\u3000\u3000 Hangzhou Robam Appliances Co.Ltd(002508) (002508)
Event: the company released the performance express of 2021. In 2021, the company achieved a revenue of 10.15 billion yuan, a year-on-year increase of 24.8%; The net profit attributable to the parent company was 1.33 billion yuan, a year-on-year decrease of 19.7%, which was mainly due to the company's withdrawing bad debt reserves for due commercial acceptance bills of some fine decoration customers based on the principle of prudence, totaling 710 million yuan, including 630 million yuan for Evergrande group and its members. After excluding the impact of accrued losses, the company realized a net profit attributable to the parent company of 2.04 billion yuan in 2021, a year-on-year increase of 22.9%. In a single quarter, Q4 company achieved a revenue of 3.08 billion yuan, a year-on-year increase of 23.2%; Excluding the impact of accrued losses, the net profit attributable to the parent company was 700 million yuan, a year-on-year increase of 27.3%.
Large amount of bad debt reserves are withdrawn, and the risk is released in a centralized manner. In 2021, the company made a large amount of provision for bad debts of accounts receivable of engineering channel customers with financial risks to release the risks and solve the worries at home. Among them, Evergrande group and its members were 630 million yuan, and all relevant accounts receivable were withdrawn. In addition, the company operates smoothly, and in recent years, the proportion of Evergrande in the company's engineering channels has decreased year by year.
The concentration of traditional categories has been further improved, and the leading competitive advantage is obvious. During the reporting period, the overall performance of the traditional kitchen electricity market was sluggish, the industry accelerated the liquidation, and the market share was concentrated to the leading enterprises. As the industry leader, the company further expanded its market share through two rounds of products and channels. According to AVC data, the offline market share of range hood and gas stove of the company was 30.5% / 29.3% respectively, with a year-on-year increase of 2.3/3.5pp; And the market share of range hood in fine decoration channel has reached 36.2%; The market share of online kitchen electric package retail sales reached 30.4%, with a year-on-year increase of 2.4pp, ranking first in the industry.
The second and third product groups performed well, and dishwashers grew brightly. During the reporting period, the second growth curve of the company gradually developed, and the second and third product groups performed well, among which the integrated steaming and baking machine and embedded dishwasher performed well. According to AVC data, the offline retail sales market share of the company's integrated steaming and baking machine reached 34.8%, with a year-on-year increase of 2.9pp, ranking first in the industry; The market share of the company's offline retail sales of dishwashers reached 17.5%, with a year-on-year increase of 8pp, ranking second in the industry for the first time. We expect that with the gradual introduction of the company's dishwashers into online channels and the launch of the company's integrated stove products, the second and third product groups may maintain rapid growth.
Profit forecast and investment suggestions. It is estimated that the EPS from 2021 to 2023 will be 1.41/2.34/2.75 yuan respectively, without considering the gradual improvement of the company's product matrix, the all-round development of channels, the determination of multiple growth curves and the maintenance of the "buy" rating.
Risk warning: the price of raw materials may fluctuate sharply and the expansion of new products is less than expected.
