\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Event: on the evening of March 31, Hangzhou Robam Appliances Co.Ltd(002508) issued the draft of 2022 stock option incentive plan, which plans to grant 4.81 million stock options to 285 incentive objects, accounting for 0.51% of the total share capital of the company, and the exercise price is 29.27 yuan / share.
Equity incentive arouses the enthusiasm of the backbone and drives the steady development of the company. The exercise assessment year of stock options in this incentive plan is three fiscal years from 2022 to 2024. The performance assessment objective at the company level is: Based on the operating income in 2021, the compound growth rate of annual operating income from 2022 to 2024 shall not be less than 15%. It is worth noting that the 285 objects covered by this incentive plan are middle-level managers, core technology and business backbone, which will fully mobilize the work enthusiasm of middle-level personnel, improve the cohesion of employees and the development vitality of the company, and promote the high-quality and steady development of the company.
The revenue exceeded 10 billion in 21 years, and the leading position was further consolidated. According to the company’s performance express, the company achieved a revenue of 10.148 billion yuan in 2021, a year-on-year increase of + 24.84%, exceeding 10 billion yuan for the first time; The net profit attributable to the parent company was 1.334 billion yuan, a year-on-year increase of – 19.66%. After excluding the impact of 710 million bad debt reserves, the company’s annual net profit attributable to the parent company was about 1.94 billion yuan, a year-on-year increase of about + 17%. Under the background of poor real estate demand and sharp rise in raw materials in 21 years, it is not easy for the company to achieve rapid and stable growth. Under adversity, the company fully demonstrates its resilience. At the same time, the company’s position in the traditional kitchen appliance industry has been further consolidated. According to the data of ovicloud, the retail sales of “boss” brand range hood, gas stove and kitchen appliance package accounted for 30.50%, 29.30% and 30.40% respectively in 21 years, with a year-on-year increase of + 2.26, 3.50 and 2.40 PCT, all ranking first in the industry. In the fine decoration channel, the market share of “boss” brand range hood reached 36.20%, also occupying the top position.
Enter the field of integrated stoves, and comprehensively accelerate the expansion of new categories. On the evening of March 30, the company launched “boss” brand high-performance integrated stove products at the new kitchen technology press conference. In terms of performance, it focuses on high suction and zero oil accumulation, and in terms of experience, it focuses on low bending rate, accurate heat and large capacity, which will fully impact the high-end market competition pattern of the existing integrated stove industry. At present, the penetration rate of integrated stoves is low and the growth is high. The retail volume and sales volume in 21 years are + 28% and + 41% respectively year-on-year. The company is expected to increase its revenue by means of integrated stoves. In addition to integrated stoves, the company also accelerated innovation and upgrading in the categories of integrated steaming and baking machines and dishwashers, and actively seized market share. The new ultra-thin range hood 22d2s released last week has created an excellent record of breaking 1000 units in the first 20 minutes, and the company’s product development logic has been verified by the market.
Profit forecast: the company has a solid leading position in the industry of traditional range hoods and gas stoves. The launch of new low permeability and high growth track products such as integrated stoves and dishwashers is expected to open the space for revenue growth. With the implementation of the equity incentive plan, the employees’ work enthusiasm will be fully mobilized, and the company will develop steadily in the future. We estimate that the operating revenue of the company in the years of 21-23 will be 10.148/11.694/13.473 billion yuan respectively, with a year-on-year increase of + 24.8% / + 15.2% / + 15.2% respectively; The net profit attributable to the parent company was 1.334/2.209/2.553 billion yuan, with a year-on-year increase of – 19.7% / + 65.6% / + 15.6% respectively, and the corresponding PE was 20.76/12.54/10.85 times.
Risk factors: sharp rise in raw material prices, changes in real estate policies, repeated outbreaks in China, and less than expected development of new products.
