\u3000\u30 Fawer Automotive Parts Limited Company(000030) 12 Guangdong Dongpeng Holdings Co.Ltd(003012) )
Event: Guangdong Dongpeng Holdings Co.Ltd(003012) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 7.979 billion yuan, a year-on-year increase of 11.46%; The net profit attributable to the parent company was 154 million yuan, a year-on-year decrease of 81.97%; The net profit attributable to the parent company after deducting non-profit was 46 million yuan, a year-on-year decrease of 93.82%. In 2021q4, the company realized an operating revenue of 2.240 billion yuan, a year-on-year decrease of 6.24%; Net profit attributable to parent company -237 million yuan; The net profit attributable to the parent company after deducting non-profit is -246 million yuan. In addition, in 2022q1, the company realized an operating revenue of 966 million yuan, a year-on-year decrease of 14.73%; Net profit attributable to parent company -77 million yuan; The net profit attributable to the parent company after deducting non-profit is – 74 million yuan.
Under the influence of multiple factors such as real estate regulation, steady growth of distribution channel income, repeated disturbance of epidemic situation, strengthened real estate regulation, power and production restriction and many other adverse factors, 21h2 achieved a revenue of 7.979 billion yuan in 2021, with a year-on-year increase of 11.46%. Quarterly, the company’s 21q1, 21q2, 21q3 and 21q4 achieved operating revenue of RMB 1.133 billion, 2.492 billion, 2.113 billion and 2.24 billion respectively, with year-on-year changes of + 135.28%, + 17.22%, – 2.22% and – 6.24%. Among them, the revenue of 21h2 decreased, mainly due to the overall pressure on the real estate industry, the pressure on capital turnover of some real estate customers, the overdue payment of commercial exchange and many other problems, as well as the comprehensive impact of repeated disturbance of the epidemic, power and production restriction, and the continuous rise of energy and raw material prices. In terms of products, in 2021, the company achieved operating revenue of 5.912 billion yuan, 7.59 million yuan, 651 million yuan, 396 million yuan and 260 million yuan respectively for glazed tiles, unglazed tiles, sanitary ceramics, bathroom products and other products, with a year-on-year increase of 19.63%, – 32.2%, 11.46%, 17.32% and 48.79%. By channel, in 2021, the company’s direct sales channel realized a revenue of 3.153 billion yuan, a year-on-year increase of 4.61%; The revenue from distribution channels reached 4.705 billion yuan, a year-on-year increase of 15.73%; Other channels achieved revenue of 121 million yuan, a year-on-year increase of 53.56%.
The fluctuation of raw materials and energy prices put pressure on the gross profit margin. In terms of the full profitability of the provision for impairment, the company achieved a comprehensive gross profit margin of 29.57% in 2021, a year-on-year decrease of 2.84pct. The sharp rise of raw materials and energy prices put pressure on the gross profit margin; 22q1 achieved a comprehensive gross profit margin of 23.45%, a year-on-year decrease of 3.00pct. In terms of products, the gross profit margins of glazed tiles, unglazed tiles, sanitary ceramics and sanitary products of the company in 2021 were 31.23%, 27.71%, 21.55% and 20.57% respectively, with year-on-year changes of -2.89pct, -7.34pct, + 1.72pct and -2.22pct. In terms of period expenses, the company’s period expense rate in 21 years was 19.12%, with a year-on-year increase of 0.67pct, and the sales / management / R & D / financial expense rates were 11.33% / 5.90% / 2.46% / – 0.57% respectively, with a year-on-year increase of -0.8 / + 0.35 / + 0.03 / – 0.51pct respectively. During the period of 22q1, the expense rate was 35.78%, with a year-on-year increase of 12.19pct, and the expense rates of sales / management / R & D / finance were 20.83% / 12.86% / 3.24% / – 1.15% respectively, with a year-on-year increase of -6.78 / + 4.43 / + 0.82 / + 0.16pct respectively. The net interest rate of the company was 1.89% in 21 years, with a year-on-year decrease of 9.96 PCT, mainly due to the increase of credit impairment losses. In 2021, the total asset impairment and credit impairment losses of the company reached 845 million yuan; Under the dual influence of cost side and expense side, the net interest rate of 22q1 company was – 8.10%, down 12.54pct year-on-year.
Investment suggestion: Guangdong Dongpeng Holdings Co.Ltd(003012) as the leader of ceramic tile industry, retail and small B channels are developing rapidly, the short-term disturbance of one-time impairment is fully released, and the long-term development is still worth looking forward to. We estimate that the operating revenue of Guangdong Dongpeng Holdings Co.Ltd(003012) 20222024 will be 9.142 billion yuan, 10.611 billion yuan and 12.278 billion yuan, with a year-on-year increase of 14.58%, 16.07% and 15.71%; The net profit attributable to the parent company was RMB 684 million, RMB 802 million and RMB 908 million, with a year-on-year increase of 345.26%, 17.25% and 13.22%. The corresponding PE was 14.4x, 12.3x and 10.8x, and the investment rating of Buy-A was given.
Risk warning: raw material price fluctuation risk; Risk of accounts receivable; Real estate regulation strictly exceeds the expected risk; The risk of intensified industry competition; Risk of reduction of major shareholders; Goodwill impairment risk.
