\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: Marssenger Kitchenware Co.Ltd(300894) published the annual report of 2021. The company achieved revenue of 2.32 billion yuan in 2021, yoy + 43.7%; Achieved performance of 380 million yuan, yoy + 36.5%. Converted 2021q4 single quarter revenue of 720 million yuan, yoy + 18.3%; The performance was 100 million yuan, yoy-14.4%. Q4 company's sales maintained rapid growth and its revenue performance met expectations; Q4 performance declined due to cost pressure.
The market share of the company's integrated stove sales increased: in 2021, the company's integrated stove sales were about 380000, yoy + 56%. Combined with the data of ovicloud, in 2021, Marssenger Kitchenware Co.Ltd(300894) integrated stoves accounted for 12.5% of the market, with a year-on-year increase of + 2.3pct. In terms of product structure, the sales volume of the company's integrated steaming and baking machines accounted for 30% in 2021, only 8% in the same period of last year, and the product structure was further optimized. We believe that the company has made efforts to build channels and increase brand marketing, and its position in the industry has been gradually improved.
Large scale growth of e-commerce channels: according to the main channels, in 2021, Marssenger Kitchenware Co.Ltd(300894) offline revenue was 1.35 billion yuan, yoy + 37.6%, accounting for about 58.2% of the total revenue; Online revenue (including online orders from dealers) was 970 million yuan, yoy + 53.0%, accounting for 41.8% of the total revenue. According to the announcement, the company has ranked first in the sales of online integrated stoves for seven consecutive years. In 2021, "June 18" and "double 11" will continue to rank first in the online sales of tmall, JD and Suning.Com Co.Ltd(002024) integrated stoves. We believe that Marssenger Kitchenware Co.Ltd(300894) early layout of online channels has a first mover advantage and a solid position in the industry.
Expand the number of stores and layout new channels: according to the announcement, in 2021, Marssenger Kitchenware Co.Ltd(300894) added more than 200 dealers and opened about 210 new distribution stores. By the end of 2021, the company has about 2000 distribution stores. According to the announcement, the company also actively laid out emerging channels such as home appliance Ka stores, sunken stores and engineering channels, bringing new revenue growth points.
The difference between Q4 gross profit margin and sales expenses decreased year-on-year: Marssenger Kitchenware Co.Ltd(300894) implement the new accounting standards and transfer the logistics expenses in sales expenses into operating costs. Excluding the impact of changes in accounting standards, 2021q4 (gross profit margin - selling expense rate) was -7.8pct year-on-year, mainly due to the obvious rise in the price of raw materials. According to the announcement, Marssenger Kitchenware Co.Ltd(300894) plans to increase the ex factory unit price of integrated stove products from April 1, 2022. We expect that the profitability of the company may improve in the next few quarters.
Investment suggestion: Marssenger Kitchenware Co.Ltd(300894) is a leading enterprise in the industry, with product advantages and wide channel coverage. We expect that the company's EPS from 2022 to 2023 will be 1.14/1.34 yuan respectively, and the 12-month target price will be 42.88 yuan, corresponding to 32 times PE in 2023, with a Buy-A rating.
Risk tip: the price of raw materials has risen sharply and the competition pattern has deteriorated
