\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 55 Jahen Household Products Co.Ltd(300955) )
Event: the company disclosed in the annual report of 2021 that the revenue of 21 years was 1.161 billion yuan, yoy + 19.89%, the net profit attributable to the parent was 97 million yuan, yoy + 4.02%, the net interest rate attributable to the parent was 8.37%, a year-on-year decrease of 1.28 PCT, and the net profit not attributable to the parent was 94 million yuan, yoy + 3.89%; Among them, the operating income of 21q4 was 329 million yuan, yoy + 9.15%, the net profit attributable to the parent was 33 million yuan, yoy + 22.55%, the net interest rate attributable to the parent was 9.93%, a year-on-year increase of 1.09pct, and the net profit not attributable to the parent was 31 million yuan.
Comments:
Revenue side: by quarter, the operating revenue of 21q1-4 was 2.51/2.63/3.18/329 billion yuan respectively, with a year-on-year increase of 91.83% / 0.77% / 15.66% / 9.15% respectively. In terms of business, the revenue of plastic packaging container business in 2021 was 410 million yuan, yoy + 8.43%, accounting for 35.30%, with a decrease of 373 PCT, a production capacity of 870 million, a production capacity utilization rate of 77% and a production and marketing rate of 101%; The revenue of cosmetics business was 630 million yuan, yoy + 69.78%, accounting for 54.28%, year-on-year + 15.95 PCT, with a capacity of 24500 tons, a capacity utilization rate of 98% and a production and marketing rate of 98%; The revenue of home care business was 97 million yuan, yoy-51.82%, accounting for 8.34%, with a decrease of 12.42 PCT, a capacity of 25000 tons, a capacity utilization rate of 35% and a production and marketing rate of 102%.
Cost side: the gross profit margin of 21 years was 23.77%, down 1.49 PCT year on year, mainly due to the rise in the cost of raw materials and the sharp increase in the proportion of cosmetics business; Among them, the gross profit margin of 2021q4 was 25.17%, with a year-on-year increase of 1.12pct. By business, the gross profit margin of plastic packaging container business was 27.21%, with a year-on-year increase of 0.21pct; The gross profit margin of cosmetics business was 22.59%, down 2.76pct year-on-year. It is expected that in the future, as the new Huzhou plant is put into operation to improve efficiency and the upstream cost gradually stabilizes and falls, the gross profit margin is expected to gradually increase.
Expense side: the expense rate during the 21 year period was 13.03%, with a year-on-year increase of 0.23pct. Quarterly, the expense rate during 2021q4 was 12.44%, a year-on-year decrease of 0.55pct; Among them, the sales expense rate is 0.48%, the management expense rate is 9.69%, the R & D expense rate is 1.71%, and the financial expense rate is 0.56%.
Cash flow: in 2021, the net cash flow from the company’s operating activities was 100 million yuan, yoy + 32.29%, the cash flow from the company’s investment activities was – 335 million yuan, and the monetary capital in 2021 was 167 million yuan, yoy + 85.82%.
Investment suggestions:
As one of the few companies in China to realize OEM / ODM integrated services, relying on the double track of daily chemical beauty and plastic packaging, relying on the long-term cooperative relationship between R & D viscosity and product quality and the consolidation of many well-known b-end customers, it has steadily increased its revenue and actively expanded Huzhou phase I and phase II production lines. Huzhou factory obtained the cosmetics production license in March 2022, It is expected that in the future, when the production capacity of cosmetics is increased to about 2.5 times the current level, the efficiency will be greatly improved, which is expected to become a new engine of future profits. The net profit of 22 / 23 is expected to be 140 / 170 million yuan, maintaining the “buy” rating.
Risk tips: the risk of market demand fluctuation, market competition risk, high customer concentration risk, the impact of covid-19 pneumonia on the company’s production and operation, the risk of litigation and punishment caused by product quality problems, and the risk of raw material price fluctuation
