\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
Event: Hangzhou Robam Appliances Co.Ltd(002508) announced the 2022 stock option incentive plan. The total number of stock options to be granted in this incentive plan is 4.81 million, accounting for about 0.51% of the total share capital of the company at the time of announcement of this draft. The number of incentives is 285, including middle-level managers and core technical (business) backbone. The exercise price of the stock options granted by the incentive plan is 29.27 yuan / share. We believe that this incentive plan reflects the company's positive expectations for future operation. Hangzhou Robam Appliances Co.Ltd(002508) is good at adjusting business strategies and expanding new categories of kitchen appliances. We are optimistic about the long-term development of the company.
The incentive plan puts forward the assessment of income growth: the exercise assessment year of the incentive plan is 2022 ~ 2024, and the assessment is conducted once every accounting year. The unlocking condition is that the compound growth rate of annual operating revenue from 2022 to 2024 shall not be less than 15% based on the operating revenue in 2021 Hangzhou Robam Appliances Co.Ltd(002508) puts forward higher growth targets for future operations. By category, we expect new categories such as dishwashers and integrated steaming and baking machines to drive revenue growth. According to the announcement, the total income of dishwashers and integrated steaming and baking machines in 2021h1 accounts for 10.0% of the boss's total income, with a year-on-year proportion of + 3.7pct. In terms of shipment volume, we estimate that the year-on-year growth rate of the company's steaming and baking machine and dishwasher in 2021 is 50% + / 100% + Hangzhou Robam Appliances Co.Ltd(002508) launched the integrated steaming and baking machine and dishwasher, which are in line with the usage habits of Chinese consumers and enhance their market position. According to orvey, in 2021, the share of offline retail sales of "boss brand" steaming and baking all-in-one machine was 34.8%, with a year-on-year increase of + 2.9pct, ranking first in the industry; The share of offline retail sales of "boss brand" embedded dishwasher was 17.5%, with a year-on-year increase of + 8.0pct, ranking second in the industry. We believe that the new kitchen electricity is also conducive to improving the supporting sales rate and customer unit price.
New "boss" brand integrated stove of the company: Hangzhou Robam Appliances Co.Ltd(002508) recently held a new product conference and launched the "boss" brand integrated stove. The products are characterized by zero oil accumulation, no disassembly and washing, sufficient suction (20m3 / min), large firepower (5.0kw), etc. among which, the retail price of steaming and baking (9yc03) and consumption and storage (9yx03) is 13999 yuan and 9999 yuan respectively, The average price of Aowei integrated products is 8421 yuan in 2021. We believe that the integrated stoves are currently in the dividend period (according to the industry online, the sales volume in the industry will increase by 28% in 2021), Hangzhou Robam Appliances Co.Ltd(002508) has brand advantages and strong financial strength of agents. We are optimistic about the future development prospect of the company's category and drive revenue growth.
Investment suggestion: as a high-end kitchen electricity leader, Hangzhou Robam Appliances Co.Ltd(002508) is good at responding to changes in market demand and adjusting its own products, channels and other business strategies in time. We believe that this excellent emergency management ability is the basis for the stable growth of the company's performance. We expect that the EPS of Hangzhou Robam Appliances Co.Ltd(002508) from 2021 to 2022 will be 1.41/2.31 yuan respectively, maintaining the investment rating of Buy-A, and the six-month target price is 36.96 yuan, corresponding to 16 times the dynamic P / E ratio in 2022.
Risk tip: real estate sales fell sharply and the market acceptance of embedded new products was low
