In 21, the year-on-year income increased by 17% over the same period last year, and the return net profit reversed losses compared with the same period last year. 22Q1 revenue continued to grow the company's operating income in 21 years was 16.708 billion yuan, an increase of 17.40% over the same period last year, an increase of 5.17% over 19 years. The return net profit was 570 million yuan, a year-on-year reversal of losses, an increase of 41.62% over 19 years, deducting 352 million yuan from non-net profit and reversing losses over the same period last year, an increase of 585.44%. The EPS is 0.38 yuan. The 21-year net profit growth rate of homing is faster than the income, mainly due to the sharp rise in raw material domestic cotton prices in 21 years, which is good for the yarn and net chain business to promote the gross profit margin (the cotton 328 index rose 47% in 21 years).
From a quarterly point of view, 21Q1~Q4 's single-quarter income is + 66.72%, + 44.94%, + 34.07% and-28.34% respectively compared with the same period last year.
22Q1 income and homed net profit increased by 7.87% and 14.36% compared with the same period last year, while non-net profit increased by 126.44% compared with the same period last year. The faster growth of non-net profit than homed net profit is mainly due to the substantial reduction in non-recurrent profits and losses of 22Q1.
The yarn and net chain are growing steadily, and the sock products are of high growth.
From a product point of view: in 21 years, the revenue of yarn, net chain, hosiery products and other products accounted for 40%, 58%, 2% and 1% respectively, and the income was + 16.16%, + 16.31%, + 79.88% and + 109.59% respectively compared with the same period last year. Among them, the sales volume and unit price of yarn business were + 13.17% and + 2.64% respectively.
From a regional point of view, the domestic and overseas sales income of the main business accounted for 86% and 13% respectively, and the revenue was + 12.06% and + 68.54% respectively compared with the same period last year. It is estimated that the domestic and export revenues of the yarn business are + 1% and 69% respectively compared with the same period last year, and the proportion of export revenue in the yarn business has increased to 33% by 10PCT.
In terms of production capacity: at the end of 21, the company's total production capacity was 2.06 million ingots, an increase of 170,000 ingots compared with the end of 20 years, of which domestic and foreign production capacity accounted for 86% and 14% respectively, and the capacity layout was 1.77 million ingots and 290000 ingots respectively. In 21, the utilization rate of production capacity was 93%, which increased 22PCT compared with the same period last year, and the utilization rate of domestic and overseas capacity was 93% and 92% respectively. The company's capacity under construction is mainly 200,000 spindles intelligent spinning plant in Huaibei, Anhui.
In 21, the gross profit margin increased significantly, the expense rate was stable, the inventory and accounts receivable increased, and the operating cash flow decreased. 1) the gross profit margin rose to 9.64% in 21 years compared with the same period last year. In terms of products, the gross profit margins of yarn, net chain and hosiery products are 15.55% (year-on-year + 14.09PCT), 3.63% (+ 2.83PCT) and 37.41% (+ 20.56%) respectively. From a regional point of view, the gross profit margins of domestic and overseas sales of the main business are 9.15% (+ 8.65PCT) and 9.48% (+ 0.94PCT) respectively. 22Q1 gross margin increased 2.71PCT to 10.28% year-on-year.
2) during the period, the expense rate decreased from 0.67PCT to 5.72% in 21 years compared with the same period last year, of which the sales, management, R & D and financial expense rates were 0.74% (+ 0.11PCT), 2.29% (- 0.25PCT), 0.79% (- 0.01PCT) and 1.91% (- 0.53PCT), respectively. The increase in sales expense rate is mainly due to the increase in service charges for e-commerce platforms. The expense rate during 22Q1 increased to 5.78% from the same period last year, with sales, management, R & D and financial expense rates being-0.49,-0.04, + 0.14 and + 0.83PCT, respectively.
3) in terms of other indicators, the inventory at the end of 21 was 6.561 billion yuan, an increase of 27.64% over the same period last year, of which raw materials were 4.215 billion yuan, raw cotton and colored fiber inventory was about 6 months, and inventory at the end of March 22 was 6.18% higher than that at the beginning of the year. Accounts receivable increased by 27.01% at the end of 21 compared with the beginning of 21. At the end of March 22, it increased by 41.39% compared with the beginning of the year. The net cash flow of operation decreased 13.09% to 720 million yuan in 21 years compared with the same period last year, and 22Q1 decreased 24.60% compared with the same period last year.
Profit forecast and investment advice: over the past 21 years, the recovery of domestic and foreign consumer demand has promoted the company's performance repair. at present, under the influence of the domestic epidemic, the company's order taking and logistics are expected to be hindered, and we still need to pay attention to the inflection point of follow-up consumption recovery. The company actively expands downstream beyond the main business yarn and network chain, through docking head national trend brand, e-commerce cutting-edge brand, special market supply chain, socks business growth has been initially reflected, looking forward to tapping more potential in the future. Since March 22, the company plans to buy back no more than 6.5 yuan per share at a cost of 0.5 billion yuan to demonstrate confidence.
Taking into account the uncertainty of domestic demand in the context of the epidemic, we downgrade the company's profit forecast for 22 to 23 (net profit is reduced by 2% and 4% respectively compared with the previous profit forecast). Based on the latest equity calculation, the EPS is expected to be 0.37 and 0.43 yuan respectively in 22-23, with a 24-year profit forecast of 0.49 yuan, 24-year EPS of 0.49 yuan, and 22 and 23 PE of 10 times and 9 times respectively.
Risk tips: the impact of the epidemic at home and abroad is higher than expected, demand is weak, resulting in damage to the company's orders and gross profit margin; the expansion of new business socks products is not as expected; cotton prices or exchange rates fluctuate sharply.