Recently, listed companies in the building ceramics industry such as Keda Manufacturing, Huida Sanitary Ware, Haiou Housing, Stone Co., Ltd., and Yuexin Health have successively released 2021 annual reports or performance reports. Overall, the industry's upstream raw materials and energy will continue to rise to varying degrees in 2021, which is also one of the important reasons for the decline in net profits of many listed companies. In addition, the decline in product gross profit margin and the growth rate of operating costs higher than the growth rate of operating income have also become "flaws" for most listed companies.
What is the specific performance of listed ceramic companies in 2021? Next, follow Zhongtaojun to see!
Huida Bathroom
Costs have increased significantly, revenue growth and net profit will decline in 2021
On April 14, Huida Sanitary Ware released its 2021 annual report. The report shows that Huida Sanitary Ware achieved revenue of 3.893 billion yuan in 2021, a year-on-year increase of 20.98%; net profit attributable to the parent company was 235 million yuan, a year-on-year decrease of 23.44%; non-net profit after deduction was 157 million yuan, a year-on-year decrease of 38.05%.
Looking at specific products, the revenue from the sanitary ceramics business was 1.935 billion yuan, a year-on-year increase of 15.57%, accounting for 50.41% of the main business revenue. Among them, the revenue of smart sanitary ware was 410 million yuan, a year-on-year increase of 44.59%; the overall kitchen and bathroom revenue was 86 million yuan, a year-on-year increase of 233.27%. During the reporting period, the smart bathroom and integrated kitchen and bathroom business grew significantly and became a new growth point in performance contribution.
The report also shows that Huida’s wall and floor tile product operating income in 2021 will be 595 million yuan, a year-on-year increase of 40.50%; the gross profit margin will be 20.26%, a decrease of 0.16% from the previous year. Last year, Huida produced 786,200 square meters of ceramic tiles and sold 18,278,100 square meters; its inventory was 2,806,600 square meters, a year-on-year increase of 273.16%, mainly due to taking over the inventory of acquired companies.
In addition to the gross profit margin of other businesses increasing by 1.21% year-on-year, in 2021 Huida sanitary ceramics, bathtub showerThe gross profit margins of core businesses such as houses, wall and floor tiles, hardware and sanitary ware, and bathroom cabinets have all declined across the board.
On the whole, Huida's revenue will grow upward in 2021, but the decline in net profit and the overall decline in gross profit margin are particularly prominent. The report pointed out that the decline in net profit was mainly due to a year-on-year decrease of 3.67 percentage points in gross profit margin and a 22.48% year-on-year increase in expenses. Among them, the reason for the decrease in gross profit margin was due to factors such as the year-on-year appreciation of the RMB exchange rate against the US dollar, which led to a decrease in the gross profit of the export business, social security exemptions and exemptions during the same period, the year-on-year increase in fuel and power prices, and the trial production of smart home (Chongqing); the reason for the substantial increase in expenses was the increase The investment in the construction of marketing channels increased sales expenses year-on-year, the investment in the construction of management talent echelons and management informatization and standardization increased management expenses, and the investment in research and development of new products and new processes increased R&D expenses year-on-year.
In 2021, Huida's operating costs have also increased due to rising costs of raw materials, labor, transportation fees and other costs. The report shows that the operating costs of Huida sanitary ceramics, bathtub shower rooms, wall and floor tiles, hardware sanitary ware, and bathroom cabinets increased by 26.02%, 39.95%, 40.78%, 22.42%, and 23.66% year-on-year. The growth rate of operating costs was higher than the revenue growth. speed.
Seagull Living
The ceramic tile business has grown significantly, and the champion tile revenue is 547 million yuan
On April 14, Haiou Housing disclosed its 2021 annual report. The report shows that in 2021, it achieved total operating income of 4.13 billion yuan, a year-on-year increase of 23.5%; it achieved net profit attributable to the parent company of 85.617 million yuan, a year-on-year decrease of 43.8%. Operating costs in 2021 will be 3.37 billion, a year-on-year increase of 32.7%, which is higher than the 23.5% growth rate of operating income, resulting in a 5.7% drop in gross profit margin.
During the reporting period, Haiou Zhuangong's ceramic tile business achieved operating income of 809 million yuan, an increase of 496 million yuan over the same period last year, a year-on-year increase of 63.11%; the gross profit margin was 22.62%, a year-on-year decrease of 13.57%. Among them, Champion Tiles achieved operating income of 547 million yuan, an increase of 334 million yuan over the same period last year, a year-on-year increase of 63.98%.
In terms of main revenue by product, hardware faucet products achieved revenue of 2.547 billion yuan, a year-on-year increasegrew 28.92%; the customized integrated cabinet business achieved revenue of 200 million yuan, a year-on-year decrease of 19.47%; bathtub ceramic products achieved revenue of 235 million yuan, a year-on-year increase of 10.09%; smart home products achieved revenue of 179 million yuan, a year-on-year increase of 4.660 %; the overall bathroom achieved revenue of 60 million yuan, a year-on-year decrease of 70.52%.
Made by Keda
Revenue is nearly 10 billion, net profit increased by 284.60% year-on-year
On March 31, Keda Manufacturing released its 2021 annual report. The report shows that in 2021, Keda Manufacturing achieved revenue of 9.797 billion yuan, a year-on-year increase of 34.24%, issuing a clarion call to the "10 billion enterprise"; the net profit attributable to the parent company was 1.006 billion yuan, and the net profit attributable to the parent company after deducting non-profit items was 952 million yuan. , a year-on-year increase of 284.60% and 9,405.34% respectively
From the perspective of main business, building materials machinery and equipment are the main driver of Keda's revenue. In 2021, it achieved revenue of 5.764 billion yuan, a year-on-year increase of 57.17%. The main reason is that affected by downstream market demand, the ceramic machine business has Business units are operating at full capacity, and product sales revenue has increased significantly. It is reported that in 2021, Koda's production and sales of presses, polishing machines, and kiln products increased by more than 80%, 66%, and 30% respectively compared with the same period last year, and the orders and shipments of overseas ceramic machine business exceeded the same period last year.
In 2021, Keda Architectural Ceramics achieved revenue of 2.345 billion yuan, a year-on-year increase of 31.05%. This was mainly due to the further release of production capacity by African subsidiaries and the increase in volume and price of architectural ceramic products. As of the end of 2021, Keda's African construction ceramics business has taken root in Kenya, Ghana, Tanzania, Senegal, and Zambia. A total of 12 production lines are operated in the five countries, with a total construction ceramics output of 91 million square meters, radiating to sub-Saharan Africa.
Keda’s strategic investment business Lanke Lithium also achieved double growth in revenue and profit in 2021. KedaIt indirectly holds 43.58% of the equity of Lanke Lithium Industry. With the supply of lithium carbonate always being tight in 2021, Lanke Lithium Industry achieved revenue of 1.853 billion yuan and net profit of 914 million yuan. Keda thus confirmed investment income of 444 million yuan. , and obtained huge profit returns, marking that this strategic investment business has officially entered the harvest period.
Healthy Heart
The gross profit margin of the ceramic tile business decreased, and the profit decreased by 32.18% year-on-year
On March 12, Yuexin Health, the parent company of SMIC Tiles, released an announcement on its 2021 annual performance report. According to the announcement, Yuexin Health achieved operating income of 1.261 billion yuan in 2021, a year-on-year increase of 5.54%; operating profit was 48.5196 million yuan, a year-on-year decrease of 32.18%. The announcement pointed out that during the reporting period, the company's building materials business was affected by the state's regulation of financial credit policies in the real estate industry, which led to intensified market competition and sluggish sales prices. In addition, it was affected by the "dual carbon dual control" policy, power and production restrictions, and rising energy and raw material prices. Affected by many factors, the gross profit margin of the company's ceramic tile business has declined. Although operating income has increased slightly, operating profits have declined.
The announcement stated that the reasons for the decrease in the company's operating profit during the reporting period include increased investment in marketing and sales personnel for the ceramic tile business in response to intensified competition in the building materials market, and the end of social security policy reductions and exemptions due to the epidemic during the reporting period. This resulted in a year-on-year increase in sales expenses of approximately RMB 35 million.
Sitong Shares
Net profit in 2021 is 32.2338 million yuan, turning losses into profits
On April 14, Stone Co., Ltd. announced its 2021 annual report. The report shows that Sitong Co., Ltd. achieved operating income of 378 million yuan in 2021, a year-on-year increase of 29.18%; the net profit attributable to shareholders of the listed company was 32.2338 million yuan, achieving a turnaround from losses to profits.
The report pointed out that the increase in net profit in 2021 is mainly due to the increase in product sales revenue and gross sales profit, as well as the increase in R&D expenses,The decrease in borrowing interest expenses, the decrease in exchange losses and the transfer of the equity of Guangdong Dongwei New Materials Co., Ltd., the difference between the disposal price and the share of the subsidiary's net assets at the consolidated financial statement level corresponding to the disposal investment of RMB 27,323,183.59, correspondingly increased the net profit.
Sitong's main business includes daily ceramics, sanitary ceramics, artistic ceramics, rock slabs and other products. Among them, the sales revenue of rock slabs in 2021 was 34.3621 million yuan, an increase of 14.085 million yuan over the same period last year, an increase of 69.46%.
In addition to the above, many listed companies such as Dongpeng Holdings, Diou Home Furnishing, Dow Technology, Tianan New Materials, etc. have previously announced performance forecasts in advance:
- Dongpeng Holdings expects to achieve operating income of 7.516-8.590 billion yuan in 2021, a year-on-year increase of 5%-20%; net profit attributable to parent companies in 2021 will be 34 million-51 million yuan, a decrease of 94%-96% from the same period last year . Reasons for the growth in operating income and decline in profits: Mainly due to the company's provision for impairment of items receivable from customers in the real estate industry; the sharp increase in the prices of raw materials, energy, etc., leading to an increase in the comprehensive cost of products and other factors.
- Diou Home Furnishing expects to achieve net profit attributable to the parent company of 272 million yuan to 369 million yuan in 2021, a decrease of 34.87% to 51.99% compared with the same period last year. The main reason for the decline in net profit is that during the reporting period, affected by the continued rise in raw material and energy prices, industry production costs increased significantly, and the gross profit margin of the company's main business declined.
- Dow Technology’s pre-profit for 2021 is 495 million yuan-605 million yuan, a year-on-year increase of 717.96%-899.73%. During the reporting period, benefiting from the booming development of the new energy industry, industry demand continued to improve. There were sufficient orders for cobalt salts, ternary precursor products and graphene/carbon nanotube conductive agent products. The product structure was optimized, and the gross profit margin increased significantly year-on-year. , the sales volume and price of products have increased, and the prospects are promising. Although the ceramic materials sector is under pressure from fluctuations in the real estate industry, the company's product sales have achieved substantial growth and its product market share has further expanded.
- Tianan New Materials expects to achieve a net profit attributable to the parent company of -45 million yuan to -65 million yuan in 2021. The main reason for the decline in profits is that subsidiaries Shiwan Yingpai and Yingpai Trading hold a total of 286 million yuan in receivables from Evergrande Group and its member companies. The recoverability of receivables has obvious signs of impairment, and the company plans to All receivables are identified individually, and bad debt provisions are made individually.
