Sanchuan Co., Ltd. released its 2012 annual report. The company's 2012 operating income and net profit amounted to RMB 613 million and RMB 78.42 million, respectively, an increase of 32.19% and 25.29% year-on-year, respectively; basic EPS was RMB 0.50. The sales gross profit rate was 26.31%, which was the same as last year; the period expense rate was 9.84%, a slight increase of 0.22 percentage points year-on-year; the net sales rate was 16.48%, an increase of 0.66 percentage points over the same period of last year; the quarterly operating income and net profit were respectively It was RMB 173 million and RMB 23.45 million, an increase of 28.02% and 25.01% year-on-year, and EPS of the fourth quarter was RMB 0.15. The profitability continued to improve and was in line with market expectations. Due to the increase in sales revenue of the company and the investment income of 7.37 million yuan obtained from the 24% share of Yingtan Water Division, the net profit of the company increased by a large margin of 25.3%.
Intelligent water meter product table doubles growth, performance and valuation double upgrade Sanchuan water meter company is the leading enterprise of traditional intelligent water meter base meter, domestic many smart meter companies for company customers, purchase company smart water meter base table to install their own chip program to make Complete smart meter for sale. The company's 12-year smart water meter base table sales volume reached approximately 1 million pieces, accounting for 25-35% of the market share of the entire smart water meter's base meter, and its gross profit margin maintained a steady state of around 30%.
On the other hand, the company actively expands the smart meter market, from 2007 about 50,000, 14 million, less than 5% of sales revenue, to 12 years, about 400,000, about 100 million in sales revenue, a substantial increase in proportion To 16%, the annual growth rate of sales revenue of smart water meters exceeded 40%, becoming the fastest growing product of the company's performance. At the same time, by opening the product chain from mechanical watches to smart water meters to intelligent water meters, the company's smart water meter gross margins have been secured, and in the long term, it has the inherent foundation for stable and high gross profit margins. We have determined that the company's smart water meter has maintained a doubling growth for 13 years, with sales of 80-100 million yuan, contributed revenue of approximately 200 million yuan, accounting for approximately 27%, and profit of approximately 40 million yuan, accounting for approximately 37%, and an EPS increase of approximately 0.24 yuan. .
The leader of the smart-base meter enjoys the long-term high-speed growth brought by the intelligent water meter. The replacement of the smart meter is faster than the smart meter. Because the water companies in various parts of the country are in a fragmented state, there is no possibility that a unified water company will be formed. This will lead to local water companies gradually pushing forward the intelligentization of water meters from 1, 2, and 3 line cities, resulting in the replacement of only water meters. The cycle is much longer than the smart meter cycle. At present, China's annual water meter sales volume is about 60 million, of which more than 40 million old tables have been replaced, and more than 10 million new water meters have been exported, as well as some exports. The sales volume of the entire smart water meter only accounts for about 6-10% of the entire water meter market, and the update duration of smart water meters will be very long.
The company's 12-year smart water meter base table sales volume has reached more than 1 million pieces, accounting for 25-35% of the market share of the entire smart water meter base table, and the gross profit rate has maintained a steady state of about 30%. As many smart meter companies need to purchase company smart water meter base tables, this business will maintain a more stable development trend. Before the company's smart meter production has yet to be completely released, its smart base meter will still contribute handsome profits to the company.
Traditional mechanical watches keep the company's traditional water meter products as mechanical watches, with sales volume of more than 7 million units in 12 years, gross profit rate reaching 24.98%, an increase of 0.64 percentage points over the previous year, and maintaining a steady and slight increase. As the leader of mechanical watches, the company has maintained a good customer relationship with its downstream customers for a long time. Its millions of mechanical watch customers have laid a solid “mass foundation†for the company’s future expansion of smart water meters.
Actively expand the company's participation in 24% shares of Yingtan Water Division into the downstream water industry, and actively expand into downstream water companies. This not only brings experimental foundations for the promotion of the company's smart water meters, but also provides a basis for the company’s future growth in the replacement of high-speed smart water meters. The long-term and stable cash flow will be buried in the future. According to the equity method, the company's investment income of 7.379 million yuan will be obtained by investing in Yingtan Water Company in 12 years.
Sanchuan Co., Ltd. future investment highlights:
1) The proportion of smart water meters has increased significantly, which has boosted the company's performance and improved the company's valuation;
2) The intelligent water meter base meter maintains a steady growth, and is the leader of the A-share smart meter base watch, which continuously promotes the company's performance;
3) The cooperation with Godson Technology will lay a solid foundation for the company to develop smart chip and platform;
4) The overall demand for mechanical watches and gross profit margin remained stable and continued to be the leading A-share mechanical watch.
With the rapid growth of the company's smart water meter, the company's profitability will continue to increase. It is expected that the company's 13-14 EPS will be 0.65 yuan and 0.83 yuan, corresponding to PE of 15 times and 11.8 times, giving the "strongly recommended" rating. As the leader of the A-share smart meter, the future growth of the smart meter will greatly boost the company's performance and uplift the company's valuation. As the value of intelligent water meters, investors are advised to actively participate.
Intelligent water meter product table doubles growth, performance and valuation double upgrade Sanchuan water meter company is the leading enterprise of traditional intelligent water meter base meter, domestic many smart meter companies for company customers, purchase company smart water meter base table to install their own chip program to make Complete smart meter for sale. The company's 12-year smart water meter base table sales volume reached approximately 1 million pieces, accounting for 25-35% of the market share of the entire smart water meter's base meter, and its gross profit margin maintained a steady state of around 30%.
On the other hand, the company actively expands the smart meter market, from 2007 about 50,000, 14 million, less than 5% of sales revenue, to 12 years, about 400,000, about 100 million in sales revenue, a substantial increase in proportion To 16%, the annual growth rate of sales revenue of smart water meters exceeded 40%, becoming the fastest growing product of the company's performance. At the same time, by opening the product chain from mechanical watches to smart water meters to intelligent water meters, the company's smart water meter gross margins have been secured, and in the long term, it has the inherent foundation for stable and high gross profit margins. We have determined that the company's smart water meter has maintained a doubling growth for 13 years, with sales of 80-100 million yuan, contributed revenue of approximately 200 million yuan, accounting for approximately 27%, and profit of approximately 40 million yuan, accounting for approximately 37%, and an EPS increase of approximately 0.24 yuan. .
The leader of the smart-base meter enjoys the long-term high-speed growth brought by the intelligent water meter. The replacement of the smart meter is faster than the smart meter. Because the water companies in various parts of the country are in a fragmented state, there is no possibility that a unified water company will be formed. This will lead to local water companies gradually pushing forward the intelligentization of water meters from 1, 2, and 3 line cities, resulting in the replacement of only water meters. The cycle is much longer than the smart meter cycle. At present, China's annual water meter sales volume is about 60 million, of which more than 40 million old tables have been replaced, and more than 10 million new water meters have been exported, as well as some exports. The sales volume of the entire smart water meter only accounts for about 6-10% of the entire water meter market, and the update duration of smart water meters will be very long.
The company's 12-year smart water meter base table sales volume has reached more than 1 million pieces, accounting for 25-35% of the market share of the entire smart water meter base table, and the gross profit rate has maintained a steady state of about 30%. As many smart meter companies need to purchase company smart water meter base tables, this business will maintain a more stable development trend. Before the company's smart meter production has yet to be completely released, its smart base meter will still contribute handsome profits to the company.
Traditional mechanical watches keep the company's traditional water meter products as mechanical watches, with sales volume of more than 7 million units in 12 years, gross profit rate reaching 24.98%, an increase of 0.64 percentage points over the previous year, and maintaining a steady and slight increase. As the leader of mechanical watches, the company has maintained a good customer relationship with its downstream customers for a long time. Its millions of mechanical watch customers have laid a solid “mass foundation†for the company’s future expansion of smart water meters.
Actively expand the company's participation in 24% shares of Yingtan Water Division into the downstream water industry, and actively expand into downstream water companies. This not only brings experimental foundations for the promotion of the company's smart water meters, but also provides a basis for the company’s future growth in the replacement of high-speed smart water meters. The long-term and stable cash flow will be buried in the future. According to the equity method, the company's investment income of 7.379 million yuan will be obtained by investing in Yingtan Water Company in 12 years.
Sanchuan Co., Ltd. future investment highlights:
1) The proportion of smart water meters has increased significantly, which has boosted the company's performance and improved the company's valuation;
2) The intelligent water meter base meter maintains a steady growth, and is the leader of the A-share smart meter base watch, which continuously promotes the company's performance;
3) The cooperation with Godson Technology will lay a solid foundation for the company to develop smart chip and platform;
4) The overall demand for mechanical watches and gross profit margin remained stable and continued to be the leading A-share mechanical watch.
With the rapid growth of the company's smart water meter, the company's profitability will continue to increase. It is expected that the company's 13-14 EPS will be 0.65 yuan and 0.83 yuan, corresponding to PE of 15 times and 11.8 times, giving the "strongly recommended" rating. As the leader of the A-share smart meter, the future growth of the smart meter will greatly boost the company's performance and uplift the company's valuation. As the value of intelligent water meters, investors are advised to actively participate.
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