Main points of investment
Next Tuesday (September 27), there will be an inquiry by Sanbaishuo, a listed company on the main board.
Sanbaisuo (001300): the company is a high-tech enterprise specializing in R & D, design, production and sales of leisure sports and fitness equipment; leisure sports equipment includes different types of trampoline and other leisure sports equipment, fitness equipment includes aerobic fitness equipment and strength fitness equipment, including treadmills, elliptical machines, exercise bikes, integrated training machines and barbells, etc. From 2019 to 2021, the company realized operating income of 574 million yuan / 951 million yuan / 1.207 billion yuan respectively, and its YOY was-0.47%, 65.79% and 26.87%, respectively. The compound annual growth rate of operating income for three years was 27.93%. The net profit of returning to the mother is 77 million yuan / 126 million yuan / 129 million yuan, the YOY is 52.05%, 64.09% and 2.02% respectively, and the compound annual growth rate of the net profit of three years is 36.54%. During the latest reporting period, 2022H1 achieved an operating income of 404 million yuan, down 42.61% from the same period last year, and a net profit of 71 million yuan, down 20.87% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 89.7595 million yuan to 103.745 million yuan from January to September 2022, changing from-29.02% to-17.96% over the same period last year.
Investment highlights: 1. The company is one of the early manufacturers engaged in the field of leisure sports products in the industry, producing leisure sports products for international well-known brands through ODM/OEM mode. With its outstanding manufacturing capacity and stable product quality, the company has successfully entered the supply chain of well-known sports brands such as Decathlon and Aikang, and has provided trampolines, fitness equipment and other sports devices through the ODM/OEM business model for a long time. At present, it has established a stable cooperative relationship for more than a decade; high-quality customer resources have laid a good foundation for the company's future market expansion and steady development. From 2019 to 2021, the sales revenue of the company's ODM/OEM business showed a relatively stable growth trend. 2. In 2020, through the acquisition of international well-known leisure and sports equipment brand SKYWALKER, the company successfully entered the supply chain of large retailers such as Amazon.Com Inc and Walmart Inc, and is expected to further expand the company's business scale. In 2020, the company acquired the downstream core customer, North American well-known leisure sports equipment brand SKYWALKER, to further expand the scope of its own brand and the company's operating scale, but also help the company to exert synergy and enhance the company's ability to make a sustainable profit. Since its establishment, SKYWALKER has always focused on the R & D and sales of leisure sports equipment such as trampoline, with a rich product range, excellent product quality, good reputation and loyal user base. In 2020, SKYWALKER accounted for 12.15% of the global trampoline market, ranking first in the world. At the same time, with the acquisition of SKYWALKER gram, the company has successfully entered the supply chain of large retail enterprises such as Amazon.Com Inc and Walmart Inc, which is conducive to expanding the company's export channels.
Comparison with listed companies in the same industry: the company has long focused on the field of leisure sports and fitness equipment. According to the similarity of its business, we select Inpaise, Shuhua Sports and Jinling Sports as comparable listed companies of Sanbaishuo. According to the above comparable companies, the average income of the industry in 2021 is 991 million yuan, the comparable PE-TTM (excluding abnormal values / arithmetic average) is 35.43X, and the gross profit margin of sales is 28.41%. Comparatively speaking, the revenue scale of the company is in the high range of the industry, while the gross profit margin is lower than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
