\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 29 Loctek Ergonomic Technology Corp(300729) )
Event: the company issued the annual report of 2021. In 2021, the company achieved a revenue of 2.871 billion yuan, a year-on-year increase of 47.95%; The net profit attributable to the parent company was 185 million yuan, a year-on-year decrease of 14.93%; The non net profit deducted was 109 million yuan, a year-on-year decrease of 40.81%; The non recurring profit and loss is 75.32 million yuan, which is mainly contributed by the profit and loss from the disposal of non current assets and government subsidies. In a single quarter, 21q4 achieved a revenue of 771 million yuan, a year-on-year increase of 6.88%; The net profit attributable to the parent company was 61 million yuan, a year-on-year increase of 9.80%; The non net profit deducted was 13 million yuan, a year-on-year decrease of 69.94%.
The company’s profitability is under pressure due to the superposition of multiple adverse factors. 1) In terms of profitability, the company’s gross profit margin in 2021 was 39.72% (-7.02 PCT.); The net interest rate attributable to the parent company is 6.43% (-4.76pct.), The gross profit margin of 21q4 in a single quarter is 42.05% (- 2.67pct.), The net interest rate attributable to the parent company is 7.91% (+ 0.16pct.). In 2021, shipping costs and raw material prices continued to rise, the exchange rate of the US dollar against the RMB was damaged, the capacity utilization rate of Vietnam was insufficient, and the proportion of overseas warehouse business increased, resulting in pressure on the company’s profit margin. 2) In terms of period expenses, the rates of sales, management, R & D and financial expenses of the company in 2021 were 24.04%, 3.81%, 4.52% and 2.38% respectively, with a year-on-year increase of -0.13, -0.94, + 0.16 and + 0.66pct respectively, The expense rate during the period reflects the scale effect, and the increase in financial expenses is affected by lease liabilities, interest on convertible bonds and handling charges of independent stations.
Channel side: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) Qi develops, and new marketing helps the brand out of the circle. 1) In 2021, the company’s online revenue totaled 1.605 billion yuan (+ 39.30%). In terms of splitting, it is estimated that the revenue of cross-border e-commerce business is about 1.5 billion yuan (+ 38.76%), of which the revenue of independent station is 527 million yuan (+ 89.19%), and the revenue of Amazon direct sales is 837 million yuan (+ 16.19%). In 2021, the company cooperated with “he classmate”, the up Master of station B technology, in content marketing, and the music and song brand successfully came out of the circle. The revenue of China online through tmall, Taobao, jd.com, Xiaomi Youpin and other channels was 170 million yuan (+ 44%). 2) In 2021, the company’s offline revenue totaled 1.063 billion yuan (+ 40.53%). In the future, the company will continue to give full play to its channel advantages, explore dealer channels, actively layout offline stores, accelerate the pace of domestic sales development, and build a new pattern of mutual promotion of China’s international double cycle.
Product side: focus on linear drive to promote multi scenario applications of healthy office and smart home. 1) In 2021, the revenue of ergonomic workstation was 2.163 billion yuan (+ 51.52%), of which 1.645 billion yuan (+ 72.58%) was the core incremental source. 2) In 2021, the revenue of ergonomic large screen support products was 228 million yuan (- 1.84%), that of other self-produced products was 215 million yuan (+ 7.65%), and that of purchased products was 61 million yuan (+ 69.3%). 3) The company continued to increase its R & D investment. In 2021, the R & D cost was 130 million yuan, with a year-on-year increase of 53.4%. It is expected to build various applications of linear drive technology in healthy and smart office scenes and smart home scenes, such as intelligent electric bed, lifting coffee table, Cecep Solar Energy Co.Ltd(000591) power generation system based on linear drive, etc., which is expected to create the second growth curve of the company.
The overseas warehouse business deepened the moat, and the capacity layout continued to be optimized. 1) The company made every effort to promote the innovative service complex project of public overseas warehouses of cross-border e-commerce, and adopted the way of “small warehouses and large warehouses”. By the end of 2021, the company had 15 warehouses worldwide, with a delivered area of 260000 square meters and another 53000 square meters of warehouses under construction. 2) At present, the company’s overseas warehouse business has covered overseas warehousing and tail delivery. In January 2022, the company announced that it would invest 207 million yuan to build a 1800teu container ship to extend to the first sea transportation. 3) The company adjusted its production capacity plan for the next three years and expected to build a new production capacity of 3.15 million units / set, an increase of about 57.5% over the current one, mainly focusing on the bases in Guangxi and Vietnam.
Investment suggestion: the company’s ergonomic independent brand has outstanding advantages, the overseas warehouse deepens the competitive barrier, and the new products create the second curve, which is expected to realize the common development of China’s international business. We expect the company to achieve revenue of RMB 3.883 billion, RMB 5.096 billion and RMB 6.538 billion from 2022 to 2024, with an increase of 35.3%, 31.2% and 28.3% at the same time, and realize net profit attributable to the parent company of RMB 270 million, RMB 388 million and RMB 534 million (macro environmental impact profit, the previous forecast from 2022 to 2023 was RMB 321 million and RMB 460 million), with an increase of 46.3%, 43.6% and 37.6% at the same time, and EPS was RMB 122, 176 and 2.42, maintaining the “buy” rating.
Risk tip: the risk of intensified Sino US trade friction, intensified industry competition, raw material price and exchange rate fluctuation
