Research purpose: 002162.SZ is a well-known ceramic tile manufacturer in China. We have conducted a survey on it recently and mainly communicated with the company leaders on the current situation and future development of the company's main ceramic tile industry.
Main points of investment:
The first half of this year will lose about 65 million yuan, and the third quarter is expected to make a new loss of 80-13 million yuan, with a cumulative loss of 7300 to 78 million. In addition, government subsidies this year will also be significantly lower than the same period last year, and the annual loss will be a high probability event. The management of the company attaches great importance to opening up the market and turning losses into profits, and there may be new ideas and new measures in sales and production in the future. The loss is mainly due to insufficient follow-up of market development, slower-than-expected sales growth, and losses in the face of increased sales channel management and low capacity utilization. As a well-known ceramic tile production enterprise in China, Smick has a certain brand foundation both at home and abroad, and adopts the mode of direct sales and distributors. there are nearly 500dealers and branches. Jiangxi's annual output of 15 million square meters of ceramic tile investment project has been completed, in the brand, quality, production capacity have a good foundation.
Changing the way of thinking and strengthening sales will be the key to the company's "volume" decorative ceramic tiles, which are different from the general basic building materials, with the characteristics of fashion elements, and market development needs to be forward-looking and sharp. A new product, a new region or a new channel may bring sales volume and lead the market forward. At present, the company is actively building product showrooms, developing new products, consolidating channel management, marketing strategy may increase the promotion of high-margin products, increase direct cooperation with large real estate developers and so on.
The investment of Yifeng lithium porcelain clay mine has no contribution in the short term, but it will deepen the industrial chain and increase the gross profit margin in the long term.
The cooperation project between the company and the people's Government of Yifeng County on the development and comprehensive utilization of lithium-bearing porcelain clay in Baishi Village, Huaqiao Township, Yifeng County is still in its early stage, and the cooperation agreement will be signed before the 31st of this month. As it has not yet entered the substantive cooperative development stage, the investment project has no direct contribution to the company in the short term. In the medium and long term, it is an important step for the company to integrate upstream resources, which can ensure the supply of raw materials and reduce production costs. Lithium-containing by-products can be processed or sold directly, which will also contribute to the company's profits.
Valuation and investment suggestions as the company's loss this year will be a high probability event, the next two years will be an important period for the company to try its best to open the market, and the lithium porcelain mine investment has not yet contributed profits, so it will not make a profit forecast for the time being. give the company a "neutral" rating. We are optimistic about the company's ability to follow up the market in the future and will pay continuous attention.
The risk indicates the systemic risk brought by macroeconomic fluctuations, the emergence of more stringent real estate regulation and control policies, the risk of a decline in gross profit caused by a sharp rise in the cost of raw materials, and slower-than-expected sales development.