On November 17, 2021, Sidley Xintai (300881) issued an announcement that Jia Chunye of Jinshifuying (Beijing) Investment Co., Ltd. and Sun Kui of Hello China Group Ye Jinyi investigated our company on November 17, 2021.
The main contents of this survey are:
Q: What factors are mainly affected by the sales revenue and profit of the company's industrial seamless steel pipes?
A: The manufacturing cost of steel pipes will be affected by raw materials, and the fluctuations of domestic commodity prices will fluctuate abnormally, which will have a certain impact on our sales revenue, and the impact of normal fluctuations is relatively small. At present, there are more orders in hand, the fundraising project has not yet been completed, the existing production capacity limits the output and limits the increase in sales and profits, and the urgency of expansion is more obvious.
Q: The basic situation and project progress of the company's new special equipment stainless steel, alloy steel seamless steel pipe manufacturing project? Environmental impact assessment, has the energy assessment been completed?
A: At present, the infrastructure of the investment project "New Special Equipment Stainless Steel and Alloy Steel Seamless Steel Pipe Manufacturing Project" has been completed. The EIA was completed before the construction of the project. At present, the assessment has been submitted to the relevant departments of Jiangsu Province for approval. The entire project is currently planned to be trial run in the first quarter of next year and officially put into production in the second quarter.
Q: Will the company have a vertical or horizontal M&A development strategy in the future?
A: Not yet.
Q: Steel prices are rising, how are products priced?
A: Because the company's main customers are relatively stable, orders are mainly through annual bidding or project bidding, the annual order company has a price policy, with the rise and fall of raw materials will have a mechanism, effectively avoid the large fluctuations of raw materials. For project orders, the customer will place orders for one or two months, and the company will price according to the market price.
Q: What do you think of the company's competitors, such as Jiuli Special Materials, Changbao Steel Pipe?
A: The seamless steel pipes produced by the company are classified according to the material, mainly including alloy steel steel pipes, stainless steel steel pipes and carbon steel steel pipes. The company's products are mainly used in the field of power station boiler equipment and petroleum refining. Jiuli special material mainly produces stainless steel pipe, Changbao steel pipe mainly produces high-pressure boiler tube, oilfield steel pipe, oil well steel pipe, our company and the market competition of these two companies has a part of the overlap, and Jiuli special material coincides with the stainless steel pipe, and Changbao steel pipe coincides with the high-pressure boiler tube, we have our own characteristics in the market competition, can produce alloy steel and stainless steel at the same time, the ability to receive orders may be more relaxed, generous, Jiuli special material in the power equipment manufacturing industry with industrial stainless steel pipe and special alloy pipe, Pipe fittings, accounting for the proportion of Jiuli special material operating income is relatively small, lower than the company's power station boiler with seamless steel pipe income; Changbao steel pipe production is from small caliber to medium caliber steel pipe, does not involve stainless steel products. Our company's production organization and finishing rate have some advantages over its peers. The company's product types and technical level in the field of seamless steel pipes for small-diameter power station boilers are more comprehensive.
Q: What are the core technical advantages of the company's industrial seamless steel pipe?
A: The company is specialized in the production of small diameter high-pressure seamless steel pipe enterprises, the core technical advantages mainly introduce the following two aspects, first, the company is the first in China to use the combination of rolling and cold drawing process of innovative process manufacturing small diameter seamless steel pipe enterprises, is the only one in China can produce from high-quality carbon steel, alloy steel to super stainless steel full range of small diameter seamless steel pipe manufacturing enterprises, business layout, avoid the domestic large steel pipe enterprise platform competition, in the entire small diameter steel pipe field shows the characteristics of professionalism and comprehensiveness. In addition, the innovative process of rolling and pulling on the downstream energy equipment subsequent upgrading and transformation has brought a lot of market space, affected by the "double carbon" policy, the existing domestic power generation equipment will be replaced by high-parameter power generation equipment, equipment upgrading, from high-quality carbon steel to stainless steel need a full range of replacement, our company is the only one in China can meet the supply of a full range of steel pipe enterprises; second, the company in the research and development of high-grade steel pipe has a strong R & D team, can adapt to the rapid demand for new product research and development in the field of energy development, In particular, "double carbon" requires domestic power generation equipment to reduce carbon emissions, releasing the demand for high-parameter steel pipes, the research and development capabilities of our R&D team and flexible system, which can quickly increase the market, and recent cooperation with colleges and universities has closely followed the national energy policy, and the high-parameter technology has entered the early stage of research and development.
Sidley Xintai's main business: the production, research and development and sales of seamless steel pipes for various types of industrial energy equipment
Sidley Xintai's 2021 third quarter report shows that the company's main revenue was 817 million yuan, up 28.73% year-on-year; net profit attributable to the mother was 32.1978 million yuan, down 13.22% year-on-year; deduction of non-net profit was 27.9056 million yuan, down 24.95% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 320 million yuan, up 41.18% year-on-year; single-quarter net profit attributable to the mother was 11.0583 million yuan, down 24.64% year-on-year. In the single quarter, the non-net profit was 9.7293 million yuan, down 33.66% year-on-year; the debt ratio was 42.58%, the investment income was 1.436 million yuan, the financial expense was 6.3866 million yuan, and the gross profit margin was 12.09%.
The unit has not had an institutional rating in the last 90 days. In the past three months, the net inflow of financing was 13.0923 million, and the balance of financing increased; the net inflow of margin was 0.0 million, and the balance of margin increased. The Securities Star Valuation Analysis Tool shows that Sidley Xintai (300881) has a good company rating of 2.5 stars, a good price rating of 1.5 stars, and a comprehensive valuation rating of 2 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)