\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 93 Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) )
Key investment points
Performance summary: the company released the annual report of 2021 and the first quarterly report of 2022, and achieved a revenue of 520 million yuan (+ 35.2%) in 2021; The net profit attributable to the parent company was 140 million yuan (+ 29.9%); The net profit deducted from non parent company was 140 million yuan (+ 39.5%). Among them, Q4 company achieved an operating revenue of 150 million yuan (+ 14.9%) in 2021; The net profit attributable to the parent company was 30 million yuan (- 4.2%). In 2022, Q1 company achieved operating revenue of 110 million yuan (+ 9.6%); The net profit attributable to the parent company was 30 million yuan (- 12.8%); The net profit deducted from non parent company is RMB 30 million (- 9.5%). In the first quarter, under the influence of the epidemic and geopolitical factors, the revenue growth slowed down temporarily.
In 2021, the exchange loss narrowed and the net interest rate decreased slightly by 1.1pp. In 2021, the company's overall gross profit margin was 43.6% (- 3PP), mainly due to the increase of RMB exchange rate and the rise of raw materials, power and energy costs during the year. By product, in 2021, the company's gross profit margin of shading fabric was 33.7% (- 2.1pp), that of dimming fabric was 54.2% (- 1pp), and that of sunshine fabric was 46.6% (- 5.1pp). In terms of expense rate, the overall expense rate of the company in 2021 was 11.6% (- 3.6pp). Among them, the company's sales expense ratio is 3.2% (- 0.03pp); The management fee rate was 5.7% (- 0.5pp), mainly due to the year-on-year decrease in consulting fees; The R & D expense ratio was 3.4% (+ 0.2pp). In order to realize technological innovation and business expansion, the company continued to increase R & D investment, and the R & D expense increased by 44.5% year-on-year; The financial expense ratio was - 0.6% (- 3.4pp), which was mainly affected by exchange rate fluctuations, the company's exchange losses decreased, the superimposed interest income increased, and the financial expenses decreased significantly year-on-year. Overall, the company's net profit margin was 27%, a year-on-year decrease of 1.1pp. In addition, in 2021, the company achieved net operating cash flow of 150 million yuan, with a year-on-year increase of 2%. On the one hand, it benefited from the continuous expansion of the company's sales scale, on the other hand, it depended on the increase of payment collection and tax rebate; The net cash flow from investment activities increased by 291.8% year-on-year, mainly due to the increase in investment in projects invested by the company.
22q1 gross profit margin is temporarily under pressure due to the impact of high base, and the annual profitability is expected to improve. 22q1 company achieved a gross profit margin of 41.5% (- 5.1pp). As the RMB exchange rate and raw material prices were at a high level year-on-year, the gross profit margin was temporarily under pressure. 22q1 company's various expense rates are 12% (+ 1.1pp), and the sales / management / R & D / financial expense rates are 3.2% / 5.6% / 4.7% / - 1.5% respectively, with a year-on-year increase of + 0.1pp / + 0.3pp / + 2.2pp / - 1.5pp. Overall, the net profit margin of 22q1 company is 23.6% (- 6PP). Looking forward to the follow-up, the trend of RMB exchange rate was better in April, and the price of raw materials stabilized or fell month on month. It is expected that with the improvement of China's epidemic situation, port shipments will resume smoothly, and the profitability is expected to improve gradually throughout the year.
In the 21st year, the demand for sunshade fabrics has improved, and the product penetration is expected to continue to increase. In terms of products, in 2021, the company achieved a revenue of 180 million yuan (+ 34.4%), and the demand for sunshade in China's foreign market increased, resulting in a significant increase in business orders; The revenue of dimmable fabrics reached 160 million yuan (+ 45.2%), accounting for 31.2% from 29%. The main reason is that the product has novel structure, complete functions, simple and beautiful, strong decoration and other characteristics, which has been quickly accepted by the home market since its launch; Sunshine fabric achieved a revenue of 160 million yuan (+ 29.8%). From production process to appearance design, the company continued to innovate and enrich product categories, which effectively promoted the sales of sunshine fabric. In 2021, the impact of the epidemic on business weakened, downstream demand continued to grow, overseas orders gradually recovered, the company achieved accurate customer acquisition through exhibition, and the overall business scale showed a steady upward trend. In the future, as the traditional cloth curtain is gradually replaced by shading products, the functional shading market will further focus on high-quality enterprises. The company's core layout enhances its technical advantages, its brand influence is highly recognized in the industry, and its market share is expected to increase.
Projects invested with raised funds can release production capacity and improve economies of scale. Since its establishment, the company's products have been exported to more than 70 countries and regions on six continents around the world, together with bamar, shapes, top, novaluz and hundp As, coolisse and other well-known manufacturers at home and abroad have established long-term and stable strategic cooperative relations. In terms of regions, the company achieved revenue of 370 million yuan (+ 44.8%) in overseas regions in 2021; The revenue of domestic regions was 150 million yuan (+ 35.2%). Among them, the overseas markets are mainly Europe, Asia, North America and South America; Domestic sales cover all provinces in China, mainly in East and South China. On the whole, the company is market-oriented, actively responds to the needs of customers at home and abroad, and has won a high market reputation. In addition, the company focuses on the improvement of production capacity and efficiency, and continues to innovate in structure, style, performance and design, so as to optimize the level of process equipment, so as to improve production efficiency. The company actively promotes the construction progress of raising investment and production expansion projects, and is expected to be completed and put into operation in 2022. The company's capacity will reach 45 million square meters in 2021 and 60 million square meters in 2022, with sufficient capacity reserves.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 1.33 yuan, 1.66 yuan and 2.06 yuan respectively, and the corresponding PE will be 15 times, 12 times and 10 times respectively. The "hold" rating will be given for the first time.
Risk tips: the risk of sharp fluctuations in raw material prices, the risk of intensified Sino foreign trade frictions, the risk of sharp fluctuations in exchange rates, the risk of production capacity projects falling short of expectations, and the risk of expanding the scope of the epidemic.
