\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
The company issued 2021 annual report:
2021: revenue of 4 billion yuan (YoY + 43%), 480 million yuan (YoY + 80%) attributable to the parent company and 430 million yuan (YoY + 73%) deducted 21q4: revenue of 1.4 billion yuan (YoY + 45%), 180 million yuan (YoY + 88%) attributable to the parent company and 166 million yuan (YoY + 88%) deducted from the parent company. The performance has been reported quickly before. The annual dividend rate is 31%.
Revenue splitting (after adjusting Shanghai Aladdin Biochemical Technology Co.Ltd(688179) caliber for domestic and foreign sales):
Domestic sales: it is estimated that about 3.4 billion (YoY + 39%) and about 1.1 billion (YoY + 41%) will be sold in Q4 in the whole year, and the domestic sales will continue to maintain a high growth throughout the year.
Export sales: it is estimated to be about 650 million (YoY + 60%) in the whole year, including 450 million (YoY + 149%) for independent brands and Shanghai Aladdin Biochemical Technology Co.Ltd(688179) 220 million (yoy-4%); Q4 exports about 260 million (YoY + 56%), Shanghai Aladdin Biochemical Technology Co.Ltd(688179) 44%, private brand + 226% (private brand)
Overseas enterprises (with SKU replenishment + channel expansion, the growth rate accelerates).
Profit: Q4’s profit margin is outstanding
Gross profit margin: 33.4% for Q4. The impact of gross profit margin deposit criteria: from the perspective of gross sales difference, yoy + 2.2pct, it is expected that ① self research of optical machinery and scale effect still increase the gross profit margin year-on-year, but it is expected to be relatively stable month on month; 2. Sales expenses are diluted and some of the expenses are pre – Q3 (such as Yiyang Qianxi endorsement).
Others: financial management contributes an additional 1.4% profit margin.
Net interest rate: Q4 is 13.2% (YoY + 3PCT, mom + 1.9pct). The company’s income tax rebate increased by 16.4% month on month, accounting for – 1.4% of the company’s income tax rebate.
Business tracking: it is expected that Q1 will still have a good growth
Domestic sales: Q1 is expected to maintain a high boom. In the short term in March, the epidemic situation in Shanghai and other regions may not be able to receive goods, but the impact is expected to be limited, and the follow-up epidemic is expected to usher in centralized repair
Export: the growth rate of self owned overseas mainly comes from the blank filling of product line + channel expansion, which is still a relatively determined period of high bonus increase.
Profit margin: Despite the impact of equity incentive + raw materials, due to the new rhythm in Q1 this year, the marketing investment is expected to be weaker than last year, and the pressure on profit margin under hedging is relatively low.
Investment suggestion: buy rating.
The prosperity of the projector track continues, and Jimi, as an advantageous brand, is expected to continue to enjoy a high growth rate. Considering the impact of the short-term epidemic, the profit expectation is slightly adjusted. It is estimated that the profit of 22-23 years is 650 million yuan and 920 million yuan (the previous value is 670 million yuan and 960 million yuan), and the corresponding PE is 28 or 20 times. Maintain buy rating.
Risk tip: the supply of core parts is in short supply, the industry competition worsens, and the sea is less than expected
