\u3000\u3 China Vanke Co.Ltd(000002) 705 Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) )
On February 21, 2022, the new Mopei washing machine was launched at a price of 3199 yuan and 2599 yuan on the March 8 Queen’s day, marking the company’s formal entry into the field of washing machines. This new type of floor washing machine focuses on differentiated highlights such as lightweight, low noise, water dust circulation cleaning technology and long endurance. It has shown certain competitiveness in the field of floor washing machine in the last two weeks. Benefiting from the high growth dividend of the floor washing machine industry, we expect that the new mr3300 floor washing machine is expected to inject new driving force into the development of the company’s household appliances. Referring to the company’s performance express, we adjusted the profit forecast for 20212023. It is estimated that the company’s net profit from 20212023 will be 792 / 10.04 / 1.272 billion yuan (the original value is 877 / 10.79 / 1.249 billion yuan), the corresponding EPS will be 0.96/1.21/1.54 yuan, and the current share price will be 20.0/15.7/12.4 times that of PE respectively. In the long run, it is good to see the recovery of domestic business and the improvement of profitability, and maintain the “buy” rating.
The new products of the floor washing machine have differentiated highlights and showed certain competitiveness in the last two weeks
Compared with the main competitive products in the market, the mr3300 floor washing machine is equipped with differentiated innovative design: (1) the body weight is 3.9kg, which is 20% less than the industry average. (2) Low noise: 60dB, 25% lower than the average noise level of competitive products in the market. (3) Water dust cleaning technology, no secondary pollution during cleaning. (4) Long endurance: the cleaning time is up to 80 minutes, which is higher than the industry average of 35 minutes. (5) Large capacity clean water tank shall avoid frequent water change. Aowei cloud data shows that the sales market share of 2022w9 motavic mr3300 is 0.45%, and the business consultant data shows that the cumulative Gmv market share of 2022w9 and W10 motavic mr3300 is about 0.51% / 0.62% respectively, showing a certain competitiveness.
The high growth dividend of the floor washing machine industry continues. Referring to the development path of Dishui, Mofei floor washing machine has more growth potential. According to the data of Aowei cloud network, the cumulative sales / sales growth rate of 2022w1-w8 floor washing machines is about 83.95% / 75.31% respectively. The floor washing machines have continued the high growth trend since the beginning of 2022. Referring to the development path of drip floor washing machine with the same technical path, brand power and marketing power are important driving forces. Therefore, we believe that Mofei has more growth potential. On the one hand, Mofei can enjoy the growth dividend of the industry, on the other hand, it is expected to achieve large-scale production with the support of strong brand power, high product differentiation advantages, rich marketing resources and other factors. Looking forward to 2022, the revenue side will continue to be optimistic about the revenue increment brought by the continuous promotion of China Mofei brand. The profit side suggests paying attention to the restoration of profitability under the stabilization of raw material prices, the continuous optimization of domestic sales structure and the gradual implementation effect of export order price adjustment negotiations.
Risk tip: the sales of new products of floor washing machine are less than expected; Industry competition intensifies; Rising prices of raw materials, etc.
