\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
How did Marssenger Kitchenware Co.Ltd(300894) grow into the leader of integrated stove?
Marssenger Kitchenware Co.Ltd(300894) was founded in Haining, Zhejiang Province in 2010. With the rapid penetration of integrated stove categories, the company’s revenue / net profit attributable to parent CAGR from 2016 to 2020 reached 47% / 50% respectively. 1) On the product side, build a product matrix around “integration” and actively promote the expansion of application scenarios. The sales scale of washing products is expanding year by year, or it is the future development direction of the enterprise; After meeting the needs of kitchen space, Marssenger Kitchenware Co.Ltd(300894) tap the market demand, transform and upgrade from a single “kitchen cabinet mode” to a “whole house customization mode”, and realize the extension of kitchen scene to bedroom scene. 2) On the channel side, the foundation of offline distribution is stable, and the benefits of stores are gradually optimized. In the early stage of development, the company seized the opportunity of rapid development of the industry, continuously encrypted the distribution network, and offline distribution became the main sales mode.
Why does the integrated stove track have growth?
Volume increase: in the past 21 years, the integrated stove track continued its high boom, realizing a sales volume of 3.04 million units, a year-on-year increase of 27.7%; The average price is 8421 yuan / set, with a year-on-year increase of 774 yuan, and the growth rate is far higher than that of traditional kitchen appliances. The category penetration rate has increased from less than 2% in 2015 to 14.1% in 2021. We believe that the driving force for the continuous growth of integrated stoves lies in: 1) at the product end, the integrated stoves are competitive in performance and appearance compared with the traditional split type, laying the foundation for long-term penetration; 2) On the channel side, at present, the main channels of the four listed enterprises include e-commerce channels and offline distribution. However, there is still a certain gap in the number and efficiency of distribution outlets compared with the traditional kitchen electricity leading bosses. The superimposed Ka, engineering, packaging, sinking and other channels are in the expansion stage. The gradual improvement of channels is expected to continue to bring incremental income.
Price increase: 1) function integration brings premium. Under the catalysis of the growth of small house sales and the deepening of category education, the integrated stove realizes the improvement of space utilization efficiency through the integration of functions, which makes it gain the right of premium. At present, consumers are willing to pay for the compression of kitchen scene space. 2) Structural upgrading pushed up the average price. Integrated stove enterprises continue to launch products with higher terminal pricing, such as integrated steaming and baking, independent steaming and baking, and the sales proportion of steaming and baking models has increased from 24.8% in 21 years to 59.4% from January to February in 22 years, driving the average price of the industry from 6148 yuan to 7940 yuan. 3) Intellectualization and systematization build space for price increase. The SKU with intelligent function has brought a premium of 4001400 yuan to Marssenger Kitchenware Co.Ltd(300894) and the embedding and sales of intelligent function create space for further raising the average price of products. Superposition of nested sales to improve the unit price of terminal customers is expected to further improve the income generating capacity of enterprises.
What are the core competitive advantages of Marssenger Kitchenware Co.Ltd(300894) ?
Product side: the advantages of integrated stoves have been established. In the past 21 years, the double line share has achieved the industry leader. The proportion of high-end integrated stoves such as offline steaming and baking models exceeds the industry average, and the volume and price rise together, enabling the main industry to generate income. At the same time, through the expansion of R & D enabling categories, the company prospectively deploys water washing products and is optimistic about the large volume of technology enabling emerging categories of core mature products.
Channel side: 1) for offline channels, at present, the quality of the company’s dealers is high, the benefits of a single store are ahead of other integrated stove brands, and the leading position is prominent. For the boss with relatively mature benchmarking channel layout, there is room for growth in the number of outlets and benefits of a single store. The consumption upgrading of low-level cities and township markets is still continuing. The short-term growth of the company may benefit from the optimization of the benefits of existing outlets and the increment brought by the development of Ka + new retail channels. 2) Under the background of fragmented and prepositional e-commerce channels and kitchen electricity sales channels, the company invested in e-commerce channels + content marketing outlets earlier. E-commerce platform, the company’s sales volume has led the industry, and the heat is leading the integrated stove brand; On the content platform, the company’s investment is lower than that of other brands, and the interaction volume is leading. The accumulation of online natural traffic is expected to feed back higher profit margins.
Investment suggestion: Marssenger Kitchenware Co.Ltd(300894) long-term growth logic is clear, the leading advantage of the main industry is established, and the trinity of R & D + marketing + service is expected to benefit from the expansion of the track α、β Resonance. The company recently issued new convertible bonds and continued to expand its production capacity, demonstrating its confidence in long-term development. It is estimated that the net profit attributable to the parent company in 21-23 years will be 405, 523 and 681 million yuan. The current stock price corresponds to 32.75x/25.37x/19.48xpe in 21-23 years, which is covered for the first time and given a “buy” rating.
Risk warning: distribution network management risk; E-commerce sales channel risk; Real estate and home decoration market fluctuations; The risk of intensified market competition; Risk of price fluctuation of raw materials.
