\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 94 Joy Kie Corporation Limited(300994) )
Event: the company released the annual report and the first quarterly report, and achieved an operating revenue of 3.71 billion yuan in 21 years, an increase of 62.3% at the same time; The net profit attributable to the parent company was 210 million yuan, an increase of 30.9% at the same time; The net interest rate attributable to the parent company is 5.5%, with a decrease of 1.3pct; The net profit deducted from non parent company was 190 million yuan, an increase of 34.7% at the same time; Deduct 5.1% of the net interest rate not attributable to the parent company, and deduct 1.0pct at the same time. In a single quarter, 21q1-q4 / 22q1 achieved operating revenue of RMB 7.5/8.3/10.1/11.2/770 million respectively, with a year-on-year increase of 122.7% / 73.9% / 75.6% / 24.8% / 3.3%; The net profit attributable to the parent company was RMB 0.3/0.5/0.6/0.6/0.4 billion, with a year-on-year change of + 43.7% / + 41.0% / + 75.5% / – 5.5% / + 27.4%.
The comprehensive gross profit margin of 21 years was 12.6%, with a decrease of 7.5pct, mainly due to the adjustment of statement caliber. The transportation costs incurred for the performance of sales contracts were listed in the item of “operating costs”. The cost rate during the 21-year period is 5.9%, with a decrease of 6.7pct. The rates of sales / management / R & D / financial expenses were 4.2% / 0.8% / 0.5% / 0.4% respectively, with a year-on-year change of – 5.3 / – 0.2 / – 0.2 / – 1.0pct. 22q1’s comprehensive gross profit margin is 12.7%, the period expense rate is 5.6%, and the sales / management / R & D / financial expense rates are 4.2% / 0.8% / 0.7% / – 0.1% respectively.
Adult bicycles and power assisted electric bicycles are growing rapidly. In terms of products, the operating revenue of adult bicycles / children’s bicycles / power assisted electric bicycles / Motorcycles / Accessories / other products in 21 years was 1.21/7.4/3.6/0.1/12.4/140 billion yuan respectively, accounting for 32.8% / 20.0% / 9.6% / 0.4% / 33.4% / 3.8%, with a year-on-year change of + 100.5% / + 33.7% / + 101.1% / – 61.4% / + 73.9% / – 29.0%. The increase in sales revenue is mainly due to the continuous impact of the epidemic, the reduction of foreign public transport travel and the significant increase in the demand for bicycles.
ODM sales increased smoothly and overseas business grew rapidly. In terms of sales mode, the revenue of OBM / ODM / OEM / trade mode in 21 years was RMB 4.7/22.6/0.2/970 million respectively, with a year-on-year increase of 31.0% / 72.7% / 21.6% / 59.2%. In terms of regions, the overseas / domestic revenue in 21 years was 3.66 billion yuan / 50 million yuan respectively, with a year-on-year change of + 64.0% / – 9.2%. In 21 years, Hangzhou Jiuyi Intelligent Technology Co., Ltd. was jointly established to promote the upgrading of electric bicycle product industry chain and intelligent technology, meet the needs of future strategic development and enhance competitive advantage.
Profit forecast and rating: we expect the net profit of the company in 22-23 years to be RMB 300 / 400 million respectively, with an increase of 47% and 32% at the same time. The current closing price corresponding to PE is 18 and 14 times respectively. Considering that the company is currently in a period of rapid development, there is considerable growth space in the overseas market. With reference to the comparable company, it gives a 22-year 27 times PE valuation, corresponding to the target price of 41.8 yuan, maintaining the rating of “better than the market”.
Risk tips: shipping risk, international trade risk, market competition risk, improper supply chain management risk, exchange rate fluctuation.
