\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 93 Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) )
Event: on April 22, Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) released the annual report of 2021 and the first quarter report of 2022. In 2021, the company realized an operating revenue of 520 million yuan, with a year-on-year increase of 35.16%; The net profit attributable to the parent company was 140 million yuan, a year-on-year increase of 29.87%; The net profit attributable to the parent company after deduction was 135 million yuan, with a year-on-year increase of 39.55%. In 2021q4, the company realized an operating revenue of 146 million yuan, a year-on-year increase of 14.87%; The net profit attributable to the parent company was 33 million yuan, a year-on-year decrease of 4.21%; The net profit attributable to the parent company after deducting non-profit was 32 million yuan, a year-on-year decrease of 37.17%.
In addition, in 2022q1, the company achieved an operating revenue of 114 million yuan, a year-on-year increase of 9.64%; The net profit attributable to the parent company was 27 million yuan, a year-on-year decrease of 12.77%; The net profit attributable to the parent company after deducting non-profit was 27 million yuan, a year-on-year decrease of 9.49%.
The release of raised investment capacity drives the rapid growth of performance, and the product structure is further optimized
The impact of the epidemic weakened in the past 21 years, and the demand outside China continued to be strong. The company’s 19.6 million square meters of raised energy has begun to be released (it is expected to release 20% – 30%). In the past 21 years, the production and sales have been booming, the sales volume has increased by 37.11% year-on-year to 449900 square meters, and the revenue elasticity has begun to be released. The company’s product structure was further optimized and the proportion of high-end products increased. In 2021, the revenue of shading, dimming and sunshine fabrics of the company was 178 million yuan, 162 million yuan and 160 million yuan respectively, with a year-on-year increase of 34.42%, 45.16% and 29.82% respectively, and the gross profit margin was 33.70%, 54.16% and 46.58% respectively. Dimmable fabrics are the company’s dominant products and have certain independent pricing power. The selling price and gross profit margin are high, with a bright growth in 21 years, accounting for 2.15pct to 31.18%. Benefiting from the fast-growing overseas market, the overseas business contributed 366 million yuan of revenue in 21 years, with a year-on-year increase of 38.05%, and the proportion increased by 1.47 PCT to 70.40%. In the 21st year, the sea freight increased significantly, and the overseas gross profit margin decreased by 4.09pct to 44.16%, which was greater than that of Chinese business.
The performance of the first quarter of 22 years was under pressure, mainly due to the comprehensive impact of the epidemic, the Russian Ukrainian war and geopolitics, the slowdown of the company’s delivery and exchange rate fluctuations.
The profitability of 21 years is under short-term pressure, and the expense rate is well controlled
Due to the continuous rise of PTA, Meg, acrylic acid and PVC as the main raw materials in 21 years and the increase of energy consumption cost in the fourth quarter, the cost end face of the company is under great pressure. In 2021, the gross profit margin decreased by 3.01pct to 43.57%, and the profitability toughness is still strong. On the expense side, the expense rate during the 21 year period of the company was 11.35%, a year-on-year decrease of 3.89 PCT, and the expense rates of sales / management / R & D / finance were 3.18% / 5.67% / 3.35% / – 0.60% respectively, a year-on-year increase of -0.03 / – 0.44 / + 0.22 / – 3.38 PCT respectively, mainly due to the increase of exhibition expenses and employee compensation; Increase in employee compensation and IPO expenses; Exchange rate affects exchange gains and losses and increases in interest income; Increase R & D investment. The company effectively managed and controlled expenses, alleviated the downward pressure of gross profit margin to a certain extent, and the net profit margin decreased slightly by 1.10pct to 26.97% year-on-year. The Zhejiang Xidamen New Material Co.Ltd(605155) gross profit margin of comparable companies decreased by 3.39 PCT to 40.39%, and the net profit attributable to the parent company decreased by 2.74 PCT to 19.23%. The company’s gross profit margin and parent net profit margin are higher than comparable companies, and the decline is small, and the profitability remains at a high level and relatively stable.
In addition, the gross profit margin of 22q1 company was 41.53%, down 0.62pct month on month; The net interest rate attributable to the parent company was 23.62%, up 0.62pct month on month. 22q1 company’s net profit margin improved month on month, and its profitability is expected to be gradually repaired.
Investment suggestion: functional sunshade materials have high added value, large room to improve the penetration and concentration of the industry in China, and strong foreign demand Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) as the leader of functional sunshade industry, it has outstanding production capacity, high profitability and continued growth trend. We estimate that the operating revenue of Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) 2022-2024 will be 642, 837 and 1021 million yuan, with a year-on-year increase of 23.38%, 30.37% and 22.02%; The net profit attributable to the parent company was RMB 162 million, RMB 211 million and RMB 272 million, with a year-on-year increase of 15.55%, 30.18% and 28.90%, corresponding to PE of 20.6, 15.8 and 12.2. The investment rating of Buy-A was given.
Risk tips: the risk of continuous rise in raw material prices, the risk of continuous rise in sea freight, the risk of less than expected capacity landing and less than expected downstream demand
