\u3000\u3 China Vanke Co.Ltd(000002) 003 Zhejiang Weixing Industrial Development Co.Ltd(002003) )
In 2021, the income was 3.356 billion yuan, with a year-on-year increase of 34.4%, and the cash dividend accounted for 88.9% of the net profit attributable to the parent company
The company released its annual report. In 2021, the revenue was 3.356 billion yuan, an increase of 34.4%, of which the revenue and growth rate of 21q1-4 were 541 million (+ 33.5%), 941 million (+ 30.3%), 888 million (+ 29.1%) and 985 million (+ 44.8%) respectively. In 2021, the net profit attributable to the parent company was 449 million yuan, an increase of 13.2%, of which the net profit attributable to the parent company and the growth rate of 21q1-4 were 45 million (+ 96.1%), 192 million (- 14.5%), 163 million (+ 65.4%) and 49 million (- 2.7%) respectively.
In terms of products, the zipper revenue of the company in 2021 was 1.836 billion yuan (accounting for 54.7%) with a year-on-year increase of 37.9%; The button income was 1.391 billion yuan (41.4% of the total), an increase of 26.2% year-on-year; Other income was 129 million yuan (3.8% of the total), an increase of 104.8%, including 81 million yuan of other clothing accessories, an increase of 217.93%.
By region, the company’s revenue in China in 2021 was 2.447 billion yuan (accounting for 72.9% of the total), an increase of 29.5% year-on-year; The international revenue was 909 million yuan (accounting for 27.1% of the total, + 2.8pct), a year-on-year increase of 49.9%.
Under the same caliber, the gross profit margin increased by 1.5pct, and the intensity of product research and development continued to increase
In 2021, the company’s gross profit margin decreased by 0.8pct to 38.0% year-on-year. It is mainly due to the change of accounting caliber (transportation expenses and packaging expenses are included in the cost) and other factors. If this factor is excluded, the gross profit margin is reduced to 40.3%, with a year-on-year increase of 1.5pct.
By product, the company’s zipper gross profit margin was 36.4% in 2021, with a decrease of 0.2pct; The gross profit margin of buttons is 41.4%, with a decrease of 0.2pct.
In terms of regions, the gross profit margin of the company’s China business in 2021 was 37.0%, with a decrease of 0.1pct; The gross profit margin of foreign business is 40.9%, with a decrease of 3.5pct.
In 2021, the company’s expense rate was 22.0%, a year-on-year decrease of 3.5pct. The sales expense rate of the company in the 21st year was 7.8% (- 2.7pct); The rate of administrative expenses is 13.5% (- 0.4pct); The financial expense rate is 0.7% (- 0.5pct). In 2021, the company’s total production capacity of buttons was 11.6 billion, a year-on-year increase of 14.9%; The total production capacity of zippers was 850 million meters, with a year-on-year increase of 30.8%. In 2021, the capacity utilization rate was 66.27%, with a year-on-year increase of 0.68pct. Maintain profit forecast and buy rating.
We estimate that the company’s revenue in 202224 will be 4.27 billion yuan, 5.24 billion yuan and 6.58 billion yuan respectively, the net profit will be 570 million yuan, 700 million yuan and 880 million yuan respectively, the corresponding EPS will be 0.71, 0.88 and 1.10 yuan / share respectively, and the corresponding PE will be 16.7, 13.6 and 10.8x respectively.
Risk warning: price fluctuation of raw materials; Rising labor costs; The improvement of human efficiency is less than expected; Capacity expansion and release are less than expected.
