\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 79 Huali Industrial Group Company Limited(300979) )
22q1 revenue was 4.124 billion, an increase of 11.4%, and net profit attributable to parent company was 648 million, an increase of 12.4%
The company’s 22q1 operating revenue was 4.124 billion yuan, a year-on-year increase of 11.39% (excluding the impact of exchange rate changes, a year-on-year increase of 14.13%); 511368 million pairs of sports shoes were sold, with a year-on-year increase of 7.09%; 22q1 net profit attributable to the parent company was 648 million yuan, a year-on-year increase of 12.40% (excluding the impact of exchange rate changes, a year-on-year increase of 15.16%).
According to customers, the top five customers accounted for 91.65%, an increase over the same period. 22q1 company’s revenue from the largest customer is 1.588 billion yuan, accounting for 38.51% of the total; The sales revenue of the second largest customer is 849 million yuan, accounting for 20.60% of the total; The sales revenue of the third largest customer is 649 million yuan, accounting for 15.74% of the total; The sales revenue of the fourth largest customer is 468 million yuan, accounting for 11.35% of the total; The sales revenue of the fifth largest customer is 225 million yuan, accounting for 5.45% of the total.
The net interest rate attributable to the parent company increased by 0.14 PCT to 15.72% at the same time, and the ability to control various fees was enhanced
The company’s 22q1 gross profit margin was 25.65%, a year-on-year decrease of 3.7pct; The net interest rate attributable to the parent company was 15.72%, with a year-on-year increase of 0.14pct.
The company’s 22q1 sales expense ratio was 0.47%, with a year-on-year decrease of 1PCT; The management fee rate was 3.73%, with a year-on-year decrease of 0.1pct; The R & D expense ratio was 1.48%, with a year-on-year decrease of 0.08pct; The financial expense ratio was -0.26%, with a year-on-year decrease of 0.58pct. The increase in financial expenses was mainly due to the increase in time deposits, the corresponding increase in interest income, the appreciation of vnd against the US dollar and the increase in exchange earnings.
Prospect: the company focuses on the sports shoe manufacturing industry and is committed to becoming the world’s leading sports shoe manufacturer. Relying on the existing high-quality customer resources, the company continues to strengthen the ability of large-scale production, development and design and production management, pays attention to market changes and customer needs, continuously improves process technology, product quality, reduces production costs, and consolidates and further strengthens cooperation with high-quality customers, Realize the sustained and rapid growth of revenue and profit. Specifically:
(1) deeply cultivate the original high-quality customers and actively expand new customers;
(2) continuously expand production, digest incremental orders, strengthen automation and lean production, reduce cost and increase efficiency;
(3) continue to promote product development and technological innovation, and strengthen the advantages of rapid delivery and high quality.
Maintain profit forecast and give buy rating. Under the background of the normalization of global epidemic control and the obvious recovery trend of sports economy, we continue to be optimistic about the stability of Huali’s production capacity, strong new product development and rapid response ability, and the increase of orders in the future can be expected; At the same time, with the continuous optimization of the company’s customers and product structure, the profitability may maintain steady growth. We estimate that the company’s revenue in 202224 will be RMB 20.9 billion, RMB 25.6 billion and RMB 31.4 billion respectively, and the net profit attributable to the parent company will be RMB 3.35 billion, RMB 4.14 billion and RMB 2.9, 3.5 and 4.4 yuan / share respectively, and the PE will be 23.9, 19.3 and 15.6 times respectively.
Risk tips: orders are less than expected, costs and expenses increase, overseas epidemics are repeated, capacity expansion is less than expected, and capacity utilization is less than expected.
