VIGA Faucet Mugadziri 
Imba yekugezera yebhizinesi
Nhoroondo ye Huida Sanitary Ware Co., Ltd (603385.SH, Haninafter inotaurwa nezvayo “Huida socy ware”), chikamu chinotungamira mumunda wehutsanana, inoratidza kuti pasi pekumanikidzwa kwakanyanya kwedenda mu 2020, kusimba kweHuida Sanitary Ware's net profit mumakore mashoma apfuura kwasvika kumagumo kamwe kamwe., asi maitiro ese ekushanda achiri akanaka. Kubva 2016 ku 2019, purofiti yekambani yakakwira kubva 210 mamiriyoni yuan kuti 329 Mamirioni Yuan, kudzikira pamusoro 6.58% gore negore in 2020.
Net purofiti yeHuida Bathroom
In 2020, mari yekushanda kwekambani inoramba ichikura, zvakakwana pamusoro 3.218 Bhirioni Yuan, kumusoro 0.24% gore-paGore. Gross margin ye 31.33%, yakaderera pane gross margin of about 33% mu 2019. Kunyange zvazvo maitiro ose akagadzikana, kune varidzi vari kunetseka kuti Huida yokugezera “kuwedzera kwemari hakuwedzeri purofiti” mamiriro achapararira? Kune mhando dzekune dzimwe nyika dzakadai seKohler Sanitary Ware pamberi pekubata, kuseri kwemhando dzepamba seHai-O Sumitomo kudzingirira. Huida sanitary ware, zvichararama sei neramangwana?
Kushaikwa kwemasangano, mutengo wemasheya hauna kunonoka
Huida sanitary ware inogona kurondedzerwa semurwi wemusika wefenicha yekugezera. Maererano nekutsvaga kwebhizinesi, kambani yakavambwa mukati 1982, kusvika ikozvino 40 makore, asi mukati chete 2017 yakanyorwa pane SSE. IPO yakasimudza pamusoro 830 Mamirioni Yuan, gore rakapera risiri reruzhinji kupa kwezvikamu zvakasimudzwa zvishoma kupfuura 80 Mamirioni Yuan. Nokuda kwechiratidzo chakadaro chinozivikanwa, its “appetite” haisi hombe, uye chinhu chekunyorera ndiye muridzi wekambani anobatsira, mhuri yeWang.
Musi waKurume 12, kambani yakaburitsa chirongwa chekugovera purofiti, 2.43 yuan nokuda 10 miga, huwandu hwakanyanya kupfuura 92 Mamirioni Yuan. Chikumbiro ichi hachina kuwana mhinduro yakanaka kubva kune vanoisa mari – mutengo wemugove waiva 12.42 yuan/share munaKurume 11, kunyura ku 11.55 yuan/gova zuva rinotevera. Kubva munaKurume 30, mutengo wemugove wekambani wakavharwa pa 11.6 yuan per share. Gore rose rapfuura, mutengo wemugove wekambani wakasangana nekukwira nekudzika kukuru kubva muna Chivabvu kusvika Nyamavhuvhu, nemutengo wemasheya kamwe wasvika RMB19.38 pachikamu muna Nyamavhuvhu. Kubva ipapo, kudonha kwekuvhunduka, hapana yakakosha rebound.
Kubva kune vagovani vekambani, Huida bathroom stock price, sekupera kwegore rapfuura, vagovanisi gumi vepamusoro, kuwedzera kune chaiyo controller Wang Huiwen uye Wang mhuri, Chimwe chikamu cheTangshan City Investment Co. Uye Tangshan ndiyo imba yekambani. Iwo asara emasangano anoisa mari ingori imwe chete ICBC AXA Hupenyu Inishuwarenzi, ine shareholding of chete 0.9%.
Institutions kazhinji ndiwo “wind vane” mumunda wekudyara. Kushaikwa kwemasangano uye mitengo yemasheya inodzokera kumashure, inoita kunge iri kudaidza Huida imba yekugezera kuti ipe purofiti nyowani yekukura.
Zvigadzirwa zvechinyakare zvinoda kuvandudzwa
Kwenguva refu, Huida sanitary ware neutsanana ceramics uye ceramic tile zvigadzirwa kuvhura musika, inovawo manyuko anokosha emari. In 2020, yekambani “zvisiri zvesimbi zvicherwa zvigadzirwa” mari yadarika 2.2 Bhirioni Yuan. Mukupesana ne, mari yekugadzira fenicha mbiri, zvigadzirwa zvesimbi, zvakateerana, zviri pamusoro chete 200 Mamirioni Yuan uye 500 Mamirioni Yuan.
Munguva inotevera, zvigadzirwa zveceramic zvichiri zvakakosha kuchengetedza purofiti yekambani, uye gore rapfuura mari yekambani isiri-metallic mineral products yakadzikira 2.78% gore-paGore. Operating cost, Zvisinei, yakawedzera ne 1.58% gore-paGore, uye gross margin yakadzikira 2.93%.
Nechigadzirwa, gross margin of sanitary ceramics uye madziro nefloor tiles yakadzikira 2.91% uye 3.99% zvakateerana. Mari yehutsanana Ceramics yakadzikira 4% gore-paGore, uye huwandu hwekutengesa hwakapfuura 8 mamirioni zvidimbu. Kuderera kwegore negore kwaiva 2.52%, apo inventory yakawedzera 5%. Pane zviratidzo zvekuti chibhakera chekambani chiri kutarisana nemamwe matambudziko. Huwandu hwekutengesa hwemba yekugezera yekambani yekambani hwakawedzera 15.27% gore-paGore. Zvisinei, chiyero chese hachina kukura, pamwe chete 62,400 seti dzakagadzirwa. Zvigadzirwa zvakadaro muindasitiri inozivikanwa se “imba yekugezera yese”. Muchikamu chechigadzirwa ichi, mhando dzekunze dzakadai seKohler, Panasonic vanonyanya kukwikwidza. Huida sanitary ware, kana uchida kuva navo seimba yekugezera yese, achatarisana nedzvinyiriro huru.
Pakazara, Huida yekugezera zvechinyakare zvedongo zvigadzirwa, tarisiro yepurofiti haina kunyatsojeka, izvo zvinoenderana nechigadzirwa “moat” shallow. Ceramic zvigadzirwa, zvichienzaniswa nehungwaru hutsanana ware, iyo yakaderera tekinoroji yemukati, uye chikumbaridzo cheindasitiri hachina kukwirira. Izvi zvinoita kuti akawanda madiki maworkshops atorewo chikamu mukugadzira, uye inogona kutora mukana wemutengo wakaderera kutora musika wakaderera. Zvigadzirwa zveceramic uye imba yekugezera yakazara zvichienzaniswa neyekupedzisira inonyanya kugadzirwa-yakatarisana, kusimbisa kubatanidzwa nedzimwe fenicha mukushandiswa kwekushanda, maitiro ekushongedza. Yepamusoro tekinoroji zvemukati zvinongounza yakakwirira yakawedzerwa kukosha.
Ceramic zvigadzirwa zvinotsamira pane yechinyakare kugadzirwa kugona, dambudziko rekushomeka kwakawedzera muHuida yekugezera gore negore mushumo unoratidzwa zvakare. Mari yebasa yehutsanana ceramics, accounting 17.5% yemutengo wose, mafuta emafuta anoverengerwa 3.57%. Uye mabhavhu, mashawa nemamwe mari yebasa rekugezera yakaverengerwa 0.47%, mafuta emafuta anoverengerwa 0.08%. Bathroom fenicha yevashandi mari yakaverengerwa nezve 1.31%, peturu simba akaverenga pamusoro 0.19%. Mubathroom fenicha nemabhavhu ndizvo “nzvimbo yekuve” maererano nehunyanzvi uye kugadzira.
Iyo kambani zvakare inoita kunge inoziva nezveichi chikamu chedambudziko, akadaro mumushumo wegore, “Ceramic tile kugadzirwa kwakadonha 87.66%, nekuda kwekuwedzera kwekugadziriswa kwekunze.” Gore rapera, kambani yakagadzira zvachose 364,300 mativi emamita ematairi e ceramic, inventory yakaderera nekupfuura 50% tichienzaniswa neyekare gore, asi huwandu hwekutengesa hwakangowedzera ne 0.88%. Saizvozvo, kunze kwechokwadi shanduko yakakosha mukushanda kwekambani gore rapfuura. Kutama uku kunochengetedza mari, asi zvinopawo dambudziko idzva kukutonga kwehutano hwekambani.
Kubva kuindasitiri kuzasi, kunatsiridza zvigadzirwa zvemichina, dhizaini yakawedzerwa kukosha kwakakosha, kana zvisina kudaro zviri nyore kuwira muhondo yemutengo ne “diki workshop”. Bathroom chigadzirwa chekutengesa uye real estate musika yakabatana zvakanyanya. Ne “mitsetse mitatu mitsvuku” delineated, nhamba yedzimba itsva uye kutengesa vhoriyamu yakaderera zvakanyanya, zvinoreva zvakare kuti kudiwa kwedzimba dzezvinhu zvehutsanana kunove kudiki.
Musika wezvigadzirwa zvehutsanana unogona kuendeswa kune yekare nharaunda yekugadziridza uye mapurojekiti ezvitangwena nepolicy. Ichi chikamu chemusika chinonyanya kuwanikwa muchitatu nechina-tier maguta, varidzi vanonyanya kukoshesa mutengo, uye kudiwa kwemhando dzepamusoro-soro kune zvishoma. Idzi nzvimbo dzenzvimbo dzemusika wekuvandudza imba kana dzichakurumidza kugarwa nemashopu madiki. Kana kungotarisa pane ceramic tile low value-added products, mhando hombe hadzina kukwikwidza zvakanyanya. Shanduko yezvinyorwa zvetekinoroji uye dhizaini yezvigadzirwa zvinonyanya kukwanisa kuvhura gap nemashopu madiki.
Huida imba yekugezera mumushumo wezvemari zvakare akati, “Mamwe makambani anogona kutora mutengo wakaderera kurasira munguva pfupi, the sub-standard nemamwe mazano, zvichikonzera kudzikira kweavhareji yepurofiti yeindasitiri.”
Makwikwi anotyisa ekugadzira machannel
Huida sanitary ware mumunda inonzi the “Gungwa Dzvuku”, kutarisana nedambudziko rakakura, kuwedzera kune yakazara indasitiri nharaunda, asiwo kubva kumakwikwi evezera. Sezve data yekota yechitatu yegore rapfuura, mumhando yakaenzana, Huida yekugezera gross margin yakakwira kupfuura Jianlin imba, uye yakaderera pane Solux Technology, Nhoroondo ye Dongpeng Holdings, Diou kumba.
Zvigadzirwa zvikuru zveSolux Technology makabati ekugezera, Mazwi, fadues, Zvimbuzi, etc., uye Huida sanitary ware ine kumwe kupindirana. Kuenzaniswa neHuida sanitary ware, Solux Technology inoisa kwakawanda kuedza mukugadzira, iyo inoitawo bhizinesi rayo modhi yeIDM, yakasiyana neOBM modhi yeHuida sanitary ware.
Iyo inonzi OBM, kana yepakutanga brand mugadziri, inoshandisa brand yayo uye inovaka yayo yekushambadzira network. IDM, pane rimwe divi, inosanganisira zvigadzirwa zvitsva zvinoenderana nemamiriro emusika, uyezve inotsamira pamatendi uye pfuma yenjere kuita purofiti.Izvi imhaka yekuti Solux Technologies yakawanda “asset-chiedza”, izvo zvinoita kuti purofiti yayo iite senge “nyore”. Kubva pachikamu chechitatu chegore rapfuura, Solux Technology gross margin yaive 35.75%, kumusoro 4.56% gore-paGore, iyo yakakwirira kupfuura iyo 31.33% yeHuida Sanitary gore rapfuura. Solux Technology ine kukosha kwemusika kweanopfuura 6.6 Bhirioni, iyo inobatsirawo kupfuura Huida Sanitary maererano nehuwandu.
Zvigadzirwa zveDiou Home zvinopindirana neHuida sanitary ware. Ndiro yayo yeceramic ine mucherechedzo “Ou Shennuo”. Mumunda weceramic sanitary ware kukwikwidza neHuida sanitary ware. Asi kubva pakuona kwehuwandu, iyo yakazara musika kukosha kweDiou Home inopfuura 7 Bhirioni Yuan, zvichienzaniswa nehuwandu hwepamusoro 4.3 bhiriyoni yuan Huida sanitary ware iri pachena yakakwirira.
Sezvo mamwe makambani asati aburitsa gwaro regore rapfuura, zvichienzaniswa neyegore rapfuura retatu-kota data, Huida imba yekugezera 2.23 bhiriyoni yuan mari yakapfuura avhareji yeindasitiri ye 1.007 Bhirioni Yuan, chinzvimbo mushure meJianlin Home uye ichangobva kunyorwa Hai-O Sumitomo, uye pamberi peLege shares uye Solux Technology. Kubva pakuona kwekuwana mari pachikamu, Huida sanitary ware ndeye 0.62 Yuan, kupfuura avhareji yeindasitiri ye 0.26 Yuan, chinzvimbo mushure meLege shares uye Jianlin Home.
Kana iyo kambani inowedzera capital yayo mune ramangwana kuti iwedzere huwandu? Huida sanitary ware mumushumo wegore akataura izvozvo, kunyange “hapana chaiyo yekutora uye zvirongwa zvekubatanidza”, asi zvakare anogona kusarudza mukana wekuwana makambani evezera, kugadzwa kwemitsara yekugadzira mitsara yekuwedzera mugove wemusika. Muna Kurume gore rino, Guosheng Securities Huang Shitao akadaro, Huida imba yekugezera yakadzika kurima yekugezera kune zvinopfuura 30 makore, mucherechedzo wayo une ruzivo rwemusika wepamusoro. Mushure mekunyora, mhanyisa iyo omnichannel yekushambadzira marongero uye kuvaka kugona. Kugovera kupera kwekusimudzira kwechitoro uku uchishingairira chiteshi pasi kuvhara nzvimbo isina chinhu. Kupera kweinjiniya kwakanangana nekusimudzira kwevatengi vedzimba hombe vane mhedzisiro yakakosha. Zvinotarisirwa kuti kubva 2021 ku 2023, the net profit inowanikwa kuna amai inogona kusvika 370 Mamirioni Yuan, 428 Mamirioni Yuan uye 484 miriyoni yuan zvichiteerana.
Huacheng Securities Guo Qinglong akataura nezvayo panguva yedenda, Huida imba yekugezera inoshingairira kusimudzira kusimudzira kwekutengesa kutsva, gadzirisa zvigadziriso zvezvitoro zvisina Indaneti, online retail business, kuti uwane matatu-dimensional network marongerwo, bhizinesi remangwana rekambani rinobatsira chaizvo.
Aya maonero akasiyana ataura nezvekukosha kweHuida bathroom optimization channels. Mushumo wegore, yazvino “rubatsiro rwemutengesi” ndezve 37.88 Mamirioni Yuan, zvakangofanana nenguva yapfuura, kuti uwedzere kuwedzera chiteshi, kunyanya kutengesa kwepamhepo kunogona kuchengetedza mari zvakanyanya. Vandudza gross margin, iyo inzira inoshanda yeimba yekugezera yeHuida mugungwa dzvuku remakwikwi.
Maitiro ekuwedzera shanduko yeHuida sanitary ware mukugadzira uye tekinoroji yekuvaka yavo yemakwikwi zvipingamupinyi.? Chiitiko chekuwedzera mari pasina kuwedzera purofiti ndezvenguva pfupi kana maitiro? Ko kambani inogona sei kurarama mumakwikwi anotyisa nevezera rayo? Investors.com yakanyorera kambani pane zvine chekuita nenyaya, asi haana kupindurwa.