\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 24 Shenzhen Crastal Technology Co.Ltd(300824) )
Event: Shenzhen Crastal Technology Co.Ltd(300824) released the annual report of 2021. The company achieved a revenue of 846 million yuan in 2021, an increase of 20.84% at the same time; The net profit attributable to the parent company was 108 million yuan, an increase of 8.11% at the same time. Among them, the single quarter revenue of 21q4 was 304 million yuan, an increase of 16.69% at the same time; The net profit attributable to the parent company was 40 million yuan, an increase of 23.36% at the same time.
Beiding’s overseas and supplies & food materials revenue increased rapidly, and its direct stores performed better. In 21 years, the independent brand “Beiding buydeem” / OEM business increased by 26.2% / 7.5% to 630 / 210 million yuan. Among independent brands, Beiding’s domestic / export sales increased by 21.8% / 95.6% to 570 / 60 million yuan. In terms of domestic sales, 1) product side: high income of supplies and food materials. In 21 years, the income of electrical appliances / supplies and food materials increased by 10.1% / 92.6% to RMB 440.0/190 million, mainly because the company continued to promote new products, including hand brewed coffee pots, tea cups, etc; 2) Channel side: online per capita consumption decreased slightly, and offline single store revenue increased rapidly. Both online and offline domestic sales increased by 18.2% / 61.0% to 5.1/0.6 billion yuan, and online sales remained the main channel. Online: under the direct selling mode, the per capita consumption amount is 549 yuan (655 yuan last year), which is mainly due to the increase in the proportion of supplies with low customer unit price and the structural reduction of customer unit price. Offline: by the end of 21, Beiding had opened 21 experience stores, with an annual revenue of 1.12 million yuan per store, an increase of 59.0% at the same time. It is expected that with the launch of 22q1 data and the further opening of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) data, the store operation is expected to be further improved. In terms of export sales, the proportion of Beiding overseas in independent brands further increased to 9.3%, with a small base and high revenue growth.
The domestic sales profitability of independent brands is stable, and the gross profit margin in 22 years is expected to improve. Gross profit side: in the 21st year, the gross profit margin of the company decreased by 2.0pct to 49.4%. In terms of business, the gross profit margin of OEM business, Beiding domestic sales and Beiding export and OEM business increased from – 4.3 / – 1.1 / – 19.5pct to 17.6% / 62.3% / 40.7% year-on-year. Under the pressure of rising raw material prices, the OEM gross profit margin is under short-term pressure, mainly due to the relatively lagging transmission effect of price adjustment, which is expected to be realized in 22 years. Beiding’s domestic sales profitability is better, and the impact of raw materials under the cost pricing mode is relatively small. The gross profit margin of Beiding’s export sales has declined more, mainly because Beiding’s overseas business bears the cost of sea freight for the company. The continuous rise of exchange rate and sea freight has a direct impact on the profit margin of overseas business. Rate side: only the sales rate changed a lot, with an increase of 1.7pct to 25.5%, mainly due to the expansion of online expense investment of independent brand business. Net profit side: Overall, the company’s annual net profit margin decreased by 1.51pct to 12.81%.
The 22 year restricted stock incentive plan was launched, with a large margin of profit. The company issued the restricted stock incentive plan for 2022, and plans to grant a total of 2481000 restricted shares, accounting for 1.14% of the current total share capital. The grant price is 7.7 yuan, which is 50% of the average stock price in recent 20 days. The total number of incentive objects is 71, including directors & Senior Executives (5), core managers & business and technical backbone (66). In terms of performance objectives, taking 21 years as the base, the growth rate of private brand revenue in 22-25 years is not less than 15% / 30% / 45% / 60% (CAGR = 12%, the growth rate in 21 years under the high base effect in the same period is 26%), the growth rate of net profit is not less than 10% / 20% / 30% / 40% (CAGR = 9%, the compound annual growth rate of net profit in 18-21 years is 17%), and the profit margin is large.
Profit forecast and investment suggestions. We expect the company to realize a net profit attributable to the parent company of RMB 125 / 154 / 189 million from 2021 to 2023, with a year-on-year increase of 15.5% / 22.8% / 23.0%, maintaining the “buy” rating.
Risk tip: the expansion of new products fails to meet expectations, and the prices of raw materials, exchange rate and sea freight continue to rise
