On October 26, 2021, Changsheng Bearing (300718) issued an announcement that: Xu Yuliang of Industrial Fund, Huang Meiyun of Jinmen Finance, Huang Xueyu of Laterite Innovation, Wang Haishan of Huatai Securities Asset Management, Feng Xueying of Zhongtai Securities, Zhang Haojie of Zhongtai Securities Research Institute, Sun Qinghua of Zhongou Ruibo, Wang Zhiqi of Guanfu Asset Management, Ma Xiao of Guojun Self-operated, Zhang Hao of Shenwan Asset Management, Guo Baoyun of Huaneng Trust, Yu Junhua of Beixin Ruifeng Fund, Hu Jingjie of Wukong Investment, China Post Fund, Cao Zhongshu of Hongcheng Investment, Yang Kunhe of Hui'an Fund, SDIC UBS Fund Sun Wenlong, Soochow Life Zhao Zijian, Southern Fund Firm Rou Zhi, Golden Eagle Fund Liang Ziying, Yuanhong Investment Zhou Lifeng, PICC Asset Tian Lei, Yuanle Sheng Li Qianqian, CITIC Self-operated Chen Juncheng investigated our company on October 26, 2021.
The main contents of this survey are:
Q: The gross profit margin in the company's third quarter report, the net profit margin has changed significantly, is there any price increase measure for the company's products in the third quarter? What is the price increase? What is the landing time of the price increase policy?
A: With the continuous implementation of the price increase measures with the changes in raw material prices, the price increase range covers the increase of raw materials to a certain extent, and several important customers of the company have begun to accept price adjustments at the end of the third quarter.
Q: Does the power ration policy have any impact on the company and upstream and downstream enterprises?
A: There is no significant impact on the company, there is a certain impact on some smaller suppliers, and the impact on downstream customers depends on the actual situation of the policy of each customer's location.
Q: Which industries downstream of the company have better orders?
A: Foreign construction machinery orders are better, and orders in the automotive industry are slightly sluggish due to the lack of cores.
Q: What are the prospects for the company's performance next year?
A: The company believes that in the next year, the construction machinery industry will maintain steady growth while increasing the development of new categories; at present, due to the impact of "lack of core", the automotive industry is facing low output and low inventory, the situation is expected to be alleviated next year, the automotive industry will usher in a recovery period, the company will seize the opportunity to adjust the product structure.
Q: Recently, the company has become the first licensed supplier of Sany Group's "Excellent Peer" project, will Sany increase procurement in the future?
A: At present, the proportion of self-lubricating bearings in the excavator chassis parts supplied by the company for Sany Group has been relatively high, and the future cooperation direction is the self-lubricating bearings applied to the hydraulic components and working devices of excavators, and the project development of the above product categories has been cooperated. The company's future goal is to continuously deepen cooperation with Sany Group.
Q: What are the company's competitive advantages in expanding its business overseas?
Answer: (1) The product line is rich in product types and covers a wide range of applications. At present, the products have covered most of the self-lubricating bearing products, and the downstream application industries include automotive, construction machinery, hydraulics, home appliances, new energy, etc., which can meet the needs of customers for one-stop procurement. (2) The company with a high degree of product automation independently designed and developed a material sintering processing line and a partial molding processing line, and introduced molding equipment imported from Germany. On the basis of the original product, the accuracy of product processing is improved through automation, and the field of application of the product and the requirements of various working conditions are increased. (3) Rich experience in application-side development Based on the product development process of many customers in the downstream industry, the company has accumulated rich experience in application development; according to the different application conditions proposed by customers, special test benches can be designed, a large number of test data are collected, and different designs in various use environments are proposed for customers. (4) Friction reduction technology, polymer application extension friction reduction technology: Based on tribological theory and application research and development experience, in addition to self-lubricating bearings, the company has developed non-bearing parts including friction reduction coating technology, friction reduction structural parts and other non-bearing parts to expand the application field. In the future, we will consider expanding the working conditions of robot spherical bearings, artificial spherical bearings, high-speed, high-temperature and high-load applications. Polymers: Based on the deep application of fluoroplastics, it has been extended to fluoroplastic parts, seals, films, etc.
Changsheng Bearing main business: the company is mainly engaged in self-lubricating bearing research and development, production and sales of high-tech enterprises, for various industrial fields to provide self-lubricating bearing solutions, and is committed to the research and development of self-lubricating materials and their promotion and application in new fields. Products are widely used in automotive, engineering machinery, port machinery, plastic machinery, agricultural machinery and other industries.
Changsheng Bearing's 2021 third quarter report shows that the company's main revenue was 728 million yuan, up 64.33% year-on-year; net profit attributable to the mother was 121 million yuan, up 18.76% year-on-year; deducted non-net profit of 96.4239 million yuan, up 24.3% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 228 million yuan, up 37.92% year-on-year; single-quarter net profit attributable to the mother was 29.4837 million yuan, down 31.56% year-on-year. In the single quarter, the non-net profit was 21.2478 million yuan, down 36.48% year-on-year; the debt ratio was 13.09%, the investment income was 21.3473 million yuan, the financial expense was 6.1244 million yuan, and the gross profit margin was 28.96%.
In the last 90 days, a total of 1 institution has given a rating and a buy rating; the Securities Star Valuation Analysis Tool shows that Changsheng Bearing (300718) good company rating is 2.5 stars, good price rating is 3.5 stars, and valuation comprehensive rating is 3 stars.