Bamboo painting materials are mainly sold in China. During the reporting period (20 19 ~202 1), domestic income accounted for 89.89%, 80. 19% and 89.32% of the main business income respectively. However, in 20 19 and 2020, the largest customer of the company was ARTEZA, an overseas ODM customer, and the sales amount was1408,700 yuan and 30,023,700 yuan respectively.
The reporter of National Business Daily noticed that in 20021year, the sales amount of Atza dropped sharply and disappeared from the top five customers list, while the company's operating income increased significantly.
The company focuses on domestic sales, while the two peers focus on exports.
Before Zhu Qing Painting Materials broke through the IPO, some companies in the art painting materials sub-sector launched a sprint to the capital market, namely Jiangsu Phoenix Painting Materials Technology Co., Ltd. (hereinafter referred to as Phoenix Painting Materials), which disclosed the IPO application materials for the Growth Enterprise Market in Shenzhen Stock Exchange in February 2020, but withdrew its listing application in February 20021year; And Ningbo Kangda Art Painting Materials Group Co., Ltd. (hereinafter referred to as Kangda Art), which has obtained IPO counseling and is currently applying for listing on the innovation layer of the New Third Board.
The reporter noticed that according to the division of sales areas, bamboo painting materials are very different from those of two peer companies. Bamboo painting materials are mainly sold in China, and overseas sales account for a relatively small proportion. Phoenix painting materials and Kangda art are mainly exported, and domestic sales account for a relatively small proportion. From 20 17 to 20 19 and from June to June 2020, the export income of Phoenix painting materials accounted for more than 90% of the main business income; In 2020 and 20021year, Kangda's overseas income accounted for more than 80%.
For the relatively high export income, both Phoenix Painting Materials and Kangda Fine Arts stated in their application materials that Europe and the United States have a high degree of popularization of art education, and the market demand for art painting materials is relatively stable, which is the main consumer market for painting materials products.
Bamboo painting materials have a similar description in the prospectus (application draft): compared with the domestic market, the overseas art painting materials market accounts for a relatively high proportion in the art creation market. According to the research report released by QYResearch, in 20 19, the global market size of art painting materials was about 6.859 billion US dollars, and the market size of China art painting materials accounted for 1075438+0% of the global market.
In fact, in recent years, bamboo painting materials are also actively exploring the international art painting materials market. From 20 19 to 202 1, the company's overseas sales were 37195,900 yuan, 72,472,800 yuan and 44,292,900 yuan respectively. The export income fluctuates greatly, which is mainly caused by the expansion of new overseas customers and the increase or decrease of orders from large customers.
Zhu Qing Painting Materials said that overseas income grew rapidly in 2020, mainly because the epidemic affected the online sales of overseas e-commerce art painting materials, and the purchase volume of ODM customers such as ARTEZA increased; However, in 20021year, the overseas income dropped sharply, mainly due to the weak European and American economies, the sharp rise in the price of sea freight, the decline in the sales scale of overseas customers and the reduction in procurement.
On behalf of customers, ARTEZA's export income fluctuates more obviously. In 20 19 and 2020, the company's sales to Atza were1408,700 yuan and 30,023,700 yuan respectively, making it the company's largest customer. However, in 20021year, it disappeared from the list of the top five customers, and obviously the sales dropped significantly.
Overseas market is still the sales area that bamboo painting materials pay more attention to. The company introduces its marketing strategy as follows: relying on the existing export customer base, promoting the rapid expansion of the company's ODM business, strengthening cooperation with world-class art and painting materials brands, setting up the company's own overseas brands in time, and expanding the influence of national brands in overseas markets.
However, Zhu Qing Painting Materials also admitted that the overseas market environment is relatively more complicated, which put forward higher requirements for the company's sales team, management level, legal compliance and communication skills. Compared with excellent international brands of art and painting materials, there is still a big gap between the scale of the company and the international influence of the brand.
The price of raw materials rose, but the unit price of main products fell.
According to the prospectus (application draft), from 20 19 to 20021year, the operating income of bamboo painting materials was 368 million yuan, 366 million yuan and 4150,000 yuan respectively, and the net profit returned to the mother was 409 17500 yuan and 59434600 yuan respectively. Regarding the income growth and net profit of 202 1, Zhu Qing Huacai said that the main reason was that the gross profit margin decreased slightly, the marketing promotion was intensified and the sales expenses increased due to the rising of raw materials and other factors.
Image source: screenshot of prospectus
In 20021year, the unit price of six of the seven main raw materials purchased by bamboo painting materials increased, among which the main raw materials with large purchase amount included toner, additives and emulsion, and the unit price increased by 26.07%, 8.40% and 16.69% respectively.
However, the reporter noticed that in 20021year, while the price of main raw materials increased, the sales unit price of the two main products of bamboo painting materials decreased.
The main products of bamboo painting materials are artistic painting pigments and other painting materials. In the category of pigments, gouache pigments and acrylic pigments account for a relatively high proportion. From 20 19 to 202 1, the proportion of gouache pigment in main business income is 60.37%, 54.20% and 6 1.22% respectively, and the proportion of acrylic pigment in main business income is 2 1.33%, 25.60% and 25.60% respectively.
202 1, the average unit price of gouache pigment for bamboo painting materials is 16.2 1 yuan/kg, down 3.60% year-on-year; The average unit price of acrylic paint was 25.33 yuan/kg, down 1 1.73% year-on-year.
On July 27th, Zhu Qing Huacai replied to an interview with the reporter of National Business Daily by email, saying that the prospectus (declaration draft) all involved related issues.
However, the reporter noted that the prospectus (application draft) did not analyze the reasons for the decline in the average unit price of gouache paint. As for acrylic coatings, the average unit price decreased due to the decrease in the proportion of overseas products with higher unit price.
It is worth mentioning that on 20 19, while taking measures to increase the unit price of products, bamboo painting materials also increased the marketing promotion accordingly. In 20 19, the sales expense ratio of bamboo painting materials was 12.83%, which was higher than that of comparable listed companies in the same industry. In 20 19, the unit price of products was appropriately increased in line with the market situation, so as to reduce the impact of price adjustment on terminal sales, maintain the company's existing market share and brand influence, and further increase online and offline marketing promotion.
In addition, in 2020, the prices of raw materials such as toner, emulsion and filler, which are purchased in large quantities, will decrease, but the average unit price of gouache paint and acrylic paint for bamboo painting materials will increase. The reason for the increase in the unit price of acrylic painting pigments is that the quality requirements of acrylic painting pigments purchased overseas are higher than those in China, and the average unit price of products is higher.
Can the production capacity be doubled through the implementation of fundraising projects?
According to the IPO plan, bamboo painting materials will raise 465,438+0,654,380+million yuan, of which 308 million yuan will be used for the capacity expansion project of art painting materials, 23,654,387+0.73 yuan will be used for the R&D center project in 500 yuan, and 79,662,900 yuan will be used for the marketing network construction project.
The construction period of the art painting material expansion project is 24 months. Upon completion, it will have an annual production capacity of 22,000 tons of gouache and watercolor pigments, 0.50 million tons of acrylic pigments, 0.500 tons of Chinese paintings and 800 tons of oil paintings.
Image source: screenshot of prospectus
In 202 1 year, the capacity of gouache pigment for bamboo painting materials was 16500 tons, and the capacity utilization rate was 95.20%. The production capacity of acrylic paint pigment is 3500 tons, and the capacity utilization rate is 90.03%.
It can be predicted that after the implementation of the above-mentioned fundraising project, the production capacity of gouache painting pigments will increase by 65,438+0.33%, the production capacity of acrylic painting pigments will increase by 428.57%, and the production capacity will double.
So, can such a large new capacity be digested smoothly? Accordingly, the products of the fundraising project will face the domestic and foreign markets. With the gradual implementation of the national policy of cultural and creative industries, the increasing popularity of aesthetic education for young people and the further expansion of artistic audiences, the three major markets of children's art, professional learning and artistic creation will continue to increase. The customer resources and industry reputation accumulated by the company over the years will provide a solid market foundation for product sales.
However, the bamboo painting materials also suggest relevant risks, saying that if the macro-economic environment, national industrial policies, market demand, competition pattern and other major adverse changes occur during the implementation of the project and after the actual completion of the project, the company cannot take effective countermeasures, which may also lead to the market risk that it is difficult for the company to fully digest the new production capacity of the project raised this time.
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