\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 93 Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) )
Key investment points
The product structure was continuously optimized and the overseas market grew strongly
In terms of products, the sales of shading fabrics / dimmable fabrics / sunshine fabrics of the company in 2021 were 178 / 162 / 160 million yuan respectively, with a year-on-year increase of 34.42% / 45.16% / 29.82%. As the company's flagship product, dimmable fabrics have higher gross profit margin, product performance and category growth than shading fabrics. The high growth during the period drives the optimization of the company's product structure. In terms of regions, the overseas market still contributes to the company's main source of income. In 21 years, the company's export revenue accounted for 70.40%, an increase of 1.47 PCT over the same period last year.
The expenses are well controlled, and the development of R & D can be expected
The gross profit margin of 21a company is 43.57% (-3.01pct), which is affected by the rise of raw material prices, of which the gross profit margin of 21q4 is 42.15% (-3.14pct), which is affected by the increase of employee compensation and other expenses; The gross profit margin of 22q1 was 41.53% (-5.09pct), which was caused by the cost increase caused by the epidemic and the situation in Russia and Ukraine. In terms of expense rate, the period expense rate of 21a company is 11.60% (- 3.64pct), the sales expense rate is 3.18% (- 0.03pct), the management expense rate is 5.67% (- 0.44pct), the R & D expense rate is 3.35% (+ 0.22pct), the financial expense rate is - 0.60% (- 3.38pct), and the expense control is good; 21q4 company's period expense rate is 15.37% (- 0.39pct), sales expense rate is 3.62% (+ 0.82pct), management expense rate is 6.27% (+ 0.92pct), R & D expense rate is 4.90% (+ 1.68pct), and financial expense rate is 0.57% (- 3.81pct); 22q1 company's period expense rate is 11.99% (+ 1.08pct), sales expense rate is 3.24% (+ 0.10pct), management expense rate is 5.59% (+ 0.30pct), R & D expense rate is 4.69% (+ 2.22pct), and financial expense rate is - 1.53% (- 1.54pct). At the end of the year, the fixed assets of the company were 189 million yuan (+ 16 million yuan) and 212 million yuan (+ 42 million yuan) at the end of the year 22q1. In 21 years, the net operating cash flow of the company was 152 million yuan (+ 03 million yuan), 71 million yuan (- 01 million yuan) in 21q4 and 11 million yuan (- 05 million yuan) in 22q1. Since 21q4, the company has continuously increased its R & D investment, focused on the R & D of new products of dimmable fabrics and sunshine fabrics, further optimized the company's product structure, developed product application scenarios, improved product competitiveness, consolidated the company's leading position, and the company's growth momentum is strong. Looking ahead to Q2, with the gradual elimination of the impact of the epidemic, it is expected that the company's profits will gradually improve.
The downstream continued high boom, and the release of production capacity boosted performance
Functional sunshade materials have high added value and strong functional attributes, and have strong substitutability for traditional cloth curtains. The penetration rate of functional sunshade materials in overseas market is more than 70%, while the penetration rate in Chinese market is less than 5%. There is a broad space for improvement in Chinese market in the future; The company's products are of excellent quality, and the product price is only about 1 / 3 of that of foreign products. It is expected to increase the overseas market share by virtue of cost-effective products. Under the dual promotion logic of China's foreign markets, the downstream market continued to be booming. It is expected that the main plant of the company's raised investment project will be completed in the first half of this year, and the production capacity will be released successively. It is expected that the production capacity will be fully reached in 23 years; At present, the company has been placing orders for 3-5 months, with full capacity utilization. In the future, with the company's continuous development of blank markets such as Australia, southern Europe and North America, it is expected that the company's new capacity will be digested smoothly and contribute to the rapid growth of the company's performance.
Profit forecast and valuation
As the leader of functional sunshade materials, the company continues to make efforts in research and development, and gradually releases the performance elasticity as the production capacity climbs. The company is expected to achieve revenue of 651 million yuan, 844 million yuan and 1016 million yuan respectively in 22-24 years, with a year-on-year increase of 25.09%, 29.63% and 20.44%; The net profit attributable to the parent company was RMB 169 million, RMB 220 million and RMB 277 million, with a year-on-year increase of 20.18%, 30.42% and 25.75%. The corresponding PE was 32.48x, 24.91x and 19.81x respectively, maintaining the buy rating.
Risk tips
Risk of covid-19 pneumonia; The risk of increased tension in Russia and Ukraine and deterioration of the foreign trade environment; Raw material price fluctuation risk
