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Although Fuyao is rarely discussed in Snowball, it has always been one of my favorite enterprises.
Fuyao, like Gree Electric, has outstanding entrepreneurs and is also a top domestic manufacturing enterprise, which has assumed the excellent brand image of China in their respective fields and is the real core asset on the road of China's rise.
Looking back on this Fuyao annual report, I hope it can help you judge future investment opportunities.
Annual income and profit
In 2020, the annual operating income was 65,438+0,999.1billion yuan, down 5.7% year-on-year.
The total annual profit was 365,438+0.65,438+0 billion yuan, down 3.8% year-on-year.
The net profit for the whole year was 2.6 billion yuan, down 65,438+00.3% year-on-year.
Revenue and profit in the fourth quarter
Q4 achieved revenue of 601.300 million yuan in a single quarter, a year-on-year increase of 1.2%.
Q4' s total profit was 65.438+006 billion yuan, up 654.38+066.7% year-on-year.
Q4' s net profit was 880 million yuan, a year-on-year increase of 59%.
Income and profit analysis
According to the data of the annual report, although the revenue decreased from 20 19, Fuyao's performance was far better than that of the whole automobile industry if compared with the year-on-year decrease of 14.8%.
Therefore, it can be speculated that Fuyao's global market share will further increase in 2020.
If the non-operating profit loss of the profit part is deducted, the total profit of the company will return to normal, with a year-on-year increase of 6.9%. This part will be introduced in detail in the following performance highlights.
Gross profit margin analysis
In 2020, the gross profit margin was 39.5 1%, which was +2.04pct year-on-year.
Q4' s gross profit margin was 42.79%,+1.43pt from the previous month and+5.23pt from the same period last year.
Q4 Gross profit margin continued to rise, mainly due to the improvement of capacity utilization this year. With the continuous improvement of utilization rate, the gross profit margin is expected to continue to rise in the future.
0 1 revenue outperformed the industry, and its market share further increased.
Fuyao currently accounts for more than 60% of the domestic automotive glass market and about 25% of the global market. According to the annual report data, although the revenue declined year-on-year, Fuyao's performance far exceeded the industry as a whole.
Therefore, it can be speculated that Fuyao's global market share is expected to further increase, and the goal of 35% global market share in 2023 is not difficult to achieve.
02 Q4' s performance is bright, and its operation has obviously improved.
This year's profit is greatly affected by non-operating factors. After deducting the following non-operating losses, the company's total profit will return to normal, with a year-on-year increase of 6.9%, so the actual operating profit for the whole year should be higher than the annual report.
01the exchange loss in 2020 was 420 million yuan, while the exchange gain in the same period last year was10.40 billion yuan, which reduced the total profit by 560 million yuan year-on-year;
02 20 19 Fuyao Illinois Co., Ltd. compensated 270 million yuan for violating exclusive distribution;
Fuyao was affected by the American epidemic, and its total profit decreased by 70 million yuan year-on-year.
The management cost has obviously decreased and the management structure has obviously improved.
In the fourth quarter, the overall expense ratio was 25.6%, -0.4% year-on-year and -0.2% quarter-on-quarter.
The sales expense ratio was 7.7%, +0.2pct year-on-year and+0.8 pct quarter-on-quarter;
The management fee rate is 9.0%, which is -3. 16% year-on-year and -0.42% quarter-on-quarter.
The R&D expense ratio was 4.2%, +0. 1 percentage point year-on-year and +0. 1 percentage point quarter-on-quarter.
The financial expense ratio was 4.7%, +2.4 percentage points year-on-year and -0.7 percentage points quarter-on-quarter. The fluctuation of financial expenses is mainly due to exchange losses caused by exchange rate fluctuations.
The overseas recovery continues, and the future can be expected.
American factories continue to improve and return to high growth.
After the output of American factories reached10.9 million sets in 20 17, they began to turn losses into profits, and then the capacity utilization rate continued to climb, and the performance climbed all the way.
In 2020, the total profit was 8.92 million USD and the net profit was 2.89 million RMB.
Among them, Q3-Q4 achieved profits continuously, and Q4 achieved a total profit of $654.38 +02.6 million, a slight decrease of 8% from the previous month.
In the second half of 2020, the whole company turned losses into profits. With the gradual easing of the epidemic, American factories will return to the period of rapid growth.
The operation of FYSAM in Germany continues to improve, and it is estimated that it will turn losses into profits in 20021year.
Fysam's revenue in 2020 was 654.38+0.3 billion, which was -6% year-on-year, of which the net profit was-280 million, which was 654.38+0.5 billion year-on-year.
In the first half of 2020, the loss was 2 1 10,000, and the loss in the second half was 74 million, of which the loss in the fourth quarter was about 2.95 million euros, a decrease of 2.75 million euros compared with the third quarter. The loss rate narrowed quarter by quarter, and the operation continued to improve.
With the relief of the epidemic and the recovery of the European market, it will be a high probability event to turn losses into profits in 20021year.
The main reason is that after 20 19 acquired Germany's FYSAM, FYSAM will continue to expand its market share by taking advantage of its long-term brand advantages, such as supporting Volkswagen and Audi, and technological leadership. At the same time, Fuyao will complete the comprehensive integration of the German 13 factory in 2020, and the production efficiency will be greatly improved.
The track is full of growth, and the volume and price are rising.
After Tesla Model 3 detonated the panoramic canopy design, OEMs such as Weilai, Tucki, Ideality and Chang 'an followed suit.
At present, Fuyao's new supporting models include Volkswagen ID.4, Model Y, Weilai EC6, Changan UNI-T, Geely Xingrui, ICON, Geometry C and many other best-selling models.
At the same time, the permeability of interior glass products such as HUD and dimming glass is gradually increasing, and the unit price of automobile glass is expected to continue to increase in the future.
In the future, Fuyao is expected to usher in a high growth situation of rising volume and price.
Generally speaking, Fuyao, whether domestic or overseas, will continue to improve its management, and at the same time, it is expected to usher in a key blow of rising volume and price.
However, I don't hold Fuyao at present, because Fuyao has risen too much some time ago, and its valuation has exceeded my lightening.
Judging from the current valuation of Fuyao, it is not cheap. I will continue to observe that the market never lacks opportunities. Only by properly retaining the margin of safety can we hold it more securely.
Next time, I hope Gree's annual report can give me the same surprise.