In 2020, the company's revenue improved in the quarter, and 21Q1 revenue and profit increased significantly. In 2020, the company achieved 1.272 billion yuan in revenue, an increase of 4.12% over the same period last year, of which Q1/Q2/Q3/Q4 realized revenue of 232 million yuan / 253 million yuan / 320 million yuan / 467 million yuan respectively, which was better than the previous year. 15.18%, 15.19%, 29.34%, 10.86%, and 2021Q1 respectively, a year-on-year increase of 52.26% over the same period last year, the company achieved 354 million yuan in revenue, a sharp increase of 52.26% over the same period last year. In the past 20 years, the net profit of returning to the mother was 173 million yuan, down 20.07% from the same period last year, of which Q1/Q2/Q3/Q4 reached 28 million yuan / 40 million yuan / 37 million yuan / 67 million yuan respectively, and the net profit after deducting non-return in the past 20 years was 161 million yuan, down 20.13% from the same period last year. 21Q1 achieved a net profit of 36 million yuan, an increase of 28% over the same period last year, and a net profit of 32 million yuan after deducting it, an increase of 22.12% over the same period last year.
The office business is developing steadily, the tail door business is gradually expanding, and the growth rate of domestic sales is faster than that of export. In the past 20 years, the company's domestic business reached 659 million yuan, an increase of 13.77% over the same period last year, while foreign business reached 604 million yuan, down 5.23% from the same period last year. The growth rate of domestic business is faster than that of export. With the steady progress of the company's smart home business in 2020, the company has further developed intelligent sofa iron frame products to increase customers' selectivity to the whole system of smart sofas.
In the field of office systems, sales of office systems have increased steadily in the past 20 years compared with the same period last year. In addition, the rear door business has been recognized by Toyota and further entered the optional market. In 2020, the company's sales revenue of linear drive products reached 1.262 billion yuan, an increase of 3.81% over the same period last year. Under the influence of the shortage of shipping capacity, inventory increased significantly compared with the same period last year. The production / sales / inventory of linear-driven products of the company in the past 20 years were 9.111 million sets / 8.771 million sets / 1.455 million sets respectively, and the inventory increased by 30.55% over the same period last year.
Profitability is under short-term pressure, and the financial expense rate is affected by exchange gains and losses in the short term. The company's gross profit margin in 2020 was 31.64%, down 5.36% from the same period last year. The 20-year net profit rate of the company was 13.56%, which was 4.11% lower than the same period last year, mainly due to (1) the first half of the year was affected by the epidemic, and the capacity utilization rate decreased; (2) the RMB continued to appreciate in the past 20 years, and the exchange loss increased. From a quarterly point of view, the gross profit margin of Q1/Q2/Q3/Q4 is 30.74%, 31.60%, 33.26%, 33.26%, 31.01%, 20Q1, 25.07% respectively. In terms of expense rate, the company's sales / management / R & D / financial expense rate in 2020 was 3.93%, 4.59%, 4.36%, 1.56% respectively, of which the sales expense rate decreased by 2.78pct compared with the same period last year, mainly due to the implementation of the new income standards, excluding freight, and the financial expense rate increased by 1.98pct compared with the same period last year, mainly due to the increase in exchange losses caused by the appreciation of RMB against the US dollar.
Profit forecast and rating: the company's self-made vertical integrated production of key components is ahead of the industry, and the flexible production line with rapid response has outstanding advantages. We continue to be optimistic about the company's competitive advantage. Long-term and stable customer relationships at home and abroad help the company to grow steadily in the home business for a long time. In addition, office and automotive business has become a new starting point. We expect the net profit of 21Universe 22 to be 234,314 million yuan, an increase of 35.36% and 34.40% respectively over the same period last year, maintaining the "overweight" rating.
Risk hints: the risk of technological innovation, the lack of market demand in downstream industries, the intensification of market competition, the intensification of trade frictions, the risk of patent litigation, etc.
