\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Hangzhou Robam Appliances Co.Ltd(002508) released the performance express for 2021: in 2021, the company is expected to achieve a total operating revenue of 10.147 billion yuan, yoy + 24.84%, and a net profit attributable to the parent company of 1.334 billion yuan, yoy-19.66%; Among them, 21q4 achieved an operating revenue of 3.077 billion yuan, yoy + 22.96%, a net profit attributable to the parent of 823 million yuan, yoy-101.53%, and a revenue growth rate higher than expected.
Key points supporting rating
The revenue scale exceeded 10 billion, and the performance of new categories was outstanding. In 2021, domestic sales were affected by repeated epidemics in many places and weak completion performance of real estate sales. The demand recovery was slow. Hangzhou Robam Appliances Co.Ltd(002508) as a leading enterprise of kitchen electricity, it still showed good business toughness. 1) In terms of categories, traditional categories are firmly at the forefront of the industry, while emerging categories have a strong growth momentum. According to the data of ovicloud, the online / offline market share of boss range hood in 2021 was 23% / 30.55% respectively, with a year-on-year increase of + 1.46pct / + 2.26pct; New categories continue to enjoy the industry growth dividend, and the market share has increased steadily. In 2021, the online / offline market share of dishwashers was 5.15% / 17.51% respectively, with a year-on-year increase of + 2.61 PCT / + 7.97 PCT; The online / offline market share of embedded multifunction peripheral was 14.51% / 34.82% respectively, with a year-on-year increase of + 2.6 PCT / + 2.94 PCT. 2) In terms of sub channels, online performance is better than offline performance. Among them, innovation channels are growing rapidly, engineering channels are slowing down due to real estate performance and Evergrande events, and offline retail channels are recovering steadily.
The provision for bad debts is sufficient, and we can start again with light and simple clothes. In 2021, the net profit attributable to the parent company decreased significantly, mainly due to the individual provision for bad debts of some fine decoration business customers with difficult financial conditions such as Evergrande. It is estimated that the total provision in 2021 will be about 710 million yuan, including about 630 million yuan for Evergrande group and its member enterprises and about 80 million yuan for other customers. 21q4 with the rise of raw material prices, the company adhered to the high-end brand positioning, increased the proportion of e-commerce with high gross profit margin, optimized the customer structure of Engineering channels and improved the matching rate of new products, so as to maintain the steady development of the company's profitability.
Valuation
The company actively promotes multi-channel and multi business layout, and its market competitiveness continues to improve. Considering the company's pace of bad debt provision for Evergrande business and the introduction of new products to increase market investment, the company adjusted its profit forecast from 2021 to 2022. It is estimated that the company's EPS from 2021 to 2023 will be 1.41 yuan / 2.37 yuan / 2.75 yuan respectively, corresponding to a P / E ratio of 25.2 times / 15.0 times / 12.9 times; Maintain buy rating.
Main risks of rating
The risk of intensified market competition; Real estate policy risk; Raw material price fluctuation risk, etc
