On October 27, 2021, Ruifeng New Material (300910) announced that: Zhongou Fund Management Co., Ltd. Xi Rongxue, BoC International Securities Co., Ltd. Chen Guanxiong, Huaxia Fund Management Co., Ltd. Jiang Wenchao, Wells Fargo Fund Management Co., Ltd. Shen Heng, Changjiang Pension Insurance Co., Ltd. Ma Rui, Shenzhen Fengling Capital Management Co., Ltd. Cao Yongzhi, Baoying Fund Management Co., Ltd. Wang Hao, Yingda Insurance Asset Management Co., Ltd. Xu Wenhao, Huafu Fund Management Co., Ltd. Deng Xiang, Huashang Fund Management Co., Ltd. Andy, China Merchants Fund Management Co., Ltd. Li Huajian, BOCOM Schroder Fund Management Co., Ltd. Zhang Mingxiao, Guotai Junan Securities Co., Ltd. Jiang Jiong, Guangzhou Guojie Asset Management Co., Ltd. Yang Boxian, Taikang Asset Management Co., Ltd. Zhang Shuo, Industrial Securities Global Fund Management Co., Ltd. Xu Liuming, Guotai Junan Securities Co., Ltd. Zhu Lida, Guotai Junan Securities Co., Ltd. Shen Wei, Tianhong Fund Management Co., Ltd. Ge Xinyu, Chuangjin Hexin Fund Management Co., Ltd. Li Han, Han Chuang of Dacheng Fund Management Co., Ltd., Cai Yubin of Sino Analytica Fund Management Co., Ltd., Duan Haifeng of Guotai Junan Securities Co., Ltd., Ding Jingfei of Huabao Fund Management Co., Ltd., Yan Meng of Yiheng Capital, PanviewCapitalLtd.Anna, and PanviewCapitalLtd. Shijie investigated our company on October 26, 2021.
The main contents of this survey are:
Q: Why did the company's inventory increase more in the third quarter?
A: The reasons for the increase in inventory are mainly the following points: (1) the global price of bulk chemical commodities remains high, the supply of raw materials is tight, and the company purchases the main materials needed for production in order to reduce procurement costs and ensure supply; (2) the global sea freight rate soars, and the shipping is tight, resulting in the company's dispatched goods stranded in the port can not leave the port in time, and the number of issued goods increases; (3) At present, the international and domestic new crown epidemic control is relatively good, and the company will release the market demand in the future. Strategic and moderate stocking of the company.
Q: What is the progress in corporate certification? What is the customer's progress on the certification that has been passed?
A: In the future, the company will impact higher levels of CK and SP certification; products that have passed API certification will continue to expand additional certifications in other application fields; in order to make products more competitive in the market, they will continue to do economical low-dose product certification; and will concentrate the company's superior resources to do a good job in OEM certification and supply access for core major customers. The company is transforming from a single agent to a compound agent, the company increases investment in research and development, the purpose is to enter the mainstream market faster, and carry out strategic cooperation with international and domestic head customers, and many international and domestic large customers are steadily advancing.
Q: Why did the company's gross profit decline in the third quarter?
A: (1) During the company's transformation period, the product sales structure has been adjusted. Because the gross profit of the company's single-agent products is higher than that of composite products, the decline in the proportion of single-agent sales has affected the company's comprehensive gross profit margin. (2) The supply of some raw materials at home and abroad is tight and the price is high, and the company adjusts the sales price according to the market environment, but the transmission of the sales price has a lag.
Q: In the face of the turbulent situation in the shipping market, how does the company ensure overseas transportation?
A: At present, the international shipping market freight is high, the capacity is tight, it is difficult to book and pick up the cabinet, in order to cope with such a situation, the company has set up a warehouse overseas for overseas customers to pick up the goods. The overseas warehouse was recently set up as an overseas transit place for the company's goods, mainly storing goods with larger orders and more popular goods. The establishment of overseas warehouses is conducive to improving the company's operational efficiency and improving the quality of customer service.
Ruifeng New Material's main business: oil additives, carbonless paper color developers and other fine chemical series products research and development, production and sales
Ruifeng New Materials 2021 third quarter report shows that the company's main revenue of 676 million yuan, up 10.5% year-on-year; net profit attributable to the mother of 136 million yuan, up 5.0% year-on-year; deduction of non-net profit of 133 million yuan, up 4.84% year-on-year; of which in the third quarter of 2021, the company's single-quarter main revenue of 190 million yuan, down 25.13% year-on-year; single-quarter net profit attributable to the mother of 31.6019 million yuan, down 45.28% year-on-year In the single quarter, the non-net profit was 31.5124 million yuan, down 44.27% year-on-year; the debt ratio was 9.6%, the investment income was 475,700 yuan, the financial expense was -27.4857 million yuan, and the gross profit margin was 32.55%.
In the past 90 days, a total of 5 institutions have given ratings, 4 buy ratings and 1 overweight rating; the target average price of institutions in the past 90 days is 107.2; the net outflow of financing in the past 3 months is 13.6206 million, and the balance of financing has decreased; the net inflow of margin is 0.0 million, and the balance of margin has increased. The Securities Star Valuation Analysis Tool shows that Ruifeng New Materials (300910) has a good company rating of 4 stars, a good price rating of 1 star, and a comprehensive valuation rating of 2.5 stars.