\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
In 2021, the revenue increased rapidly, the promotion of Omni channel and multi category continued to lead, and the "buy" rating was maintained
In 2021, the revenue was 2.32 billion yuan (+ 43.6%), and the net profit attributable to the parent company was 380 million yuan (+ 36.5%). In 2021q4, the revenue was 720 million yuan (+ 18.3%), and the net profit attributable to the parent company was 100 million yuan (- 14.4%). Q4 performance declined, mainly due to the high price of raw materials and the provision of bad debts of Suning.Com Co.Ltd(002024) accounts receivable of nearly 14 million. If the bad debt provision is added back, the net profit attributable to the parent company is expected to reach 390 million (+ 42%) in 2021. Considering the impact of raw material prices on performance, we lowered the profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 499 / 646 / 818 million yuan (the original value of 523 / 672 million yuan in 20222023), and the corresponding EPS will be 1.23/1.59/2.02 yuan respectively (the original value of 129 / 166 million yuan in 20222023). The current stock price corresponding to PE is 28.6/22.1/17.4 times. The company has obvious first mover advantages in all channels and multiple categories, Maintain the "buy" rating.
The second growth curve of washing industry is gradually improved, and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all channels expand smoothly and continue to lead
In 2021, the income of integrated stoves was 2.04 billion yuan (+ 45.3%), and the income of water washing was 130 million yuan (+ 24.5%), superimposed with new categories such as waste processor and water purifier in 2022, and steadily transformed to the overall kitchen. In 2021, the online / offline revenue was RMB 970 million / 1.35 billion respectively, with + 53.0% / 37.5% respectively. According to ovicloud, the company's online share reached 23.4% (+ 4.3pcts) in 2021 and 22.0% (+ 0.8pct) in 2022 Q1, which continued to increase. In 2021, we adhered to the omni channel strategy offline. Throughout the year, there were more than 200 new dealers, a total of about 1500, and about 2000 terminal distribution stores; Sinking channels have accumulated more than 7000 dynamic sales outlets and 2000 sampling outlets; Ka channel has about 750 stores in total; More than 60 contracted customers in the whole packaging channel; There are more than 60 engineering channel dealers.
Affected by the rise of raw materials, the company's profitability is under pressure at the stage, and is optimistic about the opportunity of gross profit margin repair
The gross profit margin in 2021 was 46.1% (- 5.5pcts) and that in 2021q4 was 43.0% (- 10.4pcts), with a large decline, mainly due to the rise in the price of raw materials, the change of freight accounting standards, the high completion of dealers' annual tasks and the increase of rebate. In 2021, the ratio of sales / management / R & D / financial expenses was - 3.1 / - 0.2 / - 0.4 / - 0.4pct respectively. The sales expense rate decreased significantly, mainly due to the formation of word-of-mouth effect and the increase of natural traffic, which improved the cost delivery efficiency of e-commerce. The net interest rate in 2021 is 16.2% (- 0.9pct), and that in 2021q4 is 14.2% (- 5.4pcts). Driven by the repair of gross profit margin, we expect the net profit margin to increase steadily.
Risk warning: rising risk of raw materials; Market competition intensifies risks; Channel expansion is less than expected risk
