\u3000\u3 China Vanke Co.Ltd(000002) 032 Zhejiang Supor Co.Ltd(002032) )
Event: in 2021, the company achieved an operating revenue of 21.585 billion yuan, a year-on-year increase of + 16.07%, and a net profit attributable to the parent company of 1.944 billion yuan, a year-on-year increase of + 5.29%; Among them, 2021q4 achieved an operating revenue of 5.92 billion yuan, a year-on-year increase of + 11.87%, and a net profit attributable to the parent company of 703 million yuan, a year-on-year increase of - 8.16%. The company plans to distribute a cash dividend of 19.30 yuan (including tax) to all shareholders for every 10 shares.
Steady growth in domestic sales and bright growth in export sales: in terms of regions, domestic / export sales in 21 years were 10.8% / 27.9% year-on-year, and 21h2 domestic / export sales were 8% / 5.6% year-on-year. In terms of OEM of related party transactions with SEB, the company benefited from the sales growth of SEB group in the global market in 2021 and the global supply chain has not fully recovered from the impact of the epidemic, and the orders of SEB group continue to be transferred to Zhejiang Supor Co.Ltd(002032) . The related party transactions between the company and SEB in the 21st century were 6.86 billion yuan, with a deviation range of - 2.4% compared with the expected value, and a year-on-year increase of + 25.8% compared with the actual related party transactions in the 20th year; The same ratio of 21q4 is about 2.1%.
The sales of cooking utensils are good, and the proportion of direct sales + online sales has increased: according to categories, the revenue of cooking utensils / electrical appliances in 21 years was 21.7% / 13.4% year-on-year, of which the revenue of 21h2 cooking utensils / electrical appliances was 7.5% / 6.3% year-on-year, and the revenue growth contributed by cooking utensils is relatively large. In terms of sub sales mode, the proportion of direct sales of the company increased from 2.2% in 20 years to 8.49% in 21 years, and the proportion of direct sales increased significantly. At the same time, the proportion of the company's online revenue continues to increase, gradually increasing from 53% in 2019 to 65% in 2021.
The price of raw materials is rising and the cost is under pressure: in 2021, the gross profit margin of the company was 23%, year-on-year -3.43pct, and the net profit margin was 8.99%, year-on-year -0.91pct; The gross profit margin of 2021q4 was 15.42%, year-on-year -13.62pct, and the net profit margin was 11.88%, year-on-year -2.55pct. The company's gross profit margin decreased year-on-year, which was mainly affected by the implementation of new income standards in the current period; In addition, the price rise of bulk raw materials also affected the gross profit margin of the current period. According to the statistics before reclassification, the overall gross profit margin of the company decreased slightly by 0.38% year-on-year in 2021. The gross sales difference of 21q1-4 of the company was 14.97% / 14.04% / 12.9% / 14.64% respectively. The gross sales difference of single Q4 was -4.33pct year-on-year and + 1.74pct month on month. We think it may be mainly due to the relatively low price of raw materials in 20q4. The company's sales expense ratio in 2021 was 8.85%, with a year-on-year increase of -2.57pct, mainly due to changes in accounting standards and the inclusion of transportation expenses in costs. In terms of details, the company's advertising, promotion and gift fees were + 34% year-on-year.
Looking ahead to the 22 years, the domestic sales will gradually increase after the first quarter high base effect, and tiktok and other emerging sectors, such as clean appliances, will contribute to the growth. In the export part, the company disclosed that the related party transaction volume of industrial and commercial enterprises in the 22nd century was 7.55 billion yuan, a year-on-year increase of + 10.1%. According to the amount calculated as of the disclosure date of the announcement, 22q1 export OEM was about 1.6% year-on-year. This year, the company renegotiated with SEB for the OEM part, and the gross profit margin continued to be 18%, but last year, due to the pressure of raw material cost, the gross profit margin of export was only 15%. When the new agreement is signed this year, the raw materials are still high, so we expect the gross profit margin of export sales to recover.
Investment suggestion: in the past 21 years, the company has made great efforts in channel diversification and product innovation, and the growth of domestic private brands has gradually resumed. In terms of export, the related party transactions and OEM orders with SEB increased steadily. In terms of gross profit margin, due to the impact of accounting standards and the pressure of raw material cost, we believe that with the price increase of the company's domestic sales and the subsequent renegotiation of the price with the parent company SEB, the profit side will be improved. According to the 21st Annual Report, due to the adjustment of accounting standards, we appropriately lowered the company's gross profit margin and sales expense rate. We expect the net profit of 22-24 years to be 2.27 billion yuan (2.37 billion yuan and 2.7 billion yuan before 22-23 years), and the corresponding dynamic valuations are 17.8x, 15.8x and 14.1x respectively, maintaining the "buy" rating.
Risk tips: the sales of new products are less than expected, the risk of rising raw material prices, and the overseas demand is less than expected.
