Event: on August 26, 2022, Shuangjian released its 2022 semi-annual report: the operating income in the first half of 2022 was 1.067 billion yuan, + 26.92% compared with the same period last year; the net profit was 58 million yuan,-37.84%; and the non-return net profit was 55 million yuan,-32.36% of the same period last year. The net profit rate of 2022H1 sales was 5.40%, which was 5.64 pct lower than the same period last year, and the gross sales profit margin was 15.59%. The cash flow of pct; business activities decreased by 8.32% to 56 million yuan.
Among them, in 2022, Q2 realized revenue of 587 million yuan, year-on-year + 26.36%, month-on-month + 22.14%; realized net profit of 25 million yuan,-28.02%, month-on-month; and realized non-return net profit of 25 million yuan, year-on-year-18.80%, month-on-month-16.97%. The gross profit margin of sales was 14.4%, down 7.74 pct from the same period last year, 2.64 pct; sales net profit margin was 4.31% from the previous month, 3.26 pct was down from the same period last year, and the cash flow of operating activities of 2.41 pct; was-21 million yuan.
Comments:
The net profit of 2022H1 is 58 million yuan, which is-37.84% compared with the same period last year. The net profit of Q2 is 25 million yuan, and the operating income of the company in the first half of 2022 is 1.067 billion yuan, + 26.92% compared with the same period last year. The net profit of Q2 is 58 million yuan,-37.84% of the same period last year. The company's Q2 realized a net profit of 587 million yuan, + 22.14% in the first quarter, and 25 million yuan in the first quarter,-21.83% in the first quarter, mainly due to frequent domestic epidemics, raw material supply and product logistics and transportation obstacles in the first half of the year. Raw material prices began to fluctuate at the beginning of the year, bringing great cost pressure. By locking the quantity and price in advance, increasing the purchasing channels of raw materials, adjusting and optimizing the product structure, adjusting the structure of raw materials, reducing unit consumption costs, and controlling costs, the company's production and operation maintained a stable operation, and the downstream market basically remained stable, but the upstream raw materials maintained high operation and fierce market competition, resulting in year-on-year increase in main business income and a decline in net profit during the reporting period.
15 million square meters of energy-saving conveyor belt is about to be put into production, and the company's 15 million square meters of high-strength energy-saving and environmental protection conveyor belt project in Tongxiang is expected to be put into production by the end of 2022. The company also plans a 60 million square meter intelligent conveyor belt project with rooftop.
Persist in technological innovation and enhance the strength of scientific and technological research and development
The company has been committed to new product research and development, continue to introduce technical R & D personnel, for the company to strengthen and expand the main business to provide a strong technical guarantee. After continuous R & D investment, the company has obtained a number of patents in rubber conveyor belt, and has established strategic partnerships with a number of institutions at home and abroad. The company has a domestic first-class R & D center, has been awarded the National Torch Plan key high-tech enterprises, high-tech enterprises. The company's technology center has complete physical performance testing, chemical performance analysis, mechanical performance testing and other laboratories, which can comprehensively test the mechanical and chemical properties of raw materials and finished products. In 2017, the company's technology research and development center was selected as the energy-saving and environmental protection conveyor belt technology center of the rubber industry in China, and it is one of the first recognized technology centers in the conveyor belt field.
Enrich the product structure and form a complete industrial chain
After decades of continuous operation and innovation in the field of rubber conveyor belt, the company has formed a complete product chain from ordinary conveyor belt to high-end conveyor belt. At the same time, in the transportation system, the company has formed the ability to provide one-stop overall solution, which can further optimize the overall operation efficiency of the transportation system.
Increase the investment of conveyor belt project and plan the intelligent construction of production line
The company will increase investment in the main industry of conveyor belt in the next few years, and it is expected that the final production capacity of the "14th five-year Plan" will exceed 150 million square meters, further increase the market share of Shuangjian conveyor belt, and develop new products suitable for market demand. and vigorously promote special-purpose products (ceramic interface conveyor belt, ropeway conveyor belt, tubular conveyor belt, flexible conveyor belt and other new products).
Further increase production capacity, adhere to the development direction of "intelligence and informatization", promote the construction of convertible corporate bond investment projects in an orderly manner, and constantly increase the production capacity of conveyor belts. Successively invested 6 million square meters of environmental protection and energy-saving rubber conveyor belt technical renovation project, rooftop ring energy annual production of 10 million square meters of energy-saving conveyor belt project, annual output of 15 million square meters of high-strength energy-saving environmental protection conveyor belt project and an annual output of 60 million square meters of intelligent conveyor belt project. at the same time, combined with the accumulation of their own advantages and the introduction of Internet technology and talents, vigorously develop a more "intelligent, environmental protection, energy-saving" material transportation system.
The company is expected to return to its parent net profit of 1.56,3.37 and 405 million yuan respectively in 2024, corresponding to 17,8 and 7 times PE, maintaining a "buy" rating.
Risk tips: raw material price fluctuation risk; sea freight continues to rise; product demand is lower than expected; downstream customer repayment is not timely; project construction progress is not as expected.