\u3000\u3000 Zhejiang Supor Co.Ltd(002032) (002032)
Event: Zhejiang Supor Co.Ltd(002032) announced the 2021 performance express. The company achieved revenue of 21.59 billion yuan in 2021, yoy + 16.1%; Achieved a performance of 1.94 billion yuan, yoy + 5.3%. After conversion, Q4 achieved a revenue of 5.92 billion yuan in a single quarter, yoy + 11.9%; Achieved performance of 700 million yuan, yoy-8.2%. We believe that the effectiveness of the company's online channel transformation is gradually reflected, and Q4 revenue is growing steadily; The pressure of raw material cost appears, and Q4 profitability is under pressure in the short term.
Q4 domestic and export sales grew steadily, and the growth rate of revenue in a single quarter increased month on month: the prosperity of Q4 kitchen small household appliance industry was low, but Zhejiang Supor Co.Ltd(002032) single quarter revenue grew steadily, mainly because: 1) in terms of domestic sales, Zhejiang Supor Co.Ltd(002032) online channel transformation strategy gradually achieved results. The company promotes online tiktok and flagship store transformation, and strengthens the construction of new channels such as jitter, and online channel operation capability continues to improve. In addition, the company increased investment in long tail products, and gradually increased the amount of air fryer, health pot, multi-functional pot and other products. The company announced that Gmv on the double ten line will increase by 16% in 2021. Tmall data show that Q4 Zhejiang Supor Co.Ltd(002032) kitchen small appliances tmall sales yoy + 6.3%, significantly better than the industry growth (- 1.7%). 2) In terms of export, the demand in European and American markets is still high, and the global orders of SEB group continue to be transferred to Zhejiang Supor Co.Ltd(002032) . We judge that the export revenue of Q4 Zhejiang Supor Co.Ltd(002032) is growing rapidly. SEB's annual report shows that Q4 SEB's revenue in North America and Western Europe is yoy + 15.7% / + 5.9%. Strong overseas demand, the company raised the export quota of related party transactions with SEB to 7.03 billion yuan at the end of October last year (the company expects 6.67 billion yuan at the beginning of the year). Looking forward to the follow-up, we believe that the company continues to expand online channels, superimpose the recovery of offline channels, continuously improve overseas demand, and the company's domestic and foreign sales revenue is expected to achieve rapid growth.
Q4 cost pressure continues and profitability is under pressure: Q4 Zhejiang Supor Co.Ltd(002032) net interest rate is 11.9%, down 2.6pct year-on-year, mainly because: 1) the prices of Q4 aluminum, stainless steel, copper and other bulk raw materials are still high, and the cost pressure of the company is still large. 2) The company continues to promote the transformation of online channels, and the investment in marketing resources such as e-commerce promotion expenses and advertising expenses has increased. We infer that the company promotes the transformation of online direct marketing, and the product structure continues to be optimized. The domestic profit performance of Q4 company is better than that of export. Subsequently, with Zhejiang Supor Co.Ltd(002032) completing the annual related party transaction pricing with SEB and the price of raw materials gradually stabilizing, the company's export profitability is expected to be repaired.
Investment suggestion: Zhejiang Supor Co.Ltd(002032) is the dominant brand of small kitchen appliances in China, and the brand influence remains in the lead. The company launched a new round of equity incentive plan at the end of 2021, which is expected to further bind the interests of the management and the company and optimize the corporate governance structure. In the long run, the company's product structure and sales channels continue to be optimized, and continue to benefit from the global order transfer of the parent company SEB group, and its revenue and performance are expected to maintain rapid growth. It is estimated that the company's EPS from 2021 to 2023 will be 2.40/2.78/3.19 yuan respectively, maintaining the investment rating of Buy-A, with a six-month target price of 61.07 yuan, equivalent to 22 times the dynamic P / E ratio in 2022.
Risk tip: the price of raw materials has risen sharply, the RMB has appreciated sharply, and the competition pattern has deteriorated
