On June 28, Matsui shares once again rose sharply and closed at 125.24 yuan, a record high!
Matsui Co., Ltd. was surveyed by three institutions on June 25, 2021. Among them, there is 1 fund management company, 1 securities company and 1 investment company.
Matsui shares latest and news SGI index score interpretation released, the company obtained a score of 63 points, the chart can intuitively show the fluctuations of the SGI index, the score of the past six quarters has fluctuated greatly.
In the six quarters of the study, the fourth quarter of 2019 and the second and third quarters of last year scored better, all of which scored more than 80 points, and last year and the first quarter of this year were troughs. In addition to the production shutdown caused by the new crown epidemic, the low score in the first quarter of last year is also related to the seasonal fluctuations in product sales in the company's industry.
The new functional coating materials produced by Matsui Co., Ltd. are mainly used in high-end consumer electronics and passenger cars and other high-end consumer goods in the 3C industry, and the demand for products in these areas shows certain seasonal fluctuation characteristics. For example, in the field of high-end consumer electronics, the release of new products for related products is usually more in the third or fourth quarter, so the demand for coated products is usually concentrated in the second half of the year, so that the company's operating performance shows a certain seasonal fluctuation characteristics. From 2018 to 2020, the company's revenue in the second half of the year accounted for 66.29%, 60.60% and 53.97% respectively, and the proportion of revenue in the second half of the year was relatively high.
Strong profitability, wearable devices or into the future profit growth point
From the perspective of the weighted return on net assets of important financial data, matsui shares from 2017 to 2019 before the epidemic, the proportion is in a sharp upward trend, in 2020 Sino-US trade frictions continue to ferment and the impact of the epidemic, the decline in data is also expected. Excluding objective factors, Matsui shares' weighted return on net assets is generally good. This means that Matsui shares have a solid foundation in terms of operational capacity, profitability and capital structure, especially in terms of profitability.
In 2019, Sino-US trade frictions increased, and some customers of Matsui Shares were affected by international trade frictions, and the sales of overseas mobile phone orders may decline, thus affecting the sales of some of the company's products. At the same time, the import of a small amount of raw materials from Matsui Shares may be affected by the increase in tariffs on trade frictions, which will increase the procurement cost of raw materials. In the future, if the above trade frictions continue or further escalate, it will have a certain impact on Matsui's operating income, operating costs, gross profit margin, net profit and other indicators.
It can be clearly seen from the figure that in these six quarters, in addition to the lack of data in the fourth quarter of last year, the remaining five quarters, the difference between sales gross margin and net profit margin is more than 20%, and the cost of enterprise operation and management is large, which is an unhealthy performance. On the basis of the 4.44% decrease in operating income last year, the operating cost increased by 3.64% and the management expense increased by 34.29%, if the company does not reduce the expenditure in this regard, it will become a stumbling block in the road of enterprise expansion and development.
Last year's financial report showed that the proportion of raw material costs in operating costs of Matsui shares was relatively high, and from 2018 to 2020, the proportion of raw material costs to the cost of main business was 83.25%, 86.76% and 80.40%, respectively. The raw materials required by the company are mainly solvents, metal pigments, resins and auxiliaries, some of which are related products in the petrochemical industry chain, and their price trends are related to the upstream crude oil price trends. Last year, affected by the upward trend of crude oil prices, the prices of related raw materials showed an upward trend. In the future, if the price of crude oil continues to rise, resulting in a continuous increase in the purchase price of raw materials, it will increase the company's operating costs and adversely affect the company's operating performance.
From the perspective of the company's main sales customer concentration, affected by the high concentration of the end customer market in the high-end consumer goods field, from 2018 to 2020, the company's sales ratio to the direct customers of the top five mold factories was 40.33%, 40.35% and 36.88% respectively; the sales ratio of the top five 2020 annual reports 41 / 238 large end customers was 75.46%, 85.95% and 87.77%, respectively. In the future, if there is a change in the main core customers, it will adversely affect the stability of the company's operating results.
Overall, the company's product sales structure has not changed significantly in 2020, and paint products are still the company's most important source of revenue, accounting for 98.58% of revenue. However, last year's paint product revenue fell by 4.45% year-on-year, and the slight weakness of the main business brought great uncertainty to the company's revenue. The wearables and passenger cars business is at a critical juncture in rapid development and is expected to become a new profit growth point for the company in the future.
Cash flow decline is obvious, R & D investment is insufficient or become the company's development of the "gray rhinoceros"
Net cash flow from operating activities in 2020 71752839, a modest increase from FY2019. However, from the chart, it can be seen that the company's cash flow has a downward trend.
Accounts receivable turnover days in these six quarters of the fluctuation of the general is in a reasonable state, such a model shows that Matsui shares in the continuous expansion of market share, asset quality pressure at the same time, cash flow or insufficient trend of reserves, but the overall controllable state.
Matsui Co., Ltd. is located in the new functional coating materials industry competition is fierce, and the main direct competitive relationship with the company's business is the internationally renowned comprehensive chemical group, such as AkzoNobel, PPG and so on. The above-mentioned enterprises have a long history of development, profound technical reserves, strong financial strength, wide range of product applications, and strong brand advantages and market competitiveness.
Matsui co., Ltd. is located in the industry is knowledge-intensive, technology-driven industry, technology updates and changes rapidly, the company needs to continue to invest in research and development, in order to maintain the company's product market competitive position.
From the figure, it can be seen that the proportion of R&D investment of Matsui Shares is really incredible. In the past six quarters, R&D investment has hovered around 10%, and the shortage of R&D funds is tantamount to exhausting and fishing, which will inevitably breed major potential risks and hidden dangers for technological iteration and continuous competitiveness, and become the biggest "gray rhinoceros" that affects the company's prosperity and decline.