\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%. Q4 company 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%.
Comments:
The group’s export sales continued to transfer, driving revenue growth, and the leading position of small household appliances was stable. In 2021, the company achieved an operating revenue of 21.585 billion yuan, a year-on-year increase of + 16.07%, and Q4 operating revenue of 5.920 billion yuan, a year-on-year increase of + 11.87%. By Region: in 2021, the company’s main business of domestic and foreign sales achieved revenue of 14.083/7.289 billion yuan respectively, with a year-on-year increase of + 10.72/27.28% respectively. The company continues to benefit from the export transfer of SEB group. Zhejiang Supor Co.Ltd(002032) plans to sell 7.554 billion yuan of goods to SEB in 2022, which is + 10.09% year-on-year compared with the actual amount in 2021. From the perspective of products: except for food cooking appliances, other sub categories of the company achieved double-digit growth, and the revenue of cookers / cooking appliances / food cooking appliances / other household appliances was + 21.72 / + 18.35 / + 0.06 / + 20.55% year-on-year respectively. In terms of market share: Zhejiang Supor Co.Ltd(002032) as the absolute leader of cooking utensils, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) market share reached 21.7/48.4% respectively, and the market share of kitchen small electricity Wuxi Online Offline Communication Information Technology Co.Ltd(300959) reached 21.1/30.1% respectively, ranking in the forefront of the industry.
The cost is under pressure, the profit is damaged, and the overseas gross profit has decreased significantly. In 2021, the company achieved a gross profit margin of 23.00%. If the change of accounting standards is not considered, the gross profit margin is -0.38pct year-on-year, and Q4 company achieved a gross profit margin of 15.42%, which is -0.1pct year-on-year. By product: affected by the sharp rise in bulk raw materials, the gross profit margins of cookers / cooking appliances / food processing appliances / other household appliances were -5.15 / – 3.08 / – 3.89 / – 0.62pct year-on-year respectively; In terms of year-on-year fluctuation of shipping costs, the gross profit of export enterprises is -774.4 PCT; In the Chinese market, the company alleviated the cost pressure by adjusting the product structure and improving the channel efficiency, and the domestic gross profit was -2.27pct year-on-year.
From the perspective of expense ratio, the sales / management / R & D / financial expense ratio of 2021 company was 8.8/1.9/2.1 / – 0.03% respectively, with a year-on-year rate of – 2.6 / + 0.1 / + 2.1 / – 0.03pct, excluding the impact of changes in accounting standards, the sales expense ratio was + 0.32pct. Q4 management / R & D / financial expense rates were 1.77/2.43/0.03% respectively, with a year-on-year ratio of -0.02 / -0.34/0.02pct respectively. Affected by the decline of gross profit margin and the growth of R & D expense rate, the company achieved a net profit margin of 8.99% in 2021, a year-on-year -0.92pct, and a net profit of 11.88% in Q4, a year-on-year -1.3pct.
Actively prepare goods to deal with the pressure of raw materials, and effectively improve the inventory turnover efficiency. 1) At the end of the 21st year, the company’s cash + other current assets totaled 4.709 billion yuan, a year-on-year increase of + 2.88%; Notes and accounts receivable totaled 2.772 billion yuan, a year-on-year increase of + 12.07%, mainly due to the increase of export accounts receivable due to the growth of export business in the reporting period, reflecting the company’s good revenue growth potential; Contract liabilities were 894 million yuan, a year-on-year increase of + 5.02%; In order to cope with the rise of raw materials, the company actively prepared goods. At the end of 21 years, the company’s inventory totaled 3.097 billion yuan, a year-on-year increase of + 28.52%, of which the ending balance of raw materials / products in process / products in inventory was + 35.37 / + 20.44 / + 29.35% year-on-year respectively. 2) In terms of turnover, the company’s inventory / accounts receivable / accounts payable turnover days are -1.64 / + 2.28 / + 0.36 days respectively. The e-commerce inventory mode and the proportion of direct sales have increased, effectively improving the efficiency of inventory turnover. 3) The net cash flow from operating activities in 21 years was 2.05 billion yuan, with a year-on-year increase of – 1.29%, mainly due to the increase in cash paid for purchasing raw materials, employees and employees.
The effect of channel reform is obvious, expanding categories and actively promoting innovation. Kwai Chung tiktok is continuing to push forward online channel construction, actively embracing new channel traffic rules, and has 21 years of market share in tiktok and fast hands. In terms of products, actively promote the expansion of non advantageous categories such as clean appliances and kitchen appliances, so as to provide more support for the stable growth of the company. In terms of brand, the multi brand strategy expands the price band coverage. In 2022, the company expects to purchase 65.03 million products from WMF, lagostina, etc., with a year-on-year increase of + 14.72%, further consolidating the strong competitive advantage of multi brand and multi category in the kitchen field.
Profit forecast and investment rating: the company’s channel reform has achieved remarkable results, and the group’s export transfer has boosted short-term growth. In the long run, while consolidating the advantages of its own cooking utensils and kitchen small electric faucets, the company promotes the new layout of household appliances and kitchen electricity, which is expected to provide more growth points for the company. We estimate that the company’s revenue from 2022 to 2024 will be 24.4082723830.290 billion yuan, with a year-on-year growth rate of 13.1/11.6/11.2%; The net profit attributable to the parent company was 2.252/2.641/3.050 billion yuan, with a year-on-year growth rate of 15.9/17.2/15.5%; Corresponding to pe17 96/15.32/13.26。
Risk factors: the price of raw materials rises sharply, the order of SEB group is less than expected, the sea freight rises sharply, the demand for small electricity in Chinese kitchens is sluggish, and the launch of new products is less than expected.
