Fujian Green Pine Co.Ltd(300132) ( Fujian Green Pine Co.Ltd(300132) ) performance review
4.28 it was announced that the revenue of 22q1 was 687 million yuan, - 19.7%, with a net loss of 61.196 million yuan and a deduction of non net loss of 60.521 million yuan.
Business analysis
22q1 revenue decline expanded and profitability needs to be improved. Affected by the trend of new cosmetics regulations, the revenue growth since 21q2 was lower than expected, superimposed with the rise of raw material costs and the climbing depreciation and amortization of new production capacity, which dragged down the net profit, 21q3 suffered a loss, and the decline in revenue and loss in 22q1 widened and narrowed. The revenue of 21q1 / 21q2 / 21q3 / 21q4 / 22q1 was + 20.7% / - 2.9% / - 21.3% / - 7.5% / - 19.7% year-on-year, and the net profit attributable to the parent company was 0.9/0.9 / - 0.6 / - 1.03 / - 0.6 billion yuan. 22q1 gross profit margin 5.29% (- 19pct), sales rate 2% (- 0.01pct), management rate 7.2% (+ 2pct). 22q1 inventory turnover 105 days (+ 7 days), accounts receivable turnover 62 days (+ 7 days).
Northbell's provision for goodwill impairment resulted in the first cash loss in 21 years. The year-on-year net loss was RMB 1.29 billion and the net loss was RMB 1.29 billion to RMB 1.49 billion. The loss in 21 years was mainly due to the impairment of goodwill of RMB 913 million for northbell.
In 21, the cosmetics OEM revenue was 2.51 billion yuan, -6.05%, mainly due to the decrease of epidemic prevention related products such as wipes and masks, and the steady growth of facial mask and skin care. The revenue of facial mask / skin care / wipes / other (mainly masks) was +3.4%/+10.4%/-10.9%/-53.1% year-on-year; The gross profit margin is 10.44% (-11.92 PCT), mainly 1) the price rise of raw materials is not well conducted; 2) In the early stage, the utilization rate of expanded production capacity is low, and the depreciation and amortization and rental costs are increased. The net loss of the subsidiary northbell was 54.896 million yuan.
The deep processing revenue of turpentine was 1.18 billion yuan, - 0.87%, and the gross profit margin was 18.5% (- 14.6pct), which was mainly due to the high and narrow range fluctuation of the price of raw turpentine during the year. Qingsong chemical has a net profit of 26.19 million yuan in 21 years.
The gross profit margin of 21 years is 13% (- 12.7pct), the sales rate is 1.6% (- 0.3pct), and the management rate is 5% (+ 0.1pct); Inventory turnover 101 days (+ 0.2 days), accounts receivable turnover 68 days (+ 5 days).
Investment advice
Under the new cosmetics regulations, the company's customers have made short-term adjustments, the cost of raw materials has risen, and the new production capacity is still climbing. The profit forecast for 22-23 years has been lowered by 78% / 74%, and the 24-year forecast has been added. The net profit attributable to the parent company in 22-24 years is expected to be 130 / 180 / 250 million yuan, corresponding to 24 / 17 / 12 times of PE in 22-24 years, which has been lowered to the "neutral" rating.
Risk tips
Order expansion is less than expected; Price rise of raw materials; Slow down of inventory and accounts receivable turnover
