\u3000\u30 Fawer Automotive Parts Limited Company(000030) 06 Chongqing Baiya Sanitary Products Co.Ltd(003006) )
The company issued the 2021 annual report. In 2021, the revenue was 1.463 billion yuan, a year-on-year increase of 16.97%; The net profit attributable to the parent company was 228 million yuan, a year-on-year increase of 24.89%. Among them, the revenue of 21q1 / Q2 / Q3 / Q4 was 405 million / 355 million / 323 million / 379 million yuan respectively, with a year-on-year increase of 34.74% / 16.11% / 7.85% / 10.17%.
In 2021, the company continued to cultivate the core markets in Sichuan, Chongqing and Yunnan, Guizhou and Shaanxi, and increased online investment. The company is gradually completing the construction of pilot provinces in peripheral regions and the promotion of national expansion mode. At present, the company's products have entered the markets of Hebei, Shandong, Henan, Anhui, Lianghu, Liangguang and other regions. The company complied with the trend of consumption upgrading and changes in consumption scenarios, actively explored e-commerce channels and increased investment in online marketing resources. The growth rate of e-commerce channels was 36.81%.
In 2021, the annual gross profit margin was 44.71%, with a year-on-year increase of 2.05pcts. Among them, the gross profit margins of 21q1 / Q2 / Q3 / Q4 were 45.26% / 46.11% / 44.17% / 43.27% respectively, with a year-on-year increase of + 0.00pcts / + 4.91pcts / + 0.62pcts / + 2.35pcts.
The company's sales / management / R & D / financial expense ratio in 2021 was 19.06% / 5.11% / 3.48% / - 0.19% respectively, with a year-on-year change of + 1.32pcts / + 0.32pcts / + 1.10pcts / + 0.05pcts. Of which:
In 2021, the net profit attributable to the parent company was 228 million yuan, with a year-on-year increase of 24.89%, and the net interest rate attributable to the parent company was 15.58%, with a year-on-year increase of 0.99pcts; The net profit deducted from non parent company was 211 million yuan, with a year-on-year increase of 16.83%, and the net interest rate deducted from non parent company was 14.39%, with a year-on-year decrease of -0.02pcts.
In 2021, the cash flow from operating activities was 197 million yuan, compared with 251 million yuan in the same period last year; The cash flow from investment activities was - 58 million yuan, compared with - 477 million yuan in the same period last year. Among them, the cash flow from operating activities in 2021q1 / Q2 / Q3 / Q4 was + 50 million / + 62 million / + 15 million / + 71 million yuan, and + 86 million / + 46 million / + 13 million / + 106 million yuan in the same period last year; In 2021q1 / Q2 / Q3 / Q4, the cash flow from investment activities was - 25 million / + 28 million / - 22 million / - 38 million yuan, compared with - 13 million / - 25 million / - 28 million / - 412 million yuan in the same period last year.
Maintain the "buy" rating. Affected by the increased marketing efforts of the company, we lowered the expected net profit in 2022 from 290 million yuan to 273 million yuan. It is comprehensively estimated that the net profit of the company in 2022 / 23 / 24 will be RMB 273 million / 334 million / 400 million, corresponding to the valuation of 19 / 15 / 13xpe and maintaining the "buy" rating.
Risk tip: raw material price rise risk, business expansion is less than expected, regional expansion is less than expected, online expansion is less than expected, and industry competition intensifies the risk
