\u3000\u3 Shengda Resources Co.Ltd(000603) 208 Jiangshan Oupai Door Industry Co.Ltd(603208) )
The company released the annual report. In 21 years, the company achieved a revenue of 3.157 billion yuan, a year-on-year increase of + 4.84%. The single quarter revenue of Q1-Q4 was 4.74/9.33/8.81/870 million yuan, a year-on-year increase of + 57.71% / + 22.52% / – 8.31% / – 12.08%. In 21 years, the company achieved a net profit attributable to the parent company of 257 million yuan, a year-on-year increase of – 39.67%, and a net profit attributable to the parent company after deduction of non net profit of 216 million yuan, a year-on-year increase of – 45.09%. By the end of the 21st century, the company had accumulated distributable profit of 1.038 billion yuan, and planned to increase 3 shares for every 10 shares with capital reserve and distribute cash dividend of 7.40 yuan (including tax). In the past 21 years, the credit impairment loss was 130 million yuan and the asset impairment loss was 13 million yuan. 22q1 company achieved a revenue of 491 million yuan, a year-on-year increase of + 3.46%, a net profit attributable to the parent company of 55 million yuan, a year-on-year increase of + 67.48%, and a net profit attributable to the parent company of 08 million yuan, a year-on-year decrease of – 71.20%.
The new retail business had an annual revenue of 700 million yuan in 21 years, a year-on-year increase of + 180.54%. The new retail home decoration business model achieved revenue of 693 million yuan in 21 years, a year-on-year increase of + 180.54%, and 22q1 achieved revenue of 127 million yuan, a year-on-year increase of + 74.30%. In 21 years, the domestic sales revenue reached 2.846 billion yuan, a year-on-year increase of + 2.24%, accounting for 90.13%. The company vigorously promotes marketing reform, increases investment attraction, cultivates all kinds of dealers and installation service providers, cancels the exclusive agency model of dealers, implements the business model of synchronous development of all kinds of dealers, improves market share, and establishes a marketing model of all channel coverage on and off the line. Offline channels focus on distribution, constantly expand the Chinese market, and have established a dealer network covering the whole country. By the end of 21, the company had more than 13000 effective dealers, 9895 new dealers in the whole year, and 3562 to 17031 new 22q1 franchisees. Online channels have fully occupied major online shopping platforms and built their own online shopping malls. By the end of the 21st century, the company had established a sales network covering 31 provinces and regions in China.
Direct engineering and agency engineering business went hand in hand, and the income of engineering agents increased significantly by + 75.74% year-on-year. In 21 years, the revenue of bulk channels was 2.218 billion yuan, a year-on-year increase of – 14.93%, of which the revenue of Engineering Agency channels was 504 million yuan, a year-on-year increase of + 75.74%. 22q1 bulk channels achieved revenue of 319 million yuan, a year-on-year increase of – 11.15%, of which the revenue from Engineering Agency channels was 121 million yuan, a year-on-year increase of + 38.14%. The direct engineering company has continuously expanded its business from a direct engineering company for 21 years to a large engineering company. At present, it has a number of Engineering strategic customers dominated by central enterprises, state-owned enterprises and high-quality private enterprises with stable operation. At the same time, it has developed engineering agent channels, and the proportion of engineering agent income has gradually increased. By the end of 2021, the company had more than 300 engineering agents. The company has a mature engineering business team and engineering service team to provide engineering customers with high-quality products and all-round services.
The layout of various product lines is rich, and an advanced automatic and intelligent production line has been built, with obvious advantages of large-scale production. At present, the company has several production bases, including Jiangshan in Zhejiang, Lankao in Henan and Yongchuan in Chongqing, covering an area of nearly 2000 mu. In the 21st year, the company orderly promoted the construction of two production bases: the fire door production line project and the Chongqing Jiangshan Oupai Door Industry Co.Ltd(603208) annual output of 1.2 million sets of wooden doors project. Cooperating with world-class equipment manufacturing enterprises and introducing CNC automatic assembly lines, China has built an advanced large-scale, automatic and intelligent wooden door production line in the wooden door industry, which ensures the manufacturing quality and processing accuracy of wooden doors, improves the production capacity and shortens the production and delivery time. The advantages of large-scale production and short-term large supply capacity are obvious. In addition, Jiangshan is the concentration of wooden door production enterprises. Relying on the surrounding rich forestry resources and regional advantages, the wooden door industry has developed and grown. The industrial chain of the wooden door industry is complete and mature, and the upstream and downstream are connected efficiently.
The prices of raw materials and transportation have risen, the profitability has been under pressure in the short term, the marketing reform has been launched, and the cost investment has increased. In 21 years, the gross profit margin of the company was 29.10%, year-on-year -3.11pct, and the net profit attributable to the parent company was 8.14%, year-on-year -6.00pct. The annual sales / management / R & D / financial expense ratio of 21 years was 8.35% / 3.14% / 3.84% / 0.21% respectively, with a year-on-year increase of + 2.45 / + 0.27 / + 0.73 / – 0.03pct respectively. The increase in sales expense rate is due to the increase in salary, travel expenses, publicity expenses and maintenance expenses of sales personnel. The gross profit margin of 22q1 company was 24.91%, year-on-year -4.61pct, the net profit attributable to the parent company was 11.28%, year-on-year + 4.31%, and the sales / management / R & D / financial expense rates of 22q1 were 12.31% / 4.34% / 4.05% / 0.23%, year-on-year + 1.01 / – 0.70 / + 0.02 / – 0.10pct respectively.
Profit forecast and rating: without considering the impact of subsequent Credit impairment provision of the company, we expect the net profit of the company in 22 / 23 years to be 485 / 628 million yuan respectively (compared with 320 / 410 million yuan in the original 22 / 23 years), a year-on-year increase of + 88.6% / + 29.6%, corresponding to 10x / 8x PE in 22 / 23 years, maintaining the “overweight” rating.
Risk tip: the risk of withdrawing accounts receivable and bills has intensified industry competition, the release of production capacity is less than expected, and the expansion of channels is less than expected.
