\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: the company achieved an operating revenue of 2.319 billion yuan in 2021, a year-on-year increase of + 43.65%; The net profit attributable to the parent company was 376 million yuan, a year-on-year increase of + 36.53%; Deduct the net profit not attributable to the parent company of RMB 353 million, a year-on-year increase of + 36.54%. Among them, 2021q4 achieved an operating revenue of 721 million yuan, a year-on-year increase of + 18.29%; The net profit attributable to the parent company was 102 million yuan, a year-on-year increase of – 14.43%; Deduct the net profit not attributable to the parent company of 101 million yuan, a year-on-year increase of – 10.23%. The performance in the fourth quarter was lower than the market expectation. Based on 405 million shares, the company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares to all shareholders, with a total dividend of 122 million yuan (including tax).
The annual revenue increased sharply, the online advantage deepened, and the annual profit level remained basically stable. 1) Revenue side: the company’s revenue increased by 44% in the past 21 years. Core product integration stoves contributed the main revenue (accounting for 88%) and the growth rate led other businesses. In terms of sub channels, the revenue of e-commerce channels increased by 53.0% year-on-year in 21 years, accounting for 42% of the revenue, and the online advantage continued to deepen. According to the data of Aowei cloud network, the proportion of the company’s integrated stove products listed in the 21 year line increased to 23.4%, leading the second place by 12.1%, and won the top sales of the mainstream platform integrated stove category in 618 and double 11 in 21 years. For offline channels, the revenue increased by 37.6% year-on-year in 21 years, accounting for 58% of the revenue. In the year of 21, the distribution network of the company was further encrypted. By the end of 21, there were about 2000 terminal distribution stores (1790 at the end of 20); More than 200 new dealers were added throughout the year, realizing the rapid penetration of the first and second tier markets and township markets. At the same time, the company has continuously guided dealers to settle in Ka stores and community scenes for 21 years, quickly implemented the strategy of one city and multiple stores, promoted the layout of fine decoration field, and promoted product sales. We believe that at present, the company has considerable brand influence. With the deepening of category education and the optimization of channel benefits, it is expected to enable long-term growth by relying on diversified channels in the future. 2) Profit side: the company realized a net profit attributable to the parent company of 376 million yuan in 21 years, with a year-on-year increase of 36.54%; The net interest rate attributable to the parent company was 16.2%, a slight decrease of 0.8pct year-on-year, and the profitability of the whole year remained basically stable. In the 21st year, the company actively controlled the cost and kept the net interest rate stable under the condition of rising raw material costs and gross profit from – 5.5pct to 46.1% year-on-year. The sales / management / R & D / financial expense ratio was 21.8% / 3.7% / 3.2% / – 0.8%, respectively – 3.1 / – 0.2 / – 0.4 / – 0.4pct year-on-year.
Q4 revenue growth slowed month on month, and performance was under pressure under the influence of multiple factors such as raw materials and bad debt provision. 21q4 company achieved revenue of 721 million yuan, a year-on-year increase of + 18.29%. The growth rate slowed slightly compared with the previous quarter, but the Q4 contract liabilities increased significantly by nearly 70 million month on month. The gross profit margin of 21q4 was 43.0%, with a year-on-year increase of – 10.4pct, mainly due to: 1) the prices of major raw materials such as stainless steel sectors increased significantly during the year, and the company did not directly raise the prices of products for 21 years, and the upward pressure on the cost side dragged down the gross profit margin; 2) The freight account is adjusted according to the new regulations, which has an impact on the gross profit margin. The expense side company has some control, and the 21q4 sales / management / R & D / financial expense rate is 21.3% / 3.1% / 2.8% / – 0.6%, respectively – 2.6 / – 1.3 / – 0.3 / + 0.3pct year-on-year. In addition, the company accrued Suning.Com Co.Ltd(002024) bad debt reserves of 14.4 million yuan in Q4, which greatly affected the profit of the current quarter (if the performance of single Q4 was – 2.39%), and the net interest rate of 21q4 decreased by 5.4pct to 14.2% year-on-year under the combined action of multiple factors.
The leader continues to lead, and the profit recovery can be expected. Over the years, the company’s sales growth has outperformed the industry, and its sales in 21 years have leapt to the first in the industry. In the medium and long term, the company has built a Wuxi Online Offline Communication Information Technology Co.Ltd(300959) two wheel drive channel mode and a “1 + n” product form of kitchen appliances. On the basis of deepening the advantages of two-line channels, the company continues to expand Ka, home decoration and other flow entrances, and continues to develop integrated dishwasher and cabinet products on the premise of leading the industry of integrated stove, It is expected to enable the company to grow at a medium and high speed in the future. In the short term, in order to cope with the cost pressure of raw materials, the company has raised the ex factory price of integrated stoves since April 22. With the improvement of product structure and the appearance of scale effect, the profitability of the company is expected to be repaired.
Investment suggestion: during the rapid penetration period of the integrated stove, the product performance advantages and channel development dividends help the growth, structural upgrading + intellectualization expand the space for price increase, and the logic of both volume and price rise is clear Marssenger Kitchenware Co.Ltd(300894) the leading position of the main business is established, the brand power enables the growth of channels and the release of profit space, superimposes new convertible bonds to expand production capacity, and the medium and long-term rapid growth can be expected. Considering the high price of raw materials, the cost pressure on the performance side has appeared, and the company’s future performance forecast has been lowered. It is estimated that the company’s net profit attributable to the parent company will be RMB 476 / 633 / 816 million in 22-24 years (the value was RMB 523 / 681 million in 22-23 years ago). The current stock price corresponds to 29.9x/22.4x/17.4xpe in 22-24 years, maintaining the “buy” rating.
Risk warning: the risk of rising raw material prices; The risk of fluctuations in the real estate and home decoration market; Intensified market competition
