\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 55 Jahen Household Products Co.Ltd(300955) )
The company disclosed that in the first quarter report of 2022, the operating income of 22q1 was 252 million yuan, yoy + 0.64%, the net profit attributable to the parent was 17 million yuan, yoy-19.54%, and the net interest rate attributable to the parent was 6.63%, with a decrease of 1.66 PCT and a deduction of 16 million yuan.
Revenue side: Quarterly, the operating revenue of 21q1-22q1 was 251 / 2.63/3.18/3.29/252 million yuan respectively, with a year-on-year increase of 91.83% / 0.77% / 15.66% / 9.15% / 0.64% respectively.
Cost side: 2022q1 gross profit margin 22.33%, down 1.03pct year on year.
Cost side: during 22q1, the cost rate was 14.60%, with an increase of 1.02pct; The sales expense ratio was 0.67%, with an increase of 0.14 PCT; The rate of administrative expenses was 11.35%, with an increase of 0.99pct; The R & D expense rate was 1.94%, with an increase of 0.03pct; The financial expense rate is 0.64%, with a decrease of 0.13pct.
In terms of cash flow, the net cash flow from operating activities of 2021q1 company was 14 million yuan, yoy-33.30%, mainly due to the increase in cash paid for goods purchased in the current period; The net cash flow generated by the company’s investment activities is – 33 million yuan, and the monetary capital in Q1 in 2022 is 142 million yuan, yoy-68.1%.
In terms of operating capacity, the number of inventory weeks in 2022q1 was 78.11 days, a year-on-year increase of + 1.94 days; The turnover days of accounts receivable were 97.29 days, a year-on-year increase of + 9.23 days; The turnover days of accounts payable were 69.48 days, a year-on-year increase of -9.62 days.
As one of the few companies in China to realize OEM / ODM integrated services, relying on the double track of daily chemical beauty and plastic packaging, relying on the long-term cooperative relationship between R & D viscosity and product quality and the consolidation of many well-known b-end customers, it has steadily increased its revenue and actively expanded Huzhou phase I and phase II production lines. Huzhou factory obtained the production license in March 2022, In the future, when the production capacity of cosmetics is increased to about 2.5 times the current level, the efficiency will be greatly improved, which is expected to become a new profit engine in the future. The net profit in 22 / 23 is expected to be 140 / 170 million yuan, maintaining the “buy” rating.
Risk tips: the risk of market demand fluctuation, market competition risk, high customer concentration risk, the impact of covid-19 pneumonia on the company’s production and operation, the risk of litigation and punishment caused by product quality problems, and the risk of raw material price fluctuation
