\u3000\u3 China Vanke Co.Ltd(000002) 444 Hangzhou Great Star Industrial Co.Ltd(002444) )
Hangzhou Great Star Industrial Co.Ltd(002444) released the first quarterly report of 2022. In 2022q1, the revenue reached 2.876 billion yuan, an increase of 45.20% year-on-year.
In 2021, when the company is faced with adverse factors such as the rise of RMB exchange rate, the rise of raw material prices and the rise of shipping prices, the gross profit margin and net profit margin continue to decline. 22q1 from the financial data, the negative impact still exists, but the company still maintains a strong revenue growth rate. In the future, with the marginal improvement of the external environment, the company’s revenue and profit structure are expected to develop better.
The gross profit margin of the company in 2022q1 was 22.93%, a year-on-year decrease of 7.07pcts. At present, in terms of shipping, although the settlement price of European routes has dropped, the price of American Western routes is still at a high level. As nearly 70% of the company’s business is in the Americas, and the sea freight is currently included in the cost, the gross profit margin is still under pressure. In terms of raw materials, the price of raw iron ore is still rising in 2022q1, and the pressure on the raw material side of the company still exists. In terms of exchange rate, the trend of RMB exchange rate against the US dollar in 22q1 is relatively stable, and marginal improvement is expected.
The company’s 2022q1 sales / management / R & D / financial expense rates were 6.06% / 6.18% / 2.56% / 0.98% respectively, with a year-on-year change of + 0.52pcts / – 2.16pcts / – 0.56pcts / – 0.64pcts. The rates of various expenses remained basically stable.
In 2022q1, the net profit attributable to the parent company was 183 million yuan, a year-on-year decrease of 28.77%, and the net interest rate attributable to the parent company was 6.36%, a year-on-year decrease of 6.60pcts; In 2022q1, the company deducted 192 million yuan of non parent net profit, a year-on-year decrease of 14.93%, and deducted 6.68% of non parent net interest rate, a year-on-year decrease of 4.72 PCTs. As the gross profit margin continued to decline under multiple factors, the net profit attributable to the parent company reached a low level in 22q1. In the future, it is expected that the improvement of the cost structure can drive the growth of the net profit of the company under the improvement of the margin of the external environment.
The net operating cash flow generated by 2022q1 company was 42 million yuan, compared with – 68 million yuan in the same period last year; Net investment cash flow was – 90 million yuan, compared with – 151 million yuan in the same period last year.
Profit forecast and valuation. The company’s current operating income is RMB 188.9 billion / 2027.9 billion / 2027.4 billion, corresponding to the company’s net market value of RMB 188.9 billion / 2027.5 billion / 2027.5 billion / 2027.4 billion.
Risk tips: exchange rate fluctuation risk, raw material price fluctuation risk, shipping capacity risk, the expansion of new electric tools is less than expected, and the performance after M & A is less than expected
