\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Event:
The company released the annual report of 2021: the annual revenue of 2021 was 12.574 billion yuan, a year-on-year increase of 34.45%; The net profit attributable to the parent company was 982 million yuan, a year-on-year increase of 14.70%; The net profit deducted from non parent company was 708 million yuan, a year-on-year decrease of 2.69%; The basic earnings per share is 2.42 yuan.
Guoyuan view:
The revenue under new product launch + Omni channel coverage meets the expectation, and the profit side is greatly affected by cost factors
Benefiting from the company’s continuous launch of popular new products and the channel advantage of realizing Wuxi Online Offline Communication Information Technology Co.Ltd(300959) full coverage, the company achieved a revenue of 12.574 billion yuan (YoY + 34.45%) in 2021. By quarter, q1-4 company achieved revenue of RMB 2.427/29.44/30.55/4.149 billion respectively, with a year-on-year increase of 57.94% / 47.84% / 22.63% / 24.44%. By product, charging / wireless audio / intelligent innovation products achieved revenue of RMB 5.552/28.52/4.104 billion respectively, with a year-on-year increase of 34.00% / 34.44% / 34.13%; In the whole year, the net profit attributable to the parent company was 982 million yuan (YoY + 14.70%). Quarterly, q1-4 achieved net profit attributable to the parent company of 204 / 204 / 237 / 336 million yuan respectively, with a year-on-year increase of + 47.27% / + 48.00% / – 7.40% / + 4.03%. In the second half of 2021, the growth rate of net profit decreased due to the rise of raw material prices and sea freight. In terms of product matrix, the company has continuously launched popular new products such as Anker nanoil super charging, wireless Bluetooth headset soundcore liberty air2pro and so on to capture the minds of consumers; In terms of channel construction, the company has been developing tiktok, Tmall and jitter online channels, and actively cooperate with offline chain operators and telecom operators to establish a “Online + offline” sales model.
Profitability is under short-term pressure and continues to increase product R & D and innovation
In the second half of 2021, due to the fluctuation of raw material price and the rise of sea freight, the profitability of the company was under short-term pressure. After caliber adjustment, the comprehensive gross profit margin decreased by 3.55pcts to 35.72%, and the comprehensive net profit margin decreased by 1.34pcts to 7.81%. By product, the gross profit margin of charging / intelligent innovation / wireless audio products was 37.71% / 33.90% / 34.75% respectively, with a year-on-year increase of -2.68pcts / – 4.93pcts / – 3.05pcts. In terms of period expenses, after adjusting to the same caliber according to the accounting standards, the sales expense rate decreased by 0.01pcts to 19.44% year-on-year, and the management expense rate / financial expense rate decreased by -0.05pcts / – 0.39pcts to 2.98% / 0.36% year-on-year. In terms of R & D investment, the company pays attention to the continuous improvement of technological innovation ability. In 2021, the R & D investment was 778 million yuan, with a year-on-year increase of 37.19%; By the end of 2021, the company has obtained 64 invention patents, 298 utility model patents and 459 appearance patents worldwide.
Adverse factors or marginal improvement, medium and long-term growth potential energy will not decrease
We believe that the company’s cost side pressure is expected to be relieved with the decline of raw material and sea freight prices and the marginal improvement of the subsequent exchange rate. In the future, with the increasing supervision of overseas online channels, the cross-border e-commerce industry may usher in a further reshuffle. Considering that the company has cooperated with Amazon and other overseas e-commerce platforms for many years and has strong brand influence and scale effect, the market share of subsequent companies is expected to be further improved; In addition, under the background of the continuous launch of popular new products and the operation of omni-channel diversified platform, the medium and long-term performance growth potential of the company is not reduced, and the profitability is expected to be marginal repaired.
Investment advice and profit forecast
The company is the world’s leading cross-border brand operator of consumer electronics. With the continuous upgrading of brand strength and the superposition of comparative competitive advantages such as omni-channel layout + product innovation + localization construction, the medium and long-term growth logic of the company remains unchanged. We adjusted the profit forecast. It is expected that the company will achieve revenue of RMB 16.452/21.459/27.619 billion from 2022 to 2024, net profit attributable to the parent company of RMB 1.181/15.25/1.895 billion, EPS of RMB 2.91/3.75/4.66, corresponding to PE of 20.66/16.01/12.88 times, maintaining the “buy” rating.
Risk tips
The price of raw materials and sea freight exceeded expectations; Exchange rate fluctuations exceed expectations; The sales volume of new products was lower than expected.
