Dayashengxiang (000910): Company was founded in 1999. It is a leading enterprise in the artificial board and flooring industry in my country. The company takes artificial board and flooring as its main business, and has built a complete green industrial chain covering resources, substrates, factories, R&D, design, marketing, and services. It owns "Shengxiang" flooring and " Daya " artificial board, with brand values of 63.816 billion yuan and 22.887 billion yuan respectively.
main revenue analysis: wood flooring accounts for 69.96% of the main revenue, and its product gross profit margin is 31.32%, with a good gross profit margin in 2021. The high-density board of accounts for 21.26% of the main revenue, and its product gross profit margin is 10.2%, and its gross profit margin in 2021 is average. The sales network is distributed in China, with a foreign market share of 11.73%.
Main business analysis
Financial analysis: The net profit of the whole year in 2021 was 595 million, only exceeding 540 million in 2016, and lower than the four years from 2017 to 2020. Return on equity also fell from around 20% in 2016-2018 to a level of only about 10%. This is undoubtedly a significant regression.
Financial Analysis
Chan Theory Trend Analysis: -week K-line has been at its highest point in June 2015 to now, and it can basically be seen as the stock price moving in a central direction. From the box theory, the upper and lower edges of the box are also very clear.
weekly k-line
Valuation analysis: Earnings per share in 2021 is 1.09 yuan, corresponding to the closing price at the time of issuance of the article 10.73 yuan, the dynamic price-to-earnings ratio is only 9.9, and the valuation is already quite cheap, but the stock price still has no signs of starting up. There are the following reasons: First, the company has not shown growth, and its performance this year is even worse than the previous four years. Second, the company's sudden death due to the sudden death of the first generation founder, Chen Xiaolong, , caused the two brothers to compete for the position of chairman, and the management of the company could not operate normally. The current chairman Chen Jianjun successfully held the position of chairman. From a long-term development perspective, the company will only solve this problem in 2020. (There are more in-depth reports on the Internet). Third, the real estate sector is subject to regulation and has just shown signs of recovery and recovery. Fourth, the reason why the wooden flooring industry has not grown in recent years is that the industry leader big as a sacred and the industry leader nature home have had a price war. In order to compete for engineering business, the company's gross profit margin has continued to decline in recent years, and the price war is expected to continue for a while. chip analysis: is currently under heavy pressure on the upper trap plate, concentrated in the 13 yuan pressure zone, waiting for the digestion of the chip peak around 13 yuan.
chip analysis
