Marssenger Kitchenware Co.Ltd(300894) (300894)
event:
The company announced that the total amount of funds raised by issuing convertible bonds to unspecified objects shall not exceed 680 million yuan. After deducting financial investment factors, the issuance scale of convertible bonds will be reduced to no more than 604 million yuan, It is proposed to fully invest in the construction project of intelligent kitchen power production base (with a total investment of 1 billion yuan). The new intelligent electrical appliance production and manufacturing base will form a production capacity of 120000 integrated stoves, 100000 dishwashers, 50000 gas water heaters and 20000 kitchen supporting appliances. The construction period of the project is 36 months and the production period is 5 years. After the project is fully put into production, the annual average sales revenue is about 1.361 billion yuan and the average annual net profit is about 158 million yuan.
comment:
We believe that the company’s raised and invested capacity will further open the capacity bottleneck of integrated stoves in main categories, deepen the diversification strategy and strengthen the layout of dishwashers and other categories.
Low penetration rate of dishwasher, and the rapid rise of embedded and integrated dishwasher. Compared with Europe, America and Japan, China’s dishwasher industry started late. The head brands are traditional household appliance brands such as Siemens, Fangtai, Midea and boss. The emerging brand Marssenger Kitchenware Co.Ltd(300894) is mainly Integrated Dishwasher products.
(1) Dishwashers have low penetration rate and strong practicability, leading the household appliance industry in growth. From a spatial perspective, at present, the penetration rate of dishwashers in China is only 1% – 2%, which is significantly different from the penetration rate of 50% or even more than 70% in European and American developed markets, and there is still a large growth space for the penetration rate of nearly 30% from Japan. According to the prediction of ovicloud, the dishwasher market sales will reach 10.6 billion in 2021, a year-on-year increase An increase of 21%, and the retail volume was 2.13 million units, a year-on-year increase of 11%. More than 10000 units were sold in the first half of Marssenger Kitchenware Co.Ltd(300894) 21. We believe that the production capacity of 100000 units in the future is expected to help the company fully enjoy the industry growth dividend.
(2) Product power drives the structural change of dishwasher market, Marssenger Kitchenware Co.Ltd(300894) benefiting from the high growth of integrated products. According to zhongyikang, the H1 dishwasher market achieved 1.14 million sales in 2021, of which integrated products grew the fastest, with a year-on-year increase of 200%. We believe that integrated products account for a low proportion at present (less than 2%), but it has advantages over other categories in terms of space utilization and functional diversity, and the proportion of categories is expected to continue to increase in the future. From the perspective of brand layout, Siemens and Midea have rich product layout. Fangtai and boss mainly focus on sink type and embedded type respectively, Marssenger Kitchenware Co.Ltd(300894) mainly on integrated type. We think Marssenger Kitchenware Co.Ltd(300894) It is expected to benefit from the high growth of integrated products in the future.
The brand of cigarette stoves naturally has diversified development potential, and the synergy between dishwashers and integrated stoves is strong. We believe that the smoke machine is a necessary choice for kitchen electricity consumption and a flow inlet for kitchen electricity purchase. The advantageous smoke stove brand has the advantage of developing new categories. We believe that the integrated dishwasher has strong building material properties and high installation requirements, and has strong synergy with the integrated stove category in product concept and channel service. At the same time, the layout of Marssenger Kitchenware Co.Ltd(300894) gas water heater and kitchen electric supporting products conforms to the development trend of systematization. In the future, the volume of emerging categories is expected to further improve the customer unit price and store efficiency of Marssenger Kitchenware Co.Ltd(300894) channel.
Marssenger Kitchenware Co.Ltd(300894) the layout of channels and products is forward-looking and is expected to continue to lead the industry in the future. Marssenger Kitchenware Co.Ltd(300894) the management team is forward-looking and continues to increase investment in new media marketing. At the same time, offline marketing empowers dealers, leading the industry in channel efficiency, and has a fast pace in developing new channels such as home decoration, old kitchens, engineering channels and sinking channels. At the same time, on the product side, the company prospectively layout dishwasher products. In 2021, the revenue of washing products of H1 company accounted for 6%, with a year-on-year increase of 80%. The sales volume was more than 10000 sets, with an average price of about 5700 yuan, slightly lower than the average price of 5800 yuan for integrated stoves. We believe that the company is expected to continue to lead the industry growth in the future.
Profit forecast and investment rating of the company: maintaining the previous profit forecast, we expect the net profit of the company from 2021 to 2023 to be 422, 574 and 717 million yuan respectively, corresponding to EPS of 104, 142 and 177 yuan respectively. The current share price corresponds to the PE values of 47, 34 and 27 times from 2021 to 2023 respectively, maintaining the “recommended” rating.
Risk tip: the completion of the real estate is less than expected, the cost of upstream raw materials rises, and the industry competition intensifies.
