The company publishes its mid-2021 report. 21H1 realized revenue of 4.547 billion yuan, net profit of 268 million yuan and non-return net profit of 238 million yuan, up 98.33%, 10.34% and 12.00% respectively over the same period last year. Of this total, 21Q2 realized revenue of 2.193 billion yuan, net profit of 168 million yuan and non-return net profit of 152 million yuan, up 79.00%,-0.63% and-0.38% respectively over the same period last year.
21H1 gross profit margin 11.70%, net profit margin 6.67%, down 11.26pct and 5.15pct respectively compared with the same period last year.
The gross profit margin of 21Q2 is 15.12% and the net profit rate is 8.71%, which is down by 12.01pct and 6.48pct respectively compared with the same period last year.
The income of printing and dyeing business returned to the pre-epidemic level, and the sales profit margin was higher than the average level of the industry. The revenue of the printing and dyeing business 21H1 reached 1.546 billion yuan, an increase of 43.65% over the same period last year; the total profit was 208 million yuan, up 25.60% over the same period last year; and the sales profit margin was 13.46%, down 1.94pct from the same period last year. Printing and dyeing income has been basically the same as before the epidemic, because the price of dyeing fees has not yet returned to the 19-year level, expenses such as superimposed raw and auxiliary materials and sewage treatment costs have increased, and profits have not yet returned to the pre-epidemic level, but it is still higher than the industry average of 3.86% in the same period.
Revenue from the gold business increased significantly. The revenue of gold jewelry 2021H1 was 2.635 billion yuan, up 226.30% over the same period last year; sales were 30.11 tons, up 75.23% over the same period last year; and the net profit from non-return was 37 million yuan, up 20.98% from the same period last year. The performance commitment target of Hang Min Baitai in 2021 is to deduct the non-return net profit of not less than 102 million yuan. in order to achieve the commitment target, the company will further improve its marketing, design and development capabilities and increase the development of "fine, light and new" products.
During this period, the expense rate decreased, the inventory turnover accelerated, and the operating capacity improved. During the 2021H1 period, the expense rate was 4.44%, down 3.00PCT from the same period last year, mainly due to the rapid growth of the income side; the inventory turnover days were 57.83 days, down 70.87 days from the same period last year.
Profit forecast and investment advice: the performance from 2021 to 2023 is 0.61 yuan per share, 0.71 yuan per share and 0.84 yuan per share, respectively. With reference to the average PE (TTM) in the past three years, the 2021 PE is valued at 11 times, with a corresponding fair value of 6.71 yuan per share, maintaining a "buy" rating.
Risk tips. Risks such as sluggish demand and unfulfilled performance commitments agreed upon by restructuring.