SNBC(SZ:002376)2022-11-21 16:16Revenue Performance - The company's revenue increased by 19.7% in the first half of 2021, aligning with initial expectations, while net profit decreased by 23% to 0.51 billion due to rising costs and supply chain issues [3] - The gross margin declined by 4% to 5%, indicating that profit growth did not keep pace with revenue growth [3] Business Segment Analysis Financial Business - Revenue reached 3.46 billion, a decrease of 15.56%, accounting for 31.06% of total revenue; domestic demand for financial equipment declined, although export revenue grew significantly [4] Logistics Business - Revenue exceeded expectations at 3.97 billion, a year-on-year increase of 122.86%, making up 35.61% of total revenue; domestic logistics cabinet revenue approached 2 billion, growing by 50% [5] - The company anticipates continued rapid growth in logistics automation, with new contracts exceeding 2.5 billion signed in the first half [5] New Retail Business - Revenue was 0.93 billion, a 26.8% increase; sales of smart retail devices saw significant growth, with nearly 3,000 vending machines deployed [6] Traditional Business - Revenue from traditional and other businesses totaled 2.78 billion, a 3.25% increase, representing 24.96% of total revenue; export revenue showed signs of recovery [7] Cost and Margin Outlook - Rising costs of raw materials, particularly steel, and increased shipping costs have negatively impacted gross margins; however, a recovery in steel prices and a higher proportion of high-margin orders are expected to improve margins in the second half [14] Future Projections - The company aims for a 50% increase in profit for 2021, with a target profit of approximately 1.8 billion; as of mid-2021, profit reached 510 million, about 18% of the target [8] - The logistics business is projected to maintain rapid growth, while the financial business is expected to stabilize or see slight growth [8] Investor Q&A Highlights - Logistics cabinet revenue is expected to match the first half's performance, with overseas orders projected to exceed 12 million [9] - The company is optimistic about the new retail market, with significant increases in orders for smart retail products [10] - The financial business's domestic revenue decline is attributed to a decrease in demand for cash sorting machines, while export revenue grew by nearly 30% [11] - The logistics automation market is expected to continue growing, with a market penetration rate of 30% to 40% [12] - The production capacity for smart self-service devices is projected to reach 350,000 units by year-end, with current utilization rates at 80-90% [13]