According to Securities Star News, on April 30, 2024, Zhongmi Holdings (300470) announced that Chai Qiwan of Bosera Fund, Zhu Yiqing of China Merchants Securities, Shen Shijun of Serenity Capital, Ninety OneAlec So, Wang Luyao, Tian Yu, Wang Lanqian, Chen Qi, Tao Shiqi, and Zeng Dapeng of Dacheng Fund investigated our company on April 30, 2024.
The details are as follows:
Q: Has the company's ability to deliver in international business increased?
A: In order to support the development speed of international business, the company has taken a multi-pronged approach to improve the delivery capacity of international business. With the continuous accumulation of project experience, the international business team is more familiar with the technical requirements and witness requirements of international projects and gradually formed a set of working systems, and the efficiency of design and production has been continuously improved. In addition to adjusting the internal structure and staff composition, the company is also increasing recruitment efforts, continuously expanding and developing the international business team to further improve the delivery capacity of the international business. In addition, the company has set up a local team in the international market, which has effectively improved the expansion ability and after-sales service level of the international market. It is believed that with continuous efforts, the delivery of the company's international business will gradually accelerate.
Q: SHKP Peer's performance in 2023 is not very satisfactory, how is the current business situation?
A: SHKP Peer's unsatisfactory performance in 2023 is mainly due to the lack of industry demand in the first half of the year and the extremely fierce market competition. However, in 2023, Xindi Peer has made a number of outstanding achievements in R&D and application, such as achieving a breakthrough in the performance of compressor anti-surge valves, continuing to increase the performance of ethylene projects, and successfully developing molecular sieve orbital ball valves and obtaining orders, etc., especially the development and application of molecular sieve orbital ball valves have brought new performance growth points to Xindi Peer. At present, Xindi Peer has a high order in hand, which provides a guarantee for Xindi Peer's revenue and profit this year, and the company believes that Xindi Peer's revenue and profit this year should be able to achieve significant growth.
Q: Does the company feel the pressure on the downstream petrochemical industry to sign orders in the first quarter of this year, and is the company worried that the gross profit margin pressure of incremental business will be greater in the future?
Answer: With the change of demand in the downstream industry, the competition in the incremental market of mechanical seals is becoming more and more fierce, and the company has felt more obvious price pressure, but there is no particularly obvious pressure to sign orders. The price of mechanical seal products accounts for a low proportion of the whole device, but it is a key component that affects the safety of the operation of the device, and the requirements of the advanced device for the supplier are also higher than the requirements of the previous device.
Incremental business is the source of enterprise development and expansion, competition has always been fierce, in the past two years affected by changes in industry demand, the intensity of competition has intensified, but the company will not reduce the expansion of incremental business because of fierce competition. At present, the gross profit margin of the company's mechanical seal incremental business is at a low level, especially the gross profit margin of mechanical seal auxiliary system products has been at a very low level, and the room for further decline is limited. From the perspective of the competitive pattern, if the gross profit margin of the incremental market continues to decline, the company can withstand the pressure, but many small and medium-sized mechanical seal enterprises will be difficult to withstand the pressure of the gross profit margin to continue to decline and then withdraw from the market, such a competitive pattern development trend is conducive to the company to increase market share in the future. In order to ensure the gross profit margin, on the one hand, the company has a choice of orders, and on the other hand, it continues to carry out more accurate and effective cost management on the cost side, and further reduces costs through refined process management and supply chain management. 4. The company mentioned brand building in the 2023 annual report, how does the company plan to do brand building in the overseas market?
From the perspective of actual operation, brand building is one thing that the company continues to do, but the company will raise brand building to a strategic height in 2023, and will transform the previous spontaneous and fragmented brand work into a professional, systematic and full-staff work, and leverage a larger market through the brand. Product technology and quality, timely delivery, high-quality service and other multiple hard power constitute the company's brand cornerstone, only on the basis of hard power, in order to truly play the brand effect. Therefore, the company will first continue to improve the technical level and quality level of products, continuously improve the delivery capacity of international business, set up more overseas after-sales service outlets, and build the company's international brand through more in-depth customer exchanges, closer exchanges in the industry, and participation in more large-scale exhibitions and academic forums.
Q: How are companies thinking about the future of ESG work?
A: The company has been paying attention to and promoting ESG-related work. Although ESG has not been systematically carried out, a lot of ESG-related work has been done in the company's actual production and operation, such as environmental protection, safety production, donations, corporate governance, etc., which are also reflected in the regular report. According to the newly revised Articles of Association, the Strategy and Development Committee of the Board of Directors of the Company will soon be changed to the Strategy Development and ESG Committee of the Board of Directors, and the work related to ESG reporting is also being promoted. In the future, the company will carry out ESG rating work based on the actual situation of the company, and will also strengthen communication with investors on ESG.
The main business of Zhongmi Holdings (300470) is the design, research and development, manufacturing and sales of various mechanical seals and their auxiliary (control) systems, and provides customers with a full range of services such as technical consultation, technical training, on-site installation and maintenance.
According to the first quarter report of Zhongmi Holdings in 2024, the company's main revenue was 336 million yuan, an increase of 17.1% year-on-year, the net profit attributable to the parent company was 82.8855 million yuan, an increase of 2.88% year-on-year, the non-net profit was 76.177 million yuan, an increase of 5.0% year-on-year, the debt ratio was 14.32%, the investment income was 6.3946 million yuan, the financial expenses were 123,800 yuan, and the gross profit margin was 47.98%.
A total of 3 institutions have rated the stock with a buy rating over the last 90 days, with an average institutional price target of 48.69 over the last 90 days.
Here's the detailed earnings forecast information:
The above content is compiled by Securities Star based on public information, generated by an algorithm (Network Information Calculation No. 310104345710301240019), and has nothing to do with the position of this site, if there is a problem with the data, please contact us. This article is a compilation of data and does not constitute any investment advice for you, investment is risky, please make a cautious decision.
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