\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
Event: the company released the performance express in 2021. In 2021, the company achieved a revenue of 2.17 billion yuan, a year-on-year increase of 22.4%; The net profit attributable to the parent company was 670 million yuan, a year-on-year increase of 23%; The non net profit deducted was 640 million yuan, a year-on-year increase of 18%. In a single quarter, Q4 achieved a revenue of 640 million yuan in a single quarter, a year-on-year increase of 6.7%; The net profit attributable to the parent company was 220 million yuan, a year-on-year increase of 4.6%; The non net profit deducted was 200 million yuan, a year-on-year decrease of 3.4%.
The integrated stove industry maintained high growth, and the annual revenue performance grew steadily. As one of the major electric appliances with the best growth in the household appliance industry, the integrated stove industry achieved a total sales volume of 3.04 million units in 2021, an increase of 28% year-on-year, according to AVC data; Sales reached 25.6 billion yuan, a year-on-year increase of 41%, and the integrated stove industry maintained a high boom. Throughout the year, as a leading enterprise, the company actively built diversified sales channels, gradually formed an integrated four wing channel pattern with dealer channels as the main line and e-commerce, Ka, engineering and community channels as branches, enjoyed the industry growth dividend and promoted the steady growth of the company’s revenue and performance.
Q4 has a large base and the growth rate slows down due to the influence of the industry. In terms of Q4 alone, Q4 has always been the key period of kitchen electricity sales. In 2020, Q4 accounted for 33.5% of the whole year, with a large base. Due to the repeated superposition of the epidemic in the second half of the year and the cold of the real estate, the growth rate of the industry slowed down. According to the data of ovicloud, the scale of the integrated kitchen sales industry increased by 4.2% year-on-year in December 2021.
Improved product structure and stable profitability. Although the cost of raw materials continues to rise in 2021, the company is guided by high-quality development and improves product competitiveness by continuously increasing technological innovation and product iterative upgrading; The proportion of high-end products such as steamer and oven has been increasing. The average online price has increased by 258 yuan in 2021, and the profitability of the whole year has remained stable.
Profit forecast and investment suggestions. Due to the cold of real estate sales, we adjusted the company’s revenue expectation and estimated that the EPS from 2021 to 2023 would be 1.04 yuan, 1.21 yuan and 1.39 yuan respectively; Considering that the integrated stove is still in the period of rapid penetration, maintain the “buy” rating.
Risk tips: the price of raw materials may fluctuate sharply, the expansion of new products is less than expected, and the fluctuation risk of real estate sales.
