\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
2021q4 revenue continued to grow steadily, optimistic about the performance repair under the relief of cost pressure, and maintained the “buy” rating
In 2021, the company’s revenue was 12.574 billion yuan (+ 34.45%), and the net profit attributable to the parent company was 982 million yuan (+ 14.70%). In 2021q4, the revenue was 4.149 billion yuan (+ 24.44%), the net profit attributable to the parent company was 336 million yuan (+ 4.03%), and the net profit not attributable to the parent company was 210 million yuan (- 15.09%), and the non recurring profit and loss mainly came from the disposal income of non current financial assets. Considering that the short-term cost pressure still exists, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 1.186/1.566/1.867 billion yuan (the original value of 20222023 is 1.427/1.930 billion yuan), the corresponding EPS will be 2.92/3.85/4.59 yuan, and the corresponding PE of the current stock price is 21.6/16.4/13.7 times. Considering that the release of cost pressure is expected to drive the repair of profits, we will maintain the “buy” rating.
The growth of the three categories is stable, and the offline channel expansion has achieved remarkable results
In terms of business, the revenue of the company’s charging / innovative / wireless audio products in 2021 was + 34.00% / + 34.13% / + 34.44% year-on-year respectively. It is expected that the charging head, intelligent security and wireless headset enabled by the advantages of traditional charging technology will be the main driving force of revenue. In terms of channels, the company’s online / offline revenue in 2021 was + 25.60% / + 53.33% year-on-year respectively. The offline rapid growth or the effect of channel expansion in Europe, Australia and other regions showed. Looking forward to 2022, it is suggested to pay attention to the restorative growth of floor sweepers and the construction of offline channels to continue to drive the growth of revenue.
2021q4 raw material cost pressure continues, and the impact on performance is slightly weakened when the high point of shipping falls
In 2021, the company’s gross profit margin was 35.72% (- 8.13pcts) and 2021q4 gross profit margin was 18.46% (- 23.84pcts), mainly due to the impact of changes in accounting standards. After excluding the first journey freight, the company’s gross profit margin in 2021 / 2021q4 was -1.13pcts / – 2.62pcts year-on-year respectively, and the cost pressure of raw materials continued. On the expense side, the company’s sales / management / R & D expense ratio in 2021 was -4.59pcts / -0.05pcts / + 0.12pcts respectively year-on-year. If the first journey freight is not considered, the sales expense ratio in 2021 is basically the same year-on-year, and the overall cost investment effect is good. In a single quarter, after adding backhaul freight, the sales expense rate of 2021q4 company was 25.4%, with a year-on-year ratio of -0.45pcts and a month on month ratio of -1.41pcts. The impact of the decline of the high point of shipping on the performance was slightly weakened. Looking forward to the future, we believe that the company’s profit recovery flexibility is large. It is suggested to pay attention to the year-on-year decline of shipping costs and the stabilization and decline of raw material prices after 2022h2, driving the gradual recovery of profits.
Risk warning: the sales of floor sweepers are less than expected; Rising prices of raw materials; Sea freight rates remain high
