\u3000\u30003 Guangdong Piano Customized Furniture Co.Ltd(002853) 00285)
Event description
On April 25, the company announced the first quarter report of 2022. According to the announcement, in the first quarter of 2022, the company achieved a revenue of 837 million yuan, a year-on-year increase of 34.78%; The net profit attributable to the parent company was 208 million yuan, a year-on-year increase of 11.94%, and the net profit deducted from non attributable to the parent company was 187 million yuan, a year-on-year increase of 15.06%.
The company’s operation is steady, with a large increase in prepayment, showing full enthusiasm
In the first quarter of 2022, the company achieved a total operating revenue of 837 million yuan, an increase of 34.78% over the same period of the previous year. The main reason for the increase is the increase in the revenue of each section; The net profit attributable to shareholders of listed companies was 208 million yuan, an increase of 11.94% over the same period of last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 187 million yuan, an increase of 15.06% over the same period of last year; The advance payment was 77 million yuan, an increase of 71.01% compared with the beginning of the period, which was due to the increase in the advance payment of raw materials.
Aerchuang is expected to become a national dental enterprise taking the lead in the international journey
According to the wechat public account of aerchuang, aerchuang has successively participated in Dubai, South China International oral exhibition, Madrid and Leipzig exhibition in Germany in the first quarter, and held the “aerchuang Cup” Chinese dental Golf Championship.
At a time when China’s dental market is becoming more and more active, aerchuang is representing China’s dental brand and gradually letting the world appreciate the surging pulse of China’s dental industry with its excellent products and highly innovative digital equipment.
The patent is to be awarded the Shandong Provincial Patent Award, highlighting the excellent quality of the company’s independent intellectual property rights
The continuous and stable R & D investment not only consolidated the company’s industry-leading advantage and position, but also provided a solid foundation for the company’s sustainable and rapid development in the future. According to the statistics of China HowNet patent search caliber, in the first quarter of 2022, Shandong Sinocera Functional Material Co.Ltd(300285) a total of 17 patents were authorized to be disclosed, involving the fields of electronic components, catalytic materials and electronic cigarettes.
On March 31, Shandong market supervision and administration announced the list of “projects to be awarded in the fourth Shandong patent award”, in which the project of “a c0g ceramic material for low-temperature sintered thin dielectric multilayer ceramic capacitor” declared by the company is to be awarded the second prize of the fourth Shandong patent award. The project of “a c0g ceramic material for low-temperature sintered thin dielectric multilayer ceramic capacitor” belongs to the core patent of MLCC dielectric material for multilayer ceramic capacitor of the company. At the same time, the company has more than 10 other peripheral patents to form a key technical patent group for the preparation of dielectric powder material of multilayer ceramic capacitor to protect this patent.
The selection of Shandong Provincial patent awards focuses on the evaluation of patent quality, emphasizing the progressiveness of technology, the application and protection of technology, economic and social benefits and development prospects. It has played an important demonstration and guiding role in enhancing the independent innovation ability of enterprises, optimizing the patent structure and improving the quality of independent intellectual property rights. It is the highest award in the field of intellectual property rights in Shandong Province.
Investment advice
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1086 million, RMB 1389 million and RMB 1686 million respectively, with a year-on-year growth rate of 36.6%, 27.9% and 21.4%. The corresponding PE was 26.11, 20.42 and 16.82 times respectively. Maintain the “buy” rating.
Risk tips
The expansion rhythm of new products or industrial chain is less than expected; The risk that the implementation effect of CBS management system does not meet the expectation temporarily; The distribution speed of dental strategic resources was lower than expected; (VI) risk of unstable progress in the implementation of national standards; Risk of MLCC order fluctuation; Risk of unstable 5g construction progress.
