On April 26, 2022, Xinlai Yingcai (300260) released a quarterly report, achieving total operating income of 629 million yuan in the first quarter of 2022, an increase of 47.29% year-on-year; net profit attributable to shareholders of the parent company of 79.7948 million yuan, an increase of 149.09% year-on-year; and basic earnings per share of 0.35 yuan.
High growth cash is widely optimistic about professional investment institutions
According to the statistics of Oriental Wealth, the data of the first quarter of 2021 shows that only 2 investment institutions hold a total of 2.6795 million shares of Xinlai Yingcai, accounting for 1.18% of the total share capital and 1.76% of the outstanding shares. According to the data of the first quarter of 2022, a total of 57 investment institutions hold 41.361 million shares of Xinlai Yingcai, accounting for 18.26% of the total share capital and 27.41% of the outstanding shares.
After the 2021 mid-year report of Xinlai Yingcai, Pacific Securities issued a research report saying: "Considering the large downstream market space, the localization of semiconductor parts has a good momentum, the vaccine industry is highly prosperous, the company's scarce industrial chain card slots and rapid performance growth rate, giving the company 40 times PE in 2022, corresponding to the target market value of 10.04 billion, firmly maintaining the company's buy rating." ”
In the first half of 2021, the revenue of Xinlai Refractory Material was 897 million yuan, an increase of 47.68% year-on-year, and the net profit attributable to shareholders of listed companies was 68 million yuan, an increase of 101.10% year-on-year. According to the recently released annual report, in 2021, the revenue of Xinlai Ying materials was 2.054 billion yuan, an increase of 55.28% year-on-year, and the net profit attributable to the shareholders of the listed company was 170 million yuan, an increase of 105.66% year-on-year.
Through comparison, it is not difficult to find that in the second half of last year, the revenue growth rate and net profit growth rate of Xinlai Yingcai exceeded that of the first half of the year, so the judgment of Pacific Securities was extremely accurate. In fact, combined with the specific business of Xinlai Yingcai, it has considerable room for growth.
Taking the pan-semiconductor business as an example, the report released by the International Semiconductor Industry Association shows that in 2021, the global semiconductor manufacturing equipment market size will be 95.3 billion US dollars, an increase of 34% year-on-year, and it is expected to exceed the 100 billion US dollar mark in 2022 and reach a new high. In order to achieve a truly autonomous and controllable meaning, it is imperative to replace the localization of semiconductor equipment components. As a scarce enterprise in China that grasps the production capacity of core components of semiconductor equipment, its industry position and market recognition are also showing a significant improvement trend, and the growth logic is clear.
In the upstream of the semiconductor industry chain, Xinlai Ying material is in the position of the inch control wheel. For example, NanoPure, an independent brand of Xinlai Yingcai, not only fills the gap in China's ultra-high purity applied materials products, but also realizes the technical synchronization with related products in the United States and Japan, and the products have been recognized by semiconductor equipment manufacturers at home and abroad and many domestic fabs. More importantly, at present, the pan-semiconductor business of Xinlai Ying material has the characteristics of low revenue proportion and high gross profit margin. According to the annual report, the current revenue of The pan-semiconductor business of Xinlai Ying material accounts for only 25.90%, but the gross profit margin is 33.47%. This makes the pan-semiconductor business of New Lai Ying Material have a full imagination space.
All in all, under the background of intelligent and high-end transformation of manufacturing industry, Xinlai Ying material has become a model for the industry in a sense. This is not only because Xinlai Ying material meets the requirements of manufacturing transformation, but also because it occupies a pivotal position in the upstream of the industrial chain.
The pharmaceutical business of Xinlai Yingcai is also in a similar situation, with the annual report showing that the revenue accounted for only 23.15%, but the gross profit margin was 31.99%. Tianfeng Securities Research Report said that in the field of biopharmaceuticals, products have achieved domestic substitution, and the company's cooperation with downstream customers has depth and breadth. From clean piping systems to clean control systems, sterile reactors, etc., they have successfully achieved import substitution and filled the domestic gap. At the same time, the second generation of sterile diaphragm valves have undergone strict life tests in the company's pump valve laboratory, with excellent performance and stable quality. At present, the top two pharmaceutical machinery enterprises in China, Dongfulong and Chutian Technology, have been in-depth cooperation with the company for nearly 20 years, and almost all the large Chinese medicine factories in China have cooperated with the company. The first quarterly report shows that benefiting from the rapid expansion of various domestic biomedical manufacturers, the company's biomedical business has grown rapidly.
Concentrate on the main business, and the major shareholders are steady and pragmatic
According to the data of Oriental Wealth Network, the actual controllers of Xinlai Yingcai are Mr. Li Shuibo and Ms. Shen Anyun, and the two are husband and wife. As of the first quarter of 2022, the actual controller holds 25.06% and 16.71% of the company's shares, respectively, totaling 41.77% of the share capital. In addition, the third and fourth largest shareholders of the company are Li Baihua and Li Baiyuan, the sons of the actual controllers, who are consistent actors, holding 6.90% and 6.88% of the company's shares respectively, and the four people hold a total of 55.55% of the company's shares. According to public information, in the past five years, the majority shareholder family has not reduced its holdings.
In addition, in the first quarter of 2021, Li Baihua and Li Baiyuan implemented an increase in holdings. According to the announcement, from January 13, 2021 to February 4, 2021, Mr. Li Baihua and Mr. Li Baiyuan accumulated 1,343,000 shares of the company through the trading system of the Shenzhen Stock Exchange in a centralized auction, accounting for 0.59% of the total share capital of the company. At present, Li Shuibo serves as the chairman and general manager of the company, and Li Baihua and Li Baiyuan serve as directors of the company. The majority shareholder family not only did not reduce the company's shares, but continued to increase their holdings, which undoubtedly showed firm confidence in the company.
It is worth noting that compared with most A-share listed companies, the major shareholder family of Xinlai Yingcai also has a feature, that is, there is no equity pledge. According to industry analysts, the major shareholders of Xinlai Yingcai did not have the phenomenon of equity pledge, which on the one hand showed the steady style and good financial situation of the major shareholders, and on the other hand, it also showed that they were optimistic about the long-term development of the company.
One of the main businesses of Xinlai Ying materials is the research and development, production and sales of clean application materials and high purity and ultra-high purity application materials, and its products are mainly used in food safety, biomedicine and pan-semiconductor business areas. The company is the only manufacturer of applied materials covering the three major fields of pan-semiconductor, biomedicine and food safety in China.
Since its listing in 2011, the company has been deeply cultivating around the main business. Taking the food and beverage equipment field as an example, in 2018, the company acquired 100% of the equity of Shandong Bihai, thereby realizing industry integration from key components to integrated equipment. After the acquisition of Bihai, the two sides have a good synergy and integration, and now the whole industry chain has been connected in the aseptic packaging industry, covering upstream parts, filling machines, pretreatment equipment, packaging materials and many other fields, which can provide customers with an overall turnkey project, and is expected to show its skills in the large-scale aseptic packaging market. The announcement shows that shandong Bihai's performance commitment is in good condition, the business integration is advancing in an orderly manner, and the synergy effect is gradually revealed.
After continuous efforts, Xinlai Yingcai overcame the impact of the epidemic and handed over a beautiful annual report. The company achieved a main business income of 2.054 billion yuan, an increase of 55.28% over the same period last year; the net profit attributable to the shareholders of the listed company was 170 million yuan, an increase of 105.66% over the same period last year. Basic earnings per share were $0.75, compared to $0.41 in the year-ago quarter. Based on the total share capital of 226.5593 million shares, a cash dividend of RMB0.80 was distributed to all shareholders for every 10 shares, with a total cash dividend of RMB18.1247 million, accounting for 10.67% of the net profit attributable to the mother in the same period.
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