\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event:
In March 4, 2022, tiktok held a new conference on Tmall, Jingdong and other platforms, and launched a new intelligent food machine 3.
Key investment points:
Intelligent upgrade of new products and open up the whole cooking link. The price of food is 4990 yuan. The new product focuses on the full link solution of cooking. It has been intelligently upgraded in many links of cooking, such as cooking preparation, cooking and cleaning, so as to bring a comfortable cooking experience. 1) The mobile app can directly place an order with the menu corresponding to the clean dishes, and the cold chain of ingredients can be delivered to the home, eliminating the process of consumers buying, washing and cutting vegetables. 2) Intelligent temperature control frying, and the temperature in the pot is controlled below 200 ° C to reduce the generation of oil fume. 3) Intelligent feeding system, external independent material box, automatic weighing and seasoning, five basic seasonings of purified water, salt water, oil, old pumping and raw pumping, covering a variety of dishes. 4) Intelligent self-cleaning, one key self-cleaning with high-temperature steam, cleaning the bottom and cover of the pot at the same time, completely liberating both hands. Shiwan 3.0 has effectively solved the industry pain points such as time-consuming and laborious preparation of vegetables, difficult control of seasoning dosage and delivery time, and cleaning after cooking, and achieved breakthrough progress in technology.
Investment suggestion: ” Ecovacs Robotics Co.Ltd(603486) + Tianke” has a strong growth trend. The new intelligent cooking machine Shiwan 30000 has opened up the whole link of intelligent cooking, solved the pain points of the industry, and has large-scale potential, which is expected to inject new growth power into the company. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 2.04227823649 billion, corresponding to EPS of RMB 3.56/4.85/6.36, and the current share price corresponding to PE of 34.73/25.50/19.44 times, maintaining the “buy” rating.
Risk tips: repeated covid-19 epidemic, intensified market competition for clean electrical appliances, less than expected R & D results, tight shipping capacity, rising prices of raw materials, etc.
