\u3000\u3 Shengda Resources Co.Ltd(000603) 187 Qingdao Hiron Commercial Cold Chain Co.Ltd(603187) )
Event: the company disclosed the quarterly reports of 2021 and 2022q1: 1) in the 21st year, the company achieved a revenue of 2.66 billion yuan, a year-on-year increase of + 40.8%, a net profit attributable to the parent company of 230 million yuan, a year-on-year increase of - 16.0%, a gross profit margin of 20.8%, yoy-7.3pct, a net profit margin of 9.14%, yoy-5.2pct; 2) The revenue of Q4 in the 21st year was 666 million yuan, with a year-on-year increase of 39.5%. The net profit attributable to the parent company was 31 million yuan, with a year-on-year increase of - 40.5%, and the net interest rate was 5.36%, yoy-5.74pct; 3) The revenue of Q1 in 22 years was 840 million yuan, a year-on-year increase of + 47.8%, and the net profit attributable to the parent company was 78 million yuan, a year-on-year increase of + 24.8%. The gross profit margin was 22.1%, yoy-0.6pct, and the net profit margin was 9.78%, yoy-1.5pct.
In 2021, the pressure of gross profit margin of freezer comes from short-term profit transfer to key customers, which is digested through price increase and new product iteration. In 2021, the company sold 855000 freezers, yoy + 41.6%, while the average price was 1826 yuan / set, a year-on-year decrease of 8.4%, and the gross profit margin decreased from 33.0% to 23.2%, a decrease of 9.8pct. It can be seen that the pressure on the cost side is not the core reason for the decline of the company's gross profit margin. The core reason is that the company signed a price for volume contract with major customers. We have seen the rapid growth of freezer sales and the decline of average price, The impact of this situation on the company will gradually improve. On the one hand, the products of the company's freezers are constantly upgraded, including function and size. The gross profit margin of the company's freezers has maintained an upward trend from the perspective of history; On the other hand, the company has also completed price negotiations with some of the raw materials brought about by last year, and the price has been raised to a certain extent. Therefore, it is likely that the gross profit margin of the company's freezer will increase year-on-year in 2022.
The gross profit margin of refrigerators has improved in 2021, the most stressful stage has passed, and the dividend of large-scale production expansion is coming. In 2021, the company's gross profit margin of refrigeration was 15.9%, an increase of 1.4pct compared with that in 2020, which was realized under the background of high cost side pressure. If the cost side pressure is excluded, the gross profit margin of refrigeration cabinet may be nearly 20%, exceeding the performance from 2018 to 2020. In 2017, the company returned to China and began to expand the refrigeration market. Considering the high pressure in the early stage of market expansion in China, the gross profit margin of refrigeration cabinet business of the company showed a downward trend. After the vigorous expansion from 2018 to 2021, the expansion of the company's leading customers in the refrigeration field has been basically completed, and the time period with the greatest pressure on the company's refrigerated cabinet business has passed, which may also be the confidence of the company to increase the production capacity of 1 million refrigerated cabinets this time. From 2021, the average price of refrigerated cabinet products has reached 3010 yuan / set, with a year-on-year increase of 18.8%. This situation reflects that the demand of downstream customers is upgrading, from single door to double door / multi door and other products, resulting in the continuous rise of the average price of the company's products. Considering the company's strong flexible production capacity and timely response ability in the field of commercial display cabinets, we are optimistic about the future development prospects.
Smart sales cabinets represent new consumption channels in the future, and the company continues to maintain rapid growth with the industry. In 2021, the company sold 24000 intelligent vending cabinets, with a year-on-year increase of 477.6%, gross profit margin of 15.7%, and a year-on-year increase of 4.9 PCT, which is expected to be mainly reflected by the preliminary scale effect.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 360 / 4.8 / 640 million respectively, and the corresponding PE will be 18x / 14x / 10x respectively, maintaining the "recommended" rating.
Risk tips: 1 The risk of weakening industry demand affected by the epidemic; 2. The intensification of price war in the industry leads to the risk of low profitability.
