\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event:
On March 11, 2022, Tianke released the new products of intelligent water purifier and intelligent hair comb show.
Key investment points:
The new Yinwan helps develop the water purifier market. The hand price of Yinwan is 5490 yuan. Compared with the existing water purifier products on the market, Yinwan has a competitive advantage in the comprehensive performance of water purification, heating, water outlet rate and so on. 1) Good water purification effect. Yinwan adopts RO reverse osmosis composite filter element, 0.0001 μ M-level filtration system can effectively filter heavy metals, bacteria and other substances, and the effluent can be drunk directly. 2) Integrated heat and water purification, with the function of water purification and heating. Normal temperature / 45 ° C / 85 ° C / 98 ° C four grade water temperature, suitable for a variety of drinking and brewing scenes, i.e. hot drinking. 3) Long service life of filter element. The total filtering capacity of 7000l is calculated according to 8L filtering water per day. The filter element can be used for 2 years without frequent core replacement. 4) The water outflow rate is fast. 800g high flux, 45 ° C warm water flow can reach 3L / min, 98 ° C hot water flow can reach 2L / min. 5) High level of intelligence. App intelligent interconnection realizes remote state control, faucet 3D touch panel and real-time monitoring of water quality.
The new product Xiuwan 2.0 is newly upgraded in terms of functionality, convenience and intelligence. The smart hairdressing comb show is 20000 yuan, with a hand price of 1290 yuan. The new product has been upgraded in modeling design, function and performance, bringing a new hair combing experience. 1) New arc comb design, 160 ° C / 200 ° C working temperature, meet different hair quality, unlock soft straight hair, atmosphere curl hair, air bangs and other shapes. 2) The electric heating film heating system is adopted, which has higher heating efficiency and realizes rapid heating in 20s. 3) Built in negative ion generator, two in one styling and hair care can quickly smooth the irritability and keep it bright. 4) Wireless design, the weight of the whole machine is only 260g, which is convenient to carry. 5) Higher degree of intelligence, newly upgraded LED screen display, real-time perception of comb temperature, with voice reminder.
Investment suggestion: ” Ecovacs Robotics Co.Ltd(603486) + Tianke” has a strong growth trend. The new products of intelligent water dispenser Yinwan and intelligent hair salon Xiuwan have been launched to enrich the diversified product matrix and broaden the customer base boundary. The category expansion is expected to inject new growth power into the development of 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 32.88/24.14/18.40 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.
