\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
Zhejiang Meida Industrial Co.Ltd(002677) released the performance express for 2021: in 2021, the company achieved a revenue of 2.168 billion yuan, yoy + 22.41%, and a net profit attributable to the parent company of 669 million yuan, yoy + 23.04%; Among them, 21q4 achieved a revenue of 634 million yuan, yoy + 6.66%, a net profit attributable to the parent company of 218 million yuan, yoy + 4.61%, and the performance growth rate was in line with expectations.
Key points supporting rating
Adhere to the operation of multiple channels + Dual brands, and the revenue has increased steadily. In 2021, the integrated stove industry still maintained a high outlook, but with the increase of the base in the same period, the repeated epidemic in many places and the weak performance of real estate sales, the growth rate of the industry fell slightly in the fourth quarter. According to the industry online data, the sales volume of integrated stoves in 2021 increased by 29% year-on-year, of which the growth rate of domestic sales in 21q4 slowed down slightly to 18%. As a leading brand in the industry, the company adheres to the multi-channel + dual brand operation system. 1) In terms of channels, based on the advantages of offline distribution system, the company focuses on the development of online channels. Under the online previous generation operation mode, the company achieved sales of more than 250 million during the double 11 in 21 years, with a year-on-year increase of 425%. 2) In terms of brand, the company focuses on building the second brand of tianniu, positioning itself as the “leader of fashion kitchen electricity”, enriching its product series to meet the diversified needs of consumers. 21h1 “tianniu” has more than 50 newly signed dealers and opened more than 40 terminal stores, creating a second growth curve for the company.
Adhere to technological innovation and upgrading, and steadily improve profitability. The performance growth of 21q4 company is slightly slower than that of revenue. The rise of raw material prices has put some pressure on the gross profit margin, and the intensification of industry competition has increased the company’s marketing investment. In this context, the company adheres to the guidance of high-quality development and leads the integrated stove industry into the era of intelligent frequency conversion through continuous technological innovation and product iteration. At the same time, the company further enriches and optimizes the kitchen product line, expands the product matrix, optimizes the product structure, and maintains the steady improvement of profitability.
Valuation
The company continues to optimize its product structure, reduce costs and increase efficiency, and improve its profitability. Under the current share capital, the EPS of the company is expected to be 1.04 yuan / 1.26 yuan / 1.48 yuan from 2021 to 2023, corresponding to a P / E ratio of 15.3 times / 12.6 times / 10.7 times; Maintain buy rating.
Main risks of rating
Risk of sharp fluctuations in raw material prices; Risks of real estate market fluctuations affecting business activities; Product market competition risk;
