\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 24 Shenzhen Crastal Technology Co.Ltd(300824) )
Event: on March 23, 2022, Shenzhen Crastal Technology Co.Ltd(300824) released the annual report of 2021. In 2021, the company realized an operating revenue of 847 million yuan (+ 20.84%); The net profit attributable to the parent company was 108 million yuan (+ 8.11%).
Key investment points:
The revenue of private brand business grew rapidly, and the performance growth of 2021q4 improved significantly. 1) Quarter by quarter: in 2021q4, the company achieved a revenue of 304 million yuan (+ 16.69%) and a net profit attributable to the parent company of 40 million yuan (+ 23.36%), which was mainly due to the company's continuous enrichment of product matrix and the promotion of revenue growth. 2) In terms of business, in 2021, the company's private brand business revenue was + 26.15%, achieving rapid growth, and OEM / ODM business revenue was + 7.5%. 3) By category, the company's revenue of electrical products reached 617 million yuan (+ 7.95%) in 2021; The revenue of non electrical products increased significantly, reaching 230 million yuan (+ 77.57%), accounting for + 8.69 pct of the total revenue year-on-year, helping the company achieve balanced development of multiple categories.
In 2021q4, the gross profit margin and net profit margin increased. 1) The gross profit margin of 2021q4 company is 50.08% (+ 3.37pct), which is mainly due to the increase in the proportion of sales of private brand business with high gross profit margin during the double 11 and double 12, which raises the overall gross profit margin level of the company. 2) The net profit margin of 2021q4 company is 13.10% (+ 0.71pct), and the increase of net profit margin is less than that of gross profit margin, which is mainly due to the increase of sales expense rate caused by the growth of private brand business. The sales expense rate of 2021q4 company reaches 27.52% (+ 5.27pct).
Issue a four-year equity incentive plan to bind the interests of management and employees for a long time. The equity incentive plan will last for four years, and it is proposed to grant 2481000 restricted shares to 71 management and technical backbones of the company. The assessment target is based on the private brand business and the company's net profit in 2021. The growth rate of private brand revenue from 2022 to 2025 will not be less than 15% / 30% / 45% / 60% respectively, and the growth rate of the company's net profit in the same period will not be less than 10% / 20% / 30% / 40% respectively, Therefore, it is estimated that the compound growth rates of private brand revenue and company net profit from 2022 to 2025 will not be less than 8.61% and 6.21% respectively, and the assessment indicators are relatively mild.
The self owned brand product matrix has been gradually improved and the channel layout has been continuously increased. 1) Product side: the company launched smart health pot smartk, 9 series desktop instant hot water dispenser and other new products around the original health care and drinking water scenes; Expand new scenarios for the use of coffee, launch hand brewing pots and other products, expand categories and scenarios at the same time, and further improve the matrix of self owned brand products. 2) Channel side: in terms of domestic sales, the company's online channel revenue increased steadily, with a year-on-year revenue of + 18.18% in 2021; The company continued to increase investment in offline stores. In 2021, the company added 16 offline experience stores of its own brand, which had a significant impact on consumers. The revenue of offline experience stores of its own brand increased significantly year-on-year (+ 233.80%), driving the overall revenue growth of offline channels (+ 60.99%). In terms of export sales, the company seized the globalization opportunity brought by the epidemic and steadily promoted the brand to go to sea. In 2021, the overseas revenue of Beiding brand was + 95.63% year-on-year. The increase of explosive products and the expansion of customer base jointly promoted the high increase of overseas sales.
The self owned brand product matrix has been gradually improved, and the prospects of offline and overseas channels are considerable. It is covered for the first time and is rated as "buy". The company continues to enrich the product matrix of its own brand by expanding categories and scenes. In the future, with the offline recovery after the improvement of the epidemic and the steady development of its own brand going to sea, the growth space of the company's offline and overseas channels is considerable, which is covered for the first time and given a "buy" rating. We predict that the net profit attributable to the parent company from 2022 to 2024 will be 135 / 170 / 202 million yuan, corresponding to EPS of 0.62/0.78/0.93 yuan, and the current share price corresponding to PE of 27.77/22.03/18.50 times.
Risk tips: repeated covid-19 epidemic, price fluctuation of raw materials, exchange rate fluctuation, intensified market competition, tight shipping capacity, etc.
