\u3000\u3 Shengda Resources Co.Ltd(000603) 208 Jiangshan Oupai Door Industry Co.Ltd(603208) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a revenue of 3.157 billion yuan, a year-on-year increase of 4.84%; The net profit attributable to the parent company was 257 million yuan, a year-on-year decrease of 39.67%; The basic earnings per share is 2.45 yuan / share. Among them, the company achieved a single quarter revenue of 870 million yuan in the fourth quarter, a year-on-year decrease of 12.08%; The net profit attributable to the parent company was -34 million yuan, a year-on-year decrease of 130.01%. In 2022q1, the company achieved a revenue of 491 million yuan, a year-on-year increase of 3.46%; The net profit attributable to the parent company was 55 million yuan, with a year-on-year increase of 67.48%; Deduct non net profit of 08 million yuan, a year-on-year decrease of 71.2%; The basic earnings per share is 0.53 yuan / share.
Raw material prices rose, superimposed on changes in sales structure, and the company's gross profit margin fell. In 2021, the company's comprehensive gross profit margin was 29.1%, a year-on-year decrease of 3.11%. Among them, the gross profit margin of 21q4 was 22.98%, down 7.03% year-on-year and 10.25% month on month. 22q1 single quarter gross profit margin was 24.91%, a year-on-year decrease of 4.61% and a month on month increase of 1.94%. The company's gross profit margin declined in 2021, mainly due to the following two reasons: 1) during the reporting period, the company's raw material price rose and the product price decreased, resulting in the decline of the product gross profit margin; 2) The sales structure has changed, and the proportion of direct engineering channel income with high gross profit has decreased.
During the period, the expense rate increased year-on-year, and the accrual of impairment loss continued to deteriorate the profitability. In terms of expense rate, in 2021, the company's period expense rate was 15.54%, with a year-on-year increase of 3.42%. Among them, the sales / management / Finance / R & D expense rate was 8.35% / 3.14% / 0.21% / 3.84% respectively, with a year-on-year change of 2.45% / 0.27% / - 0.03% / 0.73% respectively. In 2022q1, the company's period expense rate was 20.93%, with a year-on-year increase of 0.23%. Among them, the sales / management / Finance / R & D expense rates were 12.31% / 4.34% / 0.23% / 4.05% respectively, with a year-on-year change of 1.01% / - 0.70% / - 0.1% / 0.02% respectively. In terms of net interest rate, in 2021, the company's net interest rate was 8.19%, a year-on-year decrease of 6.4%; 22q1 single quarter net interest rate of the company was 11.04%, with a year-on-year increase of 3.86%, and the net interest rate excluding non net interest was 1.69%, with a year-on-year decrease of 4.38%. In 2021 and the first quarter of 2022, the company's profitability decreased significantly, mainly because the company accrued impairment losses for large real estate customers.
We have continued to implement the all channel and all category strategy, and our comprehensive strength has been continuously enhanced. On the product side, based on plywood molded doors and solid wood composite doors, the company expanded to new products such as entry doors, fire doors and cabinets. During the reporting period, the company's plywood molded doors / solid wood composite doors / Cabinets / other products achieved revenue of RMB 19.32/599215/166 million respectively, with a year-on-year change of 7.88% / - 24.04% / - 3.62% / 214.23% respectively. On the channel side, the company strengthened the investment attraction of dealers, established Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all channels, and continued to promote the development of home decoration market. Relying on the advantages of original brands and products, the company achieved rapid expansion. It has more than 13000 effective dealers across the country and fully settled on the online head platform. During the reporting period, the company's dealer channel achieved a revenue of 693 million yuan, a year-on-year increase of 180.54%; The company continued to expand high-quality engineering customers, develop engineering agent channels and control bulk business risks. During the reporting period, the company's bulk channels achieved revenue of 2.218 billion yuan, a year-on-year decrease of 14.93%, of which engineering / agent channels achieved revenue of 1.631504 billion yuan respectively.
Investment suggestion: the company is deeply engaged in the door industry, continues to expand its categories, develops to all channels based on the engineering business, has a bright performance in the retail business, and the future performance growth can be expected. It is expected that the company will realize the basic earnings per share of 4.75/6.49/8.05 yuan / share in 2022 / 23 / 24, and the corresponding PE is 9x / 7X / 5x, maintaining the "recommended" rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
