\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Core conclusion
Event: the company released its 2021 annual report. In 2021, it achieved a revenue of 12.574 billion yuan, a year-on-year increase of 34.45%, and a net profit attributable to the parent company of 982 million yuan, a year-on-year increase of 14.70%; Among them, 2021q4 achieved a revenue of 4.149 billion yuan in a single quarter, a year-on-year increase of + 24.44%, and a net profit attributable to the parent company of 336 million yuan, a year-on-year increase of + 4.06%. All categories grew steadily, and the growth rate of Q4 overseas business improved month on month. By category, the company's revenue of charging, intelligent creation and wireless audio products in 2021 was 5.552 billion yuan, 4.104 billion yuan and 2.852 billion yuan respectively, with a year-on-year increase of 34.0%, 34.1% and 34.4%, and the business structure was stable. In terms of regions, in 2021, overseas business increased by 32% year-on-year, domestic business increased by 194.5% year-on-year, and the proportion of domestic sales increased slightly. In terms of overseas regions, Europe, Australia and other regions grew brightly, all exceeding 30%, and mature markets such as North America and Japan maintained steady growth; In the fourth quarter alone, the overseas business increased by about 23% year-on-year, the domestic business increased by about 94% year-on-year, and the growth rate of overseas business was better than Q3.
Improve the multi-channel sales system and effectively expand offline channels. In terms of online channels, the company further consolidated its share advantage. In 2021, the online market increased by 25.6% year-on-year, including Amazon platform + 19% year-on-year and other platforms + 89% year-on-year; Offline channels have been settled in global well-known chain supermarkets such as Wal Mart and best buy in North America, as well as Japan's 7-11 convenience store group. Some progress has also been made in offline expansion in Europe, Australia, Southeast Asia, South America and other regions. Offline revenue in 2021 was + 53% year-on-year. Affected by raw materials and logistics, profitability declined. In 2021, the gross profit margin was 35.7%, which was - 3.6pct year-on-year under the same standard, including - 3.5pct year-on-year overseas gross profit margin, + 0.6pct year-on-year domestic gross profit margin, sales (same standard) / management / R & D / financial expense rate was - 0.01 / - 0.04 / + 0.12 / - 0.40pct year-on-year, the net profit rate was 8.15%, year-on-year -1.4pct, Q4 net profit rate was 8.48%, and month on month + 0.5pct. Under the influence of multiple external adverse factors, the company had good cost control effect and relatively little damage to the net profit side.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.273/1.638/1.962 billion and EPS will be RMB 3.13/4.03/4.83 respectively, maintaining the rating of "overweight".
Risk tips: exchange rate fluctuation risk, continuous tension in shipping, repeated outbreaks at home and abroad.
