / goldstream capital he Shuai, Genxi assets Zhuang Jingjie Sealand Securities Co.Ltd(000750) asset Wu Zhengming, Jingtai Lifeng asset LV Weizhi, China Securities Co.Ltd(601066) fund Zhang Rui, Taikang asset Hou Xingchen, Hongze investment Chen Hongmei, CITIC Prudential Asset Han Yu, Golden Eagle Fund Zhou Yawen, Shanghai Jinyin investment Lu Renhao, Shanghai Yaozhi asset Ye Yimeng, Chengquan capital Wang Haibin Lin Junjie of Baixi assets, Guan Haoyang of Everbright Prudential fund, Founder Securities Co.Ltd(601901) Cao te, Shen Xi of Cinda Aoyin fund, Liu Shaoqing of TEDA Manulife fund, Hou Xingchen of Taikang asset management, Dong Jiannan of Tianhong fund management, song Yilu of Guoshou security fund, Huang Tian of Zhejiang moju assets, Wang Lingxiao of Huabao fund Kong Xiangguo of Debang assets, Wu Qingshu of Hangzhou youyizeng investment, Li Shaofang of Jinmen finance and economics, Zhang Xuecheng of Zhejiang yuankui assets, ye Yimeng of Shanghai Yaozhi assets, Zhao Xiang of Guohua life insurance, Yu Zhenjia of CCB fund management, Wu Xiaopeng of CCB trust, Liu Fei of Nanhua fund, Niu Yuchuan of green fund
Hengtai securities retail customers Liu Yang, lygh capital Keer Wang, Zhenyuan investment Zhang Xuecheng, Zhejiang Meinong investment XuanZhen, AIA life insurance Xu Minmin, Shanghai Jinglin assets Zhou Qian, Yuanfeng fund Yang Tao, Shanghai Tuling assets Zhao Zifeng
Time: January 6, 2022
Place: Securities Department of the company
Receptionist of listed company
Secretary of the board of directors Chen Zhiguo and representative of securities affairs Ren Yanqing
Member name
1、 What is the company’s operation in 2021?
In 2021, the cost of raw materials required by the company increased significantly year-on-year. Although the company adjusted the ex factory price of finished products several times, the proportion of the increase of raw materials could not be fully transferred to the downstream. From mid October to now, the price of raw materials has changed greatly, and the cost pressure of the company has gradually eased. At present, the production and operation is normal, and the sales side has maintained a steady development trend. The relevant data will be disclosed in the annual report of 2021.
2、 Proportion of the company’s product structure in 2021?
The proportion of the company’s major categories of products has changed little, and the year-on-year change is basically in the range of 1-2 points. PVC products account for about 52% of the main business income, PE products account for about 18%, PPR products account for about 17%, and Cecep Solar Energy Co.Ltd(000591) products account for about 7% of investor relations activities. At present, the company is also increasing the sales proportion of products with good profitability. The main content is that in terms of sales strategy, it is also increasing its support for differentiated products. The specific data are still under financial accounting and will be disclosed in detail in the 2021 annual report.
3、 Will the product price change in 2022?
The general principle of the company’s product pricing is cost plus. On the basis of cost plus, the daily price adjustment is mainly based on the downstream demand, the rise and fall of raw materials, and whether the price of competitors is adjusted. In addition, we will have different sales strategies according to different regions and markets.
4、 The company’s strategic planning for sanitary ware?
On the evening of December 30, 2021, the company held the “Yonggao sanitary ware” marketing press conference online. The company also made long preparations in the early stage of entering the sanitary ware sector and specially established the sanitary ware business department to integrate sanitary products into the original sales channel network and enrich the family decoration product category of the whole house, The addition of bathroom products should play a positive role in promoting the company, especially home decoration, and will not have a negative impact on the company’s cost operation. The bathroom products have just been released, and the later stage still depends on the overall sales situation.
5、 Does the gross profit margin of the whole year improve in the fourth quarter?
The year-on-year increase of raw materials in 2021 was large, and the proportion of the increase of raw materials of the company could not be fully transferred to the downstream. Therefore, the gross profit margin decreased more in the first three quarters. The price of raw materials, especially PVC, decreased significantly in the fourth quarter, and the gross profit margin in the fourth quarter should be improved month on month. The specific data are still under financial accounting.
6、 Can the company achieve the goal of equity incentive this year?
There is a certain pressure for the company to implement equity incentive this year, because there is a lot of pressure this year with the increase of raw material cost, equity incentive expenses and the occurrence of Evergrande event, but the company has been making continuous efforts and hopes to realize it in the end.
7、 2022 sales forecast?
The annual sales in 2022 is not expected yet. According to the three-year plan in the early stage, the annual sales will basically increase by more than 15%.
8、 Proportion of the company’s products in the municipal field?
The downstream of the company is mainly in the field of real estate construction, and again in the field of municipal administration. The company’s sales are mainly in the field of channel distribution, with the proportion of municipal direct supply accounting for about 4%. Others mainly enter the field of real estate and municipal administration through channel distribution channels, and the overall proportion of municipal products is about 20-30%, which is basically in the field of construction and real estate.
9、 Does the company have any customers other than Evergrande with high risks?
Since the Evergrande incident, the company has been more cautious about the direct real estate distribution business. The risks of other real estate businesses are controllable and the payment collection is relatively benign. At present, the settlement of other real estate developers is mainly cash, factoring and letter of credit.
10、 How many distributors does the company have at present?
The number of primary dealers has increased compared with last year, and the specific figures are still under statistics.
11、 What is the company’s plan for primary dealers?
The company’s primary distribution channels are relatively perfect in East China. In East China, there will not be too many primary distributors, but more channels sink. In the southwest, central China, North China, northeast and other regions with relatively weak sales, the company’s primary dealer network needs to be further improved, so the number of primary dealers in these regions will further increase.
12、 Are bathroom products shared with existing channels or open up new channels? The sanitary ware company has made preparations for a long time in the early stage. The company has set up a sanitary ware business department to promote the development of the sanitary ware business, mainly based on the existing channel network. The company is more confident to do a good job in the sanitary ware business.
13、 Is the company split according to the income above and below the county level?
There are statistics and splitting of the company’s product sales by region. At present, there is no separate splitting statistics above and below the county level.
14、 Why does the average business scale of the company’s dealers differ greatly from that of other companies?
The dealer management modes of each company are different. Some companies can manage dealers across regions, but our company’s dealers have strict regional division and cannot sell across regions. The purpose is also to protect dealers. Therefore, the company’s dealer loyalty is very high, and it may be weak for newly developed dealers at the beginning, The company will slowly support dealers to do it, which can make dealers develop better. Some companies have different ideas and models from our company, which is also related to the company’s corporate culture. The company’s corporate vision is to become a creator and enjoyment of a happy life. What we build is to develop together with dealers and share results.
15、 At present, the price of raw materials is falling. Does the dealer ask for product price reduction? The company will comprehensively consider price adjustment or promotion according to the price fluctuation of raw materials and market conditions. Generally speaking, the decline of raw materials is relatively good for the company’s profitability.
16、 How much does affordable housing and rental housing pull the company?
Generally speaking, affordable housing and rental housing play a pulling role in the company’s pipeline business
Because the company does these businesses mainly through channel distribution, there is no separate statistics.
Annex list (if any) none
Date: January 6, 2022
