2021-10-25Tianfeng Securities Co., Ltd. Fan Zhangxiang, Wei Pengjie conducted a study on Kaidi shares and released a research report "Revenue continued to grow in the first three quarters, profits were under pressure in the short term", this report gave an overweight rating to Kaidi shares, and the current stock price was 62.25 yuan.
Kaidi Shares (605288)
The company released the third quarter report, the first three quarters of the realization of revenue of 1.19 billion yuan, a year-on-year increase of +47.8%, of which Q1 / Q2 / Q3 respectively realized income of 3.54 / 4.17 / 4.19 million yuan, the same ratio +52.3% / +65% / +30.9%. In the first three quarters, the net profit attributable to the mother was 0.89 billion yuan, a year-on-year increase of -15.6%, of which Q1/Q2/Q3 realized 0.36/0.24/0.28 billion yuan, respectively, and the same ratio was +28%/-39.3%/-23.4%. In the first three quarters, revenue maintained a growth trend, mainly due to the recovery of downstream demand, sufficient orders, and a substantial increase in sales scale.
Affected by raw material prices, shipping and other factors, profitability is still under pressure in the short term. In the first three quarters, the company's gross profit ratio was 22.27%, the same ratio was -9.74pct, of which the Q1/Q2/Q3 gross profit rate was 25.1%/21.2%/21.0%, respectively, and -5.7%/-10.4%/-12.3% year-on-year, respectively. In the first three quarters, the company's attributable net profit ratio was 7.5%, the same ratio was -5.6pct, of which the Q1/Q2/Q3 attributable net profit ratio was 10.2%/5.8%/6.8%, respectively, -1.9/-10/-4.8pct year-on-year. In terms of expenses, the company's sales/management/R&D/financial expense ratios in the first three quarters were 4.4%/4.7%/4.2%/0.6%, respectively, and the cost control was effective.
Launched a smart iron frame to improve the product matrix in the home field, and the pusher products were expanded to the automotive and photovoltaic fields. In order to further meet the needs of downstream home customers, the company launched a smart sofa iron frame product, together with the original linear drive products to form a more perfect product matrix for the whole system of smart sofas, increasing customer stickiness. In terms of automotive support, the company's tailgate pusher has been recognized by Toyota and entered the optional market. In addition, the company expects to start developing and equipping "electric strut" parts for NIO in 2022. The company's auto parts revenue scale is expected to continue to expand with the increase in the penetration rate of electric tailgates. At the same time, the company seizes the development opportunities of the photovoltaic industry, continuously develops and optimizes the solar linear pusher, the product performance is more stable, and can be customized according to customer needs for design and development services, providing professional photovoltaic drive system solutions.
Profit forecast and rating: The company's key components self-made vertical integrated production advantages in the industry leading, rapid response of flexible production lines advantages, we continue to be optimistic about the company's competitive advantages, long-term stable domestic and foreign customer relations to help the company in the home business long-term growth and stability, in addition to office and automobile business has become a new point of force. Taking into account the disturbance of sea freight, raw material prices and exchange rate fluctuations on the company's performance, we have lowered our profit forecast, and expect the company's net profit attributable to the parent in 21/22 to be 1.3/170 million yuan (original value was 1.6/260 million yuan), which is -23.7%/+29.8% year-on-year, maintaining the "overweight" rating.
Risk Warning: Technological innovation risks, insufficient market demand in downstream industries, intensified market competition, intensified trade frictions, etc
In the last 90 days, the stock has been rated by 3 institutions, 1 buy rating and 2 overweight ratings; the Securities Star Valuation Analysis Tool shows that Kaidi Shares (605288) has a good company rating of 3.5 stars, a good price rating of 2 stars, and a valuation comprehensive rating of 2.5 stars.
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