\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Core view
Revenue increased by 34% in 2021, and profit performance was disturbed by industrial factors such as shipping and raw materials. In 2021, the company achieved a revenue of 12.574 billion yuan, a year-on-year increase of 34.45%, and achieved a net profit attributable to the parent company of 982 million yuan, a year-on-year increase of 14.70%, deducting a non net profit of 708 million yuan, a year-on-year decrease of 2.69%. The non economic benefits are mainly government subsidies and a series of investment and wealth management income. Among them, Q4’s revenue increased by 24.44% year-on-year, and the net profit attributable to the parent increased by 4.03% year-on-year, which was improved compared with Q3’s year-on-year decrease of 7.4%. On the whole, the company’s revenue grew steadily under the condition of high overseas cross-border e-commerce consumption base in the same period, and its profit was greatly affected by industrial factors such as high shipping costs and rising upstream raw material prices to a certain extent.
The construction of multiple categories continues to be promoted, and Online + offline collaborative development. By category, the revenue of charging increased by 34% to 5.552 billion yuan, the revenue of intelligent innovation increased by 34.13% to 4.104 billion yuan, and the revenue of wireless audio increased by 34.44% to 2.852 billion yuan. The company actively grasped the needs of users and continued to promote product innovation. Subregional development shows that the three mature markets in North America / Europe / Japan have been growing by 26.33%/39.44%/26.17%, and Chinese mainland and the Middle East have achieved 194.47%/28.46% growth respectively. Online channels have achieved 25.6% growth in the case of high base, among which independent stations and other e-commerce channels have a higher growth rate, which helps the company gradually reduce its dependence on a single platform; Significant progress was made in offline channel development, with a year-on-year increase of 53.33% to 4.574 billion yuan, and the proportion of revenue rose to 36.38%.
The change of channel structure and the rise of raw material prices affect the gross profit margin, and continue to pay attention to R & D investment. The gross profit margin of the company in 2021 was 35.72%, with a year-on-year decrease of 3.55 PCT under the same caliber, which was mainly due to the increase in the proportion of offline channel revenue with relatively low gross profit margin and the rise in the price and cost of raw materials in the consumer electronics industry. The sales expense rate was 19.44%, which was basically the same year-on-year under the same caliber, and the management expense rate decreased by 0.05pct year-on-year, which was well controlled. The R & D expense ratio increased slightly by 0.12pct, reflecting the company’s emphasis on technological innovation. In 2021, the company’s inventory turnover days decreased by 11.48 days year-on-year, and achieved a net operating cash flow of 449 million yuan, with a year-on-year increase of 139%. The overall cash flow situation was good.
Risk warning: deterioration of Global trade environment; Category expansion is less than expected; The epidemic situation has repeatedly affected transportation capacity.
Investment suggestion: cross border overseas B2C leader, steady progress in multi category layout, and maintain the “buy” rating
In the medium and long term, the cross-border e-commerce industry has a large development space. As the industry leader, the company 1) actively promotes the iterative renewal of traditional charging categories at the category end, and expands new categories to open up growth space; 2) Actively explore overseas emerging and Chinese markets in the region to achieve rapid development in multiple regions; 3) On the channel side, gradually reduce the dependence on a single platform, form an online + offline benign development pattern, further broaden consumer coverage, improve brand awareness and improve the efficiency of cost delivery. Out of careful consideration for the future shipping freight and the price of upstream raw materials, we lowered the forecast of the company’s net profit attributable to the parent company for 22-23 years to 1.227 billion yuan / 1.505 billion yuan (the previous value was 1.249 billion yuan / 1.539 billion yuan respectively), and added a forecast of 24-year net profit attributable to the parent company to 1.875 billion yuan. The current share price corresponds to PE of 20 / 16 / 13X, maintaining the “buy” rating.
