\u3000\u3 Shengda Resources Co.Ltd(000603) 558 Zhejiang Jasan Holding Group Co.Ltd(603558) )
The revenue in 2021 was RMB 2.052 billion, with an increase of 29.7%, and the net profit attributable to the parent company was RMB 167 million, with an increase of 131.7%. The revenue in 2021 was RMB 2.052 billion, with an increase of 29.7%, mainly due to the increase of sales revenue driven by the sharp increase of orders in 2021. Among them, the revenue and growth rate of 21q1-4 were 414 million (+ 11.26%), 497 million (+ 39.54%), 610 million (+ 44.50%) and 530 million (+ 22.81%) respectively, and the revenue of 2022q1 was 532 million yuan, an increase of 28.5%.
In 2021, the net profit attributable to the parent company was 167 million yuan, an increase of 131.7%, of which the net profit attributable to the parent company and the growth rate of 21q1-4 were 47 million (- 13.49%), 61 million (+ 1913444%), 73 million (+ 216362%) and – 14 million respectively. 22q1 net profit attributable to the parent company was 82 million yuan, an increase of 74.1%.
By product, the revenue of knitted casual cotton socks in 2021 was 235 million yuan (accounting for 11.5% of the total), with a year-on-year increase of 29.8%; The revenue of knitted sports cotton socks was 1.268 billion yuan (accounting for 61.8%), with a year-on-year increase of 44.3%; Seamless casual wear revenue was 160 million yuan (accounting for 7.8% of the total), with a year-on-year increase of 7.8%; Seamless sportswear revenue was 341 million yuan (16.6% of the total), with a year-on-year increase of 3.5%; Household clothing and other income reached 47 million yuan (2.3% of the total), with a year-on-year increase of 7.2%.
According to customers, the sales volume of the top five customers was 1.132 billion yuan, accounting for 55.93% of the total revenue. By region, the overseas revenue was 1.783 billion yuan (86.9% of the total), an increase of 31.5% year-on-year; The domestic revenue was 241 million yuan (accounting for 11.8% of the total), with a year-on-year increase of 16.0%.
In 2021, the gross profit margin increased by 6.7pct to 26.8% year on year; The net interest rate attributable to the parent company was 8.2%. 22q1 gross profit margin was 28.05%, with an increase of 1.45pct, and the net profit attributable to the parent company was 15.51%, with a year-on-year increase of 4.06pct. By product, the gross profit margin of knitted casual cotton socks in 2021 was 25.3%, with an increase of 4.3pct; The gross profit margin of knitted sports cotton socks was 32.3%, with an increase of 9.4pct; The gross profit margin of seamless casual wear is 7.0%, with a decrease of 1.7pct; The gross profit margin of seamless sportswear is 13.9%, with a decrease of 2.9pct; The gross profit margin of household clothing and other products was 30.5%, with an increase of 11.5pct.
By region, the overseas gross profit margin in 2021 was 26.9%, an increase of 6.7pct; Domestic gross profit margin was 22.6%, with an increase of 3.8pct.
The production capacity continued to expand. In 2021, the company produced 394 million pairs of cotton socks, with a year-on-year increase of 39.74%; The sales volume was 383 million pairs, with a year-on-year increase of 34.42%; 22q1 company sold 84.86 million pairs of cotton socks. In 2021, the output of seamless clothing was 21.83 million pieces, with a year-on-year increase of 24.55%; The sales volume was 21.37 million pieces, a year-on-year increase of 23.08%; 22q1 seamless clothing sold 7.86 million pieces.
Maintain profit forecast and buy rating. The company is a knitted sportswear manufacturer integrating the global industrial chain. In 2022, the cotton socks business grew steadily, the seamless business has a good development prospect, and continues to optimize and expand production capacity. With the release of production capacity, the improvement of production efficiency and the growth of orders in the future, it may bring large increments. We expect that the company’s EPS in 22-24 years will be 0.79 yuan, 1.01 yuan and 1.23 yuan / share respectively, and the corresponding PE will be 15.38x, 12.01x and 9.85x respectively.
Risk warning: the price of raw materials fluctuates and rises; The efficiency improvement of overseas factories is lower than expected; The recovery speed of orders is not up to expectations, and the growth rate may slow down in the future.
