Revenue and Profit of Wonli Security Co Ltd
The company Wonly Security Co Ltd（homepage http://www.wanglianfang.com/ Founded in 1996, WONLY is a double standard formulation unit of national standards for doors and locks and standards of the Ministry of public security. It is the first listed enterprise of national security door lock enterprise, with stock code: 605268. The company's main business is the R & D, manufacturing, sales and service of safety doors, smart locks, wooden doors, doors and windows, smart home, smart community and other products. In the world, it has five R & D bases, six R & D centers and the smart home security performance joint laboratory jointly established with Peking University. It has successively developed high-end smart home products such as robot safety door with four black technologies, remote sensing visual anti-theft intelligent lock and aigang smart home. The products are based on 5g, big data cloud Edge computing and other technologies are equipped with rich practical functions. The company has six production bases, including Wang Li'an intelligent manufacturing headquarters, Western intelligent manufacturing base, Yongkang Industrial Park, Huajue Industrial Park, Nengcheng Industrial Park and Sichuan security industrial park. It is a door lock enterprise with an area of more than one million square meters. ） is the first listed company in the domestic security door and lock industry. The company has been deeply engaged in the safety door and lock industry for more than 20 years，Wonly, Nengcheng and Huajue, whose products include steel safety doors, wooden doors, mechanical locks and intelligent locks, are widely used in Zhejiang
Sichuan has jointly built six industrial parks, which are the strategic cooperation of leading real estate developers such as country garden, rongchuang, Greenland, China Resources and Shimao
Partners, sales network covering the whole country.
It is estimated that the market scale of safety door will be nearly 30 billion in 21 years, and the benefit concentration of head enterprises will increase. The demand for safety doors mainly comes from new
According to our calculation, domestic security doors will be available in 2021
The market scale of the industry is about 29.3 billion yuan. There are thousands of domestic safety door production enterprises with a high degree of marketization, which will be accompanied by real estate collection in the future
The mining trend and industry standards are gradually improved. The head enterprise has obvious advantages in design, process and safety protection
The effect is prominent, and the concentration is expected to be further improved.
The company's revenue scale grew steadily, with a revenue of 1.021 billion yuan in 21h1, a year-on-year increase of + 50.7%, and the contribution of steel safety door exceeded 7%
Into income. From 2016 to 2020, the company's total operating revenue increased from 1.450 billion yuan to 2.114 billion yuan, with a CAGR of 9.9%. 21H1
The revenue reached 1.021 billion yuan, a year-on-year increase of + 50.7%, compared with 19h1 + 30.1%, including steel safety door / other categories / intelligent lock
The income was 749 / 170 / 65 million yuan, with a year-on-year increase of + 46.7% / + 43.4% / + 127.6%, accounting for 73.4% / 16.7% / 6.4% respectively.
The profitability is affected by the price of raw materials in the short term. In the long term, it is transmitted downstream with the production of smart factories and the pressure of price rise
Room. From 2016 to 2020, the net profit attributable to the parent company increased from 141 million yuan to 240 million yuan, with a CAGR of 14.1%. 21h1 implementation
The net profit attributable to the parent company was 77 million yuan, a year-on-year increase of + 30.3%, compared with 19h1 + 23.9%. The gross profit margin and net profit margin of 21h1 were 28.4% and
7.6%, affected by the price rise of raw materials, the profitability is under pressure in the short term. With the production of smart factories, the production efficiency is improved and the brand strength is strengthened
Strengthen and gradually improve the company's bargaining power for downstream customers. In the long run, the company's profitability has room for recovery.
Excellent product strength, casting brand value, intelligent manufacturing level, leading the industry. The company adheres to the principle of "R & D generation, use generation and more reserves"
The R & D strategy of "generation" has six R & D centers and five R & D bases, and the R & D expense rate has increased from 1.7% in 2016 to
2.8% of 21h1. The company invested 1.3 billion yuan to build an industry-leading "intelligent factory" and will build the first automatic production line in the industry,
It is expected to reduce employment by 80% and increase production capacity by 70%, laying the foundation for cost reduction, efficiency increase and sustainable development.
The distribution network covers the whole country, engineering and distribution of two wheel drive. The company's sales channels are mainly distribution and engineering, and 21h1 distribution
The channel achieved a revenue of about 556 million yuan, a year-on-year increase of + 40%. It has nearly 2000 dealers with a certain scale and nearly 100 service outlets
10000, covering 31 provinces, autonomous regions and municipalities directly under the central government. The company has outstanding brand advantages in engineering channels and 21h1 direct marketing projects
The revenue was about 405 million yuan, a year-on-year increase of + 60%.
4.2. Profit forecast and valuation
Core assumptions:
1. Revenue side: it is expected that the revenue of various products will gradually increase with the release of production capacity, of which the revenue of steel safety doors will increase from 21 to 23 years
30% / 32% / 36% respectively, and the revenue growth of other categories was 20% / 20% / 30% respectively; At present, the penetration rate of intelligent lock is low, and
The company's revenue base is small, and the growth rate is higher than that of category products, with a year-on-year increase of 70% / 40% / 40% respectively from 21 to 23;
2. Profit side: affected by the price rise of raw materials in 21 years, the gross profit margin of each product decreased slightly year-on-year, and gradually rebounded in 22-23 years.