Hony distant Fund Xu Fan, RPower Li Yishan, Shenjiu Asset Wen Xiao, Xingquan Fund Li Yang and Soochow Securities Luo Yue investigated our company on December 9, 2021, Haipan (301063) announced on December 9, 2021.
The main contents of this survey are as follows:Q: what is the total production capacity of forgings in the company at present?
A: in 2020, the company's total output of forgings exceeded 100000 tons.
Q: what is the maximum size of gearbox forgings that the company can make now?
Answer: the production process of the company's wind power gearbox forgings is mature. At present, the company has mass produced 11MW wind power gearbox forgings at sea. The follow-up company will pay close attention to the development trend of the gearbox market and actively participate in the mass production of larger gearbox forgings in the mainframe factory on the basis of technical reserve.
Q: what is the customer base of the company's oil and gas forgings?
Answer: the company's oil and gas equipment forgings are mainly exported, and most of the main export customers are international well-known oil and gas equipment manufacturers.
Q: the proportion of the company's revenue from forgings for wind power products in the first to third quarters?
A: among the company's wind power forgings products from the first to third quarters of 2021, the revenue of wind power gearbox forgings accounts for about 49%, and wind power bearing forgings account for about 49%.
Q: why is the gross margin of gearbox forgings lower than that of wind tower flange in 2020?
Answer: the company's products are sold with a cost-plus pricing model, and the product price is determined according to the cost of raw materials, processing costs and a certain level of profit. Because of its special process and technical requirements, the raw material cost of wind power gearbox forgings is significantly higher than that of wind power yaw, variable propeller bearings and tower flanges, so the calculated gross profit margin will be lower than that of products with relatively lower product quality requirements.
Q: does the company need to be certified by the end customer to become a supplier of wind power gearbox forgings?
A: it needs to be certified by the end customer.
Q: the proportion of wind power equipment forgings income to the main business income?
A: the company's wind power equipment forgings accounted for about 60% of the main business income in 2020, and it will increase this year.
Q: how do you view the future oil and gas market?
A: from the analysis of the market situation in the fourth quarter, the oil and gas market is gradually recovering, and the company is more confident about the market next year.
Main business: mainly engaged in R & D, production and sales of special forgings for large and medium-sized equipment, which are widely used in oil and gas exploitation, wind power generation, machinery and equipment, as well as ships, nuclear power and other fields. to provide global equipment manufacturers with customized forgings products and parts with good comprehensive performance and stable quality.
The third quarterly report of Sea Pot shares 2021 showed that the company's main income was 752 million yuan, down 0.56% from the same period last year; the net profit was 65.7186 million yuan, down 16.97% from the same period last year; and the non-net profit was 56.5063 million yuan, down 22.93% from the same period last year. Among them, in the third quarter of 2021, the company's main income in a single quarter was 231 million yuan, down 31.98% from the same period last year; the net profit in a single quarter was 13.016 million yuan, down 62.35% from the same period last year The non-net profit in a single quarter was 12.5236 million yuan, down 61.27% from the same period last year; the debt ratio was 41.03%, the investment income was 194200 yuan, the financial expenses were 7.9272 million yuan, and the gross profit margin was 16.47%.
The stock has no agency rating in the last 90 days. In the past three months, the net inflow of financing was 1.857 million, and the financing balance increased, while the net inflow of securities was 62600, and the balance of securities lending increased. Securities Star valuation analysis tool shows that Sea Pot shares (301063) good companies have a rating of 3 stars, a good price rating of 1 star, and a comprehensive valuation rating of 2 stars. (rating range: 1-5 stars, up to 5 stars)