\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 062 Shanghai Ailu Package Co.Ltd(301062) )
Event: Shanghai Ailu Package Co.Ltd(301062) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 1.12 billion yuan, a year-on-year increase of 44.55%; The net profit attributable to the parent company was 145 million yuan, a year-on-year increase of 30.18%; The net profit attributable to the parent company after deduction was 141 million yuan, with a year-on-year increase of 30.89%. In 2021q4, the company realized an operating revenue of 327 million yuan, a year-on-year increase of 28.62%; The net profit attributable to the parent company was 29 million yuan, a year-on-year decrease of 20.51%; The net profit attributable to the parent company after deducting non profits was 28 million yuan.
In addition, in 2022q1, the company achieved an operating revenue of 271 million yuan, a year-on-year increase of 12.32%; The net profit attributable to the parent company was 32 million yuan, a year-on-year decrease of 25.70%; The net profit attributable to the parent company after deducting non-profit was 29 million yuan, a year-on-year decrease of 29.06%.
Vigorously invest in R & D and break through the core technology, and the main business of composite plastic packaging has a beautiful growth rate
In terms of products, the operating revenue of industrial paper bag packaging products, composite plastic packaging products and intelligent packaging system products in 21 years was 753 / 277 / 19 million yuan, with a year-on-year increase of 29.14% / 93.22% / 31.47%. The company goes deep into the field of industrial paper packaging and builds the core competitiveness of products with R & D advantages. In order to meet the requirements of customers for waterproof, moisture-proof and high barrier characteristics of packaging, the company has independently developed EVOH high barrier film, labyrinth channel exhaust and other technologies, and signed long-term cooperation agreements with Shanghai Milkground Food Tech Co.Ltd(600882) , Shandong Junjun and other well-known dairy enterprises in China to achieve stable batch supply. In 2021, the company successfully developed high-performance composite plastic packaging products integrating light blocking, water blocking, oxygen blocking, fresh-keeping and other properties through R & D iterations and technological innovation of composite plastic packaging products, breaking through the restriction that the original cheese stick products need low-temperature cold chain storage. At present, the company’s normal temperature composite plastic packaging products have been officially put on the market. In November 2021, the company established a wholly-owned subsidiary, Shanghai aichuang Packaging Technology Co., Ltd., to invest in the construction of a new production base to improve the industrial layout, expand production capacity and further consolidate the leading position in the industry.
The level of intelligent production is leading in the industry, and the customers of downstream leading enterprises are expanding steadily
The company has established large-scale production and supply capacity through early investment. In terms of industrial paper packaging production, the company has four complete German W & H full-automatic CNC production lines, which are at the leading level in the industry in terms of production efficiency, large-scale order guarantee supply capacity and product quality stability. In terms of composite plastic packaging production, the company has three sets of German W & H three-layer and seven layer coextrusion composite film production equipment, one set of European sheet extrusion equipment, two sets of European composite equipment, and an independently developed and manufactured assembly line for intelligent ripening, slitting, packaging and multi Siasun Robot&Automation Co.Ltd(300024) cooperative operation. It has strong flexible production capacity and can effectively meet the different order needs of customers. By the end of 2021, the company has served more than 700 customers. Diversified customer resources have laid a good foundation for the company to diversify business risks and maintain stable and balanced development.
The profitability of 22q1 was repaired month on month, and the R & D investment was continuously increased
In 21 years, the company’s comprehensive gross profit margin was 28.56%, down 5.38pct year-on-year; 22q1’s comprehensive gross profit margin was 26.78%, down 5.86pct year-on-year and up 8.32pct month on month. The short-term pressure on gross profit margin is mainly due to the sharp rise in the prices of raw materials such as base paper and crude oil. Under the comprehensive influence, the net interest rate of the company in 21 years was 12.73%, down 0.90pct year-on-year; 22q1 net interest rate was 11.60%, down 6.12pct year-on-year.
In terms of period expenses, the company’s period expense rate in 21 years was 13.64%, a year-on-year decrease of 1.23pct, the sales / management / R & D / financial expense rate was 1.88% / 7.06% / 3.39% / 1.31% respectively, and the year-on-year expense rate was -0.24 / – 0.51 / – 0.01 / – 0.47pct respectively. Among them, the company continued to increase investment in technology R & D, and the R & D expense increased by 44.31% year-on-year.
Investment suggestion: as a leading medium and high-end packaging enterprise, Shanghai Ailu Package Co.Ltd(301062) industrial paper packaging has developed steadily, and composite plastic packaging is bound to be the leading cheese. It has significant advantages in product technology and high-quality customer resources, and its performance is expected to be further improved in the future. We estimate that the operating revenue of Shanghai Ailu Package Co.Ltd(301062) 20222024 will be 1.358 billion yuan, 1.802 billion yuan and 2.307 billion yuan, with a year-on-year increase of 21.22%, 32.74% and 28.03%; The net profit attributable to the parent company was RMB 178 million, RMB 214 million and RMB 262 million, with a year-on-year increase of 23.00%, 20.41% and 22.27%, corresponding to PE of 23.1x, 19.2x and 15.7x. The investment rating of overweight-a was given.
Risk warning: industry competition intensifies the risk; Raw material price fluctuation risk; Market expansion is less than expected risk.
