I. Introduction
Fuyao Glass has dropped a lot from its high point, and the current price is already lower than the price when I cleared the warehouse.
When the low level was lurking, I never thought that it would break through 50 yuan.
For Cao Dewang, the owner of Fuyao Glass, I have always admired him very much. He is a real entrepreneur in the industry.
2. Analysis of financial data
Figure 1 Revenue and Net Profit
In the first half of 2022, revenue increased by 11.79% year-on-year; it decreased by 2.93% month-on-month.
In the first half of 2022, non-net profit increased by 38.99%, a month-on-month increase of 69.86%.
Fuyao has the best performance among the semi-annual reports I have seen so far.
In the second quarter, the epidemic disturbed, and it seems that the company has little impact.
Figure 2 Income Statement Accounts
In the same period, the sales expenses dropped by 29.15%. Compared with the sales expenses in the same period last year, there was one less transportation fee of 296 million yuan. Although the performance seems to have little impact, it actually has a lot of impact . If this cost is included, the sales expenses are slightly higher than the same period last year.
R&D expenditure continued to increase.
There was a significant year-on-year decrease in financial expenses, mainly due to the substantial reduction in exchange losses. The financial report also indicated that the RMB depreciated in the current period, and the exchange gain reached 509 million, while the exchange loss in the same period last year was 172 million.
If the foreign exchange gains are excluded from the non-net profit, the non-net profit is 1.801 billion, and the transportation fee is 296 million less in the same period. In this way, the deduction of non-net profit for the same period did not increase. This is just a simple mathematical calculation. Excluding these factors, revenue growth has not brought net profit growth in the actual sense . (for reference only)
According to the above calculations, Fuyao’s performance is not as beautiful as expected .
Figure 3 Corporate debt ratio
In the second quarter, the debt structure was optimized by reducing short-term borrowings and increasing long-term borrowings .
However, short-term debts are still significantly higher than long-term debts. Fuyao Glass’s repayment performance has been good. Short-term borrowing does not put pressure on the company’s funds, and its borrowing is ultra-short-term financing, and the interest rate is very low .
The auto parts industry is a heavy asset, and its own debt ratio is not low. Fuyao is considered to have a relatively good debt situation. Sany Heavy Industry also has a relatively large amount of debt. The optimization of the debt structure is conducive to the long-term development of the company and to cope with short-term uncertainties.
Figure 4 Loans
Some of the ultra-short financing rates seen in the earnings report ranged from 2.25-1.76%. This rate is indeed quite cheap.
Figure 5 Inventory, receivables and advance receipts
From a trend perspective, in the second quarter of 2021, inventories began to rise significantly. From the perspective of inventory classification structure, inventory commodities and raw materials have increased significantly in the same period. After a simple comparison, inventory commodities increased by 55.01% and raw materials increased by 39.87% in the same period.
The year-on-year ratio of the two is much higher than the revenue growth rate. The increase in raw materials is excusable, and the inventory of goods seems to be a bit too much. In this follow-up, we need to observe the inventory situation of the third quarterly report and the subsequent quarterly report .
In terms of advance receipts, it is basically stable, and 2022 will still increase compared to the same period.
The current accounts receivable and revenue bills are basically in line with 2020 levels. From the perspective of aging structure, most of them are within one year, and the receivables are relatively healthy. The third and fourth quarters of each year are the collection season. ( We need to pay attention to whether this situation continues, if not, we need to observe whether there is any abnormal situation. )
3. Summary
Automobile Association, production and sales in the first half of 2022 fell by 3.7% and 6.6% year-on-year, respectively. At present, the demand for new energy vehicles remains strong compared to fuel vehicles.
In 2021, the company will conduct an additional issuance of Hong Kong stocks, excluding debt repayment, mainly for the expansion of photovoltaic glass and general corporate purposes.
In the first half of the year, Fuyao’s rooftop distributed photovoltaic power generation accumulated 40.9074 million kilowatts, reducing carbon dioxide emissions by 2.89 trillion tons.
In addition to the use of its own photovoltaic power generation, other additional information has not been reflected in the financial report, and this part needs continuous attention .
The main component of float glass is soda ash raw material. The subsequent crude oil volume will gradually fall, and the price of soda ash raw material should also fall, which is helpful for the company’s cost improvement. I estimate that the company’s fourth-quarter report may be able to recover its gross profit margin, which requires tracking and verification of subsequent financial report data.
In the first half of this year, there will still be good growth in the third quarter of foreign exchange gains. But in 2023, it is possible that this piece will return to the state of 2021. Judging from the exchange rate situation in 2022, fluctuations in the exchange rate distance will still have a considerable impact on the company’s performance .
The analysis of individual stocks does not constitute a recommendation for buying and selling, and is responsible for its own profits and losses.
” Interpretation of Fuyao Glass’ 2022 First Quarter Financial Report “
” Interpretation of Fuyao Glass’ 2021 Annual Report – to be seen “
” Interpretation of Fuyao Glass’ 2021 Third Quarterly Report Data – Recovering “
” Interpretation of Fuyao Glass’ 2021 Semi-annual Report Data “
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