Shaoyang hydraulic pressure: the cost of steel is about Maori. This year's lithium product project "expands the source".

In the first year of listing, the sales of Shaoyang hydraulic (301079.SZ) core products showed double-digit growth, with a slight decline in gross profit. People in the industry said that the process of domestic substitution of construction machinery has accelerated, the domestic market of the upstream hydraulic industry has expanded, and the company's hydraulic system orders have increased rapidly; the large increase in steel, the main raw material, last year has a certain impact on gross profit. This year, as steel prices fall, costs will fall; the company's capacity utilization rate has reached 100%. After the project is put into production, it will break the capacity bottleneck and reduce operating costs.

On the evening of April 8, Shaoyang hydraulic annual report showed that the operating income in 2021 was 375 million yuan, an increase of 11.08% over the same period last year, and the net profit was about 50.93 million yuan, down 7.71% from the same period last year. The comprehensive gross profit margin was 26.42%, down 2.98% from the same period last year.

According to the annual report, the sales revenue of hydraulic plunger pump, hydraulic cylinder and hydraulic system of the company's three core products increased by 10.73%, 10.53% and 39.39% respectively compared with the same period last year, while the cost increased by 13.32%, 14.69% and 33.27% respectively.

The main raw materials of the company's products are steel, copper, semi-finished cylinder, semi-finished piston rod and so on. According to the above-mentioned industry analysis, steel prices rose sharply last year, reaching as high as 6500 yuan / ton, and have fallen back to 5000 yuan / ton in the first quarter of this year, and the gross margin of hydraulic industry products is expected to pick up.

It is understood that the company's hydraulic cylinders are basically non-standardized customized products, and its complete hydraulic system has successively served the relocation of "Shougang", South-to-North Water transfer, Baihetan and other national key projects. The reporter noted that the hydraulic system of the lithium battery roller press developed by the company through servo control technology to meet the technical requirements of high-end lithium battery manufacturing equipment. In 2022, the company plans to further expand the lithium product project, taking the lithium industry as the company's key business area.

Compared with peer leader Hengli hydraulic (601100.SH), the business volume level of the company is still small due to capacity bottleneck. At present, Shaoyang hydraulic production capacity is 40000 hydraulic plunger pumps, 17500 hydraulic cylinders and 500 sets of hydraulic systems. After the fund-raising project is put into production, it is expected to increase the production capacity of 45000 hydraulic piston pumps, 22000 hydraulic cylinders and 1400 sets of hydraulic systems every year.