\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
The annual revenue and profit increased by 22%, and the operation was slightly under pressure in the fourth quarter. In 2021, the company achieved a revenue of 2.164 billion / + 22.19%, a net profit attributable to the parent company of 665 million / + 22.28%, and a net profit not attributable to the parent company of 635 million / + 17.21%. In the fourth quarter, the revenue was 630 million yuan / + 6.00%, the net profit attributable to the parent was 214 million yuan / + 2.63%, and the net profit not attributable to the parent was 197 million yuan / - 5.15%. The company plans to pay a cash dividend of 6.6 yuan (including tax) for every 10 shares, and the dividend rate is 4.6% based on the closing price of the day. Under the pressure of raw materials, the gross profit margin of the company is under pressure, but thanks to the investment income, the annual revenue and profit of the company increase synchronously; In the fourth quarter, affected by the cross period confirmation of online orders, the revenue growth slowed down, the cost side pressure appeared, and the profit was under pressure.
Promote the diversification of channels, upgrade products and strengthen publicity. In 2021, in order to seize the industry dividend, the company made positive changes in products, channels, marketing, management and other aspects to improve its comprehensive competitive strength. In terms of channels, more than 300 primary dealers and 380 terminal stores were added to further improve the offline distribution network through investment attraction, optimization and integration; Strengthen cooperation with the third party electricity supplier operation agencies, and carry out activities such as star live broadcast, and tiktok, Xiaohong book and other new channels. Accelerate the development of Ka, home decoration, engineering, community, sinking and other emerging channels, and actively cooperate with Red Star Red Star Macalline Group Corporation Ltd(601828) , Gome, jd.com, tmall store and so on. On the product side, the products are comprehensively upgraded by using DC frequency conversion brushless motor technology, launching new products such as sky series and star series, and increasing the research and development of new products such as integrated sink, dishwasher and cabinet. In 2021, the cabinet revenue increased by 35.7% to 60 million, and the integrated stove revenue increased by 24.9% to 1.97 billion. In China tiktok, high speed rail tiktok and other traditional media, the company further strengthens the investment of network media, promotes the mainstream platforms such as headlines, jitter, and know how to launch the theme activities such as Meida wonderful night and challenge challenge, such as CCTV, high-speed rail and high-speed.
In the fourth quarter, the gross profit margin was obviously under pressure, and the profitability remained stable. Affected by the high price of raw materials, the company's gross profit margin fell by 1.1pct to 51.7% in 2021 and 4.6pct to 50.8% in Q4. The company's expense ratio remained basically stable. In 2021, the management expense ratio decreased by 0.2pct to 3.3%, the financial and R & D expenses increased, and the expense ratio increased by 0.4pct during the period; Q4 company's sales / R & D / management / financial expense ratio is - 1.1 / + 0.1 / - 0.0 / + 0.9pct respectively. In terms of profit, affected by the investment income generated by the purchase of financial products (a net increase of 32 million in 2021), the company's net interest rate increased by 0.02pct to 30.72% in 2021; Q4 net interest rate fell 1.12pct to 33.94%, and profitability remained at a high level.
Risk warning: industry competition intensifies; The price of raw materials fluctuates greatly; The channel construction was not as expected.
Investment suggestion: lower the profit forecast and maintain the "buy" rating. Considering that the price of raw materials remains high in the near future, the profit forecast is lowered. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 770 / 890 / 1010 million (the previous value was RMB 800 / 930 / 1020 million), with a year-on-year growth rate of 16.3% / 15.3% / 13.7%; Diluted EPS = 1.20/1.38/1.57 yuan, and the current share price corresponds to PE = 12 / 10 / 9x. The integrated stove industry continues to enjoy a high boom. As an old brand leader of the integrated stove, the company has the leading strength of offline dealers and network layout, the continuous development of emerging channels such as e-commerce, Ka and sunken, and the gradual development of multi platform publicity media. Under positive changes, the company is expected to maintain steady growth and maintain the "buy" rating.
