【This article is a total of 2027 words, the total reading time is expected to be 3-5 minutes, you can directly turn to the end of the article to view the summary! 】 You can pay attention to, collect, and watch slowly】
1. Main products and services: The core products are scissors, knives and sets!
The company is a collection of design, research and development, production, sales and service in one of the modern life hardware products manufacturing enterprises, the main products include scissors, knives, set knife and scissor combination and other household goods.
The company's revenue in 2020 mainly comes from the combination of scissors, knives and set knives and scissors, which account for a similar proportion of the overall revenue, 29.09%, 25.08% and 26.43% respectively! Among them, the proportion of scissors shows a downward trend, the proportion of knives continues to increase, from the perspective of growth rate, compared with the growth rate of knives in 2018, it is significantly faster than the combination of scissors and set knives and scissors! In addition, the company's other household products have developed rapidly, with an increase of 122% in 2020 compared with 2018, which is quite eye-catching!
2. Market and industry situation: steady growth of the industry!
According to the data of China Light Industry Federation, from 2012 to 2017, the cumulative main business income of the hardware industry increased from 691.478 billion yuan to 967.014 billion yuan, with an annual compound growth rate of 6.94%!
According to the data of the "China Industrial Statistics Yearbook" over the years, the main business income of China's knife and scissor industry above designated size increased from 25.781 billion yuan in 2012 to 40.958 billion yuan in 2017, with an annual compound growth rate of 10%!
3. Benchmarking and valuation of the same industry: China's time-honored brand! Tmall scissors class first, knife class top three! A sign of profit of 0.6 million yuan!
The company "Zhang Xiaoquan" is the first batch of Chinese time-honored brands recognized by the Ministry of Commerce, and its product logo was recognized by the State Administration for Industry and Commerce as a well-known trademark in China's knife and scissors industry, and it was awarded in 1910 Nanyang Persuasion Association, 1915 Panama Expo, and the first West Lake Expo in 1929. From 2017 to 2020, the company's Tmall flagship store has always ranked 1st in the ranking of scissors stores! The tool category ranks in the top three!
We selected the listed companies similar to the company's business, Suber and Ashida for benchmarking, Suber market value of 39.82 billion yuan (circulating market value of 29.65 billion yuan), 2020 revenue of 18.597 billion yuan, net profit of 1.846 billion yuan; Aishda market value of 2.505 billion yuan (circulating market value of 2.257 billion yuan), 2020 revenue of 1.565 billion yuan, net profit of 0.21 billion yuan; the company's revenue of 3.1%, 36.5%, net profit of 4.2%, 366% of its respectively! From the perspective of benchmarking, the company's reasonable market value is about 1.7 billion yuan, but in view of the company's issued market value of only 270 million yuan, according to the reasonable circulation disk, the company's market value is about 3 billion yuan! The company is listed on the ChiNext board, a sign of 500 shares, a sign of profit of 0.6 million yuan!
4. Focus: the top five customers account for 25.45%, customers are more scattered, and the largest customers account for 10.4%! Gross margin is higher and growing! High distribution ratio (67%)!
1), the main customer situation: the company's top five customers in 2020 revenue accounted for 24.65% of revenue, customers are more scattered, the largest customer is Jingdong accounted for 7.47%!
2), the gross profit margin is higher and growing: the company's comprehensive gross profit margin in 2020 is 40.81%! Growing trend since 2018! Among them, the company's scissors and knives in the main products of the tool gross profit margin is the highest 42.56%! The gross profit margin of the set knife scissors is only 33.72%, and the company's highest gross profit margin is other household products from the overall point of view, but with the rapid growth of revenue, it has declined!
5. The purpose of the raised funds: the raised funds are mainly invested in the Zhang Xiaoquanjiang knife and scissors intelligent manufacturing center project, the enterprise management information transformation and supplement the working capital!
6. Recent performance and forecasts: In the first half of 2021, revenue increased by 31.72% year-on-year, and non-net profit increased by 35.19% year-on-year! In the first three quarters of 2021, revenue is expected to increase by 30.6% year-on-year and non-net profit by 36.9% year-on-year!
7. Summary: It is worth paying attention to!
Zhang Xiaoquan, the company from Hangzhou, Zhejiang, the company inherited from the Chinese time-honored brand, Zhang Xiaoquan brand has a hundred years of history, mainly in the field of hardware, the company is currently in addition to Zhejiang, Shanghai, Jiangsu basically rely on dealers and network e-commerce direct sales model, the above three locations increased offline stores, or mainly as an experience store, as of the end of 2020 the company has a total of 9 stores! Speaking of the hardware field, especially the knife scissors pots and pans, such as the thunderous is the German Shuangliren, out of trust in German quality, Shuangli people at a super high price, but in the kitchen occupies a natural superior position, thinking of the project team before going to Germany, emptying the shuangliren products in the supermarket in the town where the business trip is located, whether it is knife scissors or pots! When asked when to get back in stock, wait 2-3 months! Zhang Xiaoquan belongs to the domestic well-known trademark, a century-old brand, which makes me think of Wang Mazi in Beijing before, but unfortunately this name is too grounded, easy to use is easy to use, and the development is not very powerful. Speaking of the company's products, it can be seen that the growth rate of the knife and scissors field is slowing down, after all, the demand for subdivision industry will not have explosive growth, but the company should continue to build high-end brands, after all, this industry is estimated to want to become China's shuangliren! Speaking of the company's OEM products, the growth rate in the past two years has exceeded the main business, and the gross profit margin is not low, to be honest, this piece is indeed a point of view, but I am not very optimistic about cross-border and far-reaching home products, after all, I do not want this century-old brand to become an OEM like the Antarctic people! This is also the trademark too famous drawback, or to focus on a field, but according to the routine of the double liren, in addition to the knife and scissors pot is a good breakthrough, after all, it is hardware, everyone can accept, but this industry has a lot of excellent brands in the domestic.
The company will be listed next Monday, from the scope of the company's large consumption, but the current consumer sector is general, the company's issuance circulation disk is relatively low only 270 million yuan, the issue price is not high than 7 yuan, there may be a wave of increase, but the company is not wide on the track, there are high-end double liren, there are many domestic hardware producers, the feeling in the middle will not be too good, but can enter the capital market for the follow-up survival and development of the foundation, comprehensive to give the company worthy of attention to evaluation! (The overall evaluation of the summary is divided into five grades: highly recommended, recommended, cautiously concerned, worthy of attention, and understood!) ）。
Thank you for reading! Brothers and sisters after reading, give a support! Pay more attention and like it! Let more people see! Daily IPO overview first time push! See you on time every morning at 7am! At the same time, you can pay attention to 9 am, 4 pm, irregular changes! Finally, what do you think of Zhang Xiaoquan? Is it a good person in your mind? Welcome to leave a message to communicate!
Special Notice: The information in this article is derived from the company's prospectus, announcement and related professional databases. This article is not a stock recommendation, rational analysis can better guide the operation.