\u3000\u3000 Xiamen R&T Plumbing Technology Co.Ltd(002790) (002790)
Event overview
The company released the performance express in 2021. In 2021, the company realized a revenue of 1.869 billion yuan, a year-on-year increase of + 45.55%; The net profit attributable to the parent company was 140 million yuan, a year-on-year increase of + 22.17%; The net profit attributable to the parent company after deduction was 116 million yuan, a year-on-year increase of + 38.53%. Quarter by quarter, 2021q4 achieved a revenue of 560 million yuan, a year-on-year increase of + 12.45%; The net profit attributable to the parent company was 30 million yuan, a year-on-year increase of - 25.64%; The net profit attributable to the parent company after deduction was 21 million yuan, a year-on-year increase of - 8.70%. Revenue growth exceeded expectations, and the revenue of 21q4 in a single quarter was the highest level in a single quarter since listing; The profit side was affected by the rise in raw material prices, with a slight decline in 21q4.
Analysis and judgment:
Benefiting from the large volume of new business of smart toilet, the revenue growth exceeded expectations.
Benefiting from the consumption upgrading of the bathroom industry and the strong market demand for intelligent bathroom products stimulated by the "home economy", the company's OEM orders for smart toilets have been released one after another, the volume of private brands and the steady development of traditional businesses, the company's revenue achieved a year-on-year growth of + 45.55% in 2021, and the revenue level in a single quarter continued to rise, The single quarter revenue of 2021q4 became the highest level since the company was listed, and the revenue growth exceeded previous expectations. The profit side is affected by the rise in the price of raw materials, and the growth rate is lower than the revenue. The company's main raw materials are engineering plastics. According to wind, ABS and other plastic prices have continued to rise since the beginning of 2021, reaching a historical high by mid October 2021, and the cost side is under pressure. At present, the price of raw materials has decreased since mid October. With the implementation of the price increase of the company, the profit side is expected to improve month on month. In addition, the company currently has sufficient orders on hand, and the inventory level has continued to rise since 2020q2. By the end of September 2021, the inventory level of the company was 309 million yuan, reaching a new high since listing. With the ease of shipping, the order delivery cycle has been further shortened.
The sales of the new year goods Festival are booming, and the intelligent toilet industry is developing in a high boom.
At present, China's intelligent toilet industry is in a high boom development stage. According to JD Research Institute, the sales growth rate of intelligent toilet products in the annual inventory of users over 56 years old ranks first, with a growth rate of 987%; Smart toilet / smart toilet cover has also become the first growth rate of smart annual goods delivered across provinces, with a growth rate of 15 times. According to Suning.Com Co.Ltd(002024) data, the sales of hot smart toilets and toilet covers increased by more than 50% year-on-year during the annual goods Festival. Smart toilets were popular during the annual goods Festival, and the industry penetration rate accelerated. In the medium and long term, according to the industrial information network, at present, the penetration rate of intelligent toilets in China is less than 2%. Compared with developed countries such as Japan, the United States and South Korea, the penetration rate of intelligent toilets in China has more room to improve, and the future development of the industry can be expected.
The smart toilet track with card position can grow in the future.
As a leading manufacturer of toilet products, the company's products extend from traditional flushing components to intelligent toilet business. In recent years, the company has benefited from the high prosperity of the intelligent toilet industry, the large number of OEM orders and the strength of its own brand, and the performance has increased rapidly. At present, the company's orders for smart toilets are sufficient, and the overall inventory level is at an all-time high. In addition, the company vigorously develops its own brand business, and the brand value continues to appear. The project of superimposing 1.2 million sets of smart toilets is expected to be put into operation this year. It is expected that the revenue will maintain rapid growth in the next two years, and the profit side will play a scale effect with the growth of revenue, Maintain an upward trend and expect future growth.
Investment suggestions:
We continue to be optimistic about the rapid increase in the penetration rate of smart toilets. The company's smart toilet OEM business has full orders and its own brand has made rapid efforts. With the exertion of scale effect, the profitability of the profit side continues to improve. We maintain the previous profit forecast for 2022-2023. It is estimated that the company's operating revenue in 2022-2023 will be 2.472/3.121 billion yuan and EPS will be 0.65/0.88 yuan respectively, According to the closing price of 8.05 yuan / share on February 24, 2022, the corresponding PE is 12 / 9 times respectively, maintaining the "buy" rating.
Risk tips
New businesses such as smart toilets are less than expected; The impact of sharp fluctuations in raw material prices; The risk of intensified industry competition; The impact of continued tension on maritime transport.
