\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: the company released its 2021 annual report. In 2021, it achieved a revenue of 2.319 billion yuan, a year-on-year increase of + 43.65%, and a net profit attributable to the parent company of 376 million yuan, a year-on-year increase of + 36.53%; Among them, 2021q4 achieved a revenue of 721 million yuan in a single quarter, a year-on-year increase of + 18.29%, and a net profit attributable to the parent company of 102 million yuan, a year-on-year increase of - 14.43%.
Adhere to the construction of diversified channels and stabilize the leading position online. The company has achieved online and offline dual drive: online, online channel revenue in 2021 was + 53.0% year-on-year, and online share was + 2.56pct to 41.8% year-on-year. According to ovicloud, the company's online share increased to 23.4%, ranking steadily as the online leader; Offline, the revenue in 2021 was + 37.6% year-on-year. On the one hand, it continued to improve the coverage of the national distribution network, with more than 200 new dealers and about 2000 distribution stores. On the other hand, it increased the construction of emerging channels such as Ka, packaging and engineering, and the construction of multiple channels is expected to bring new increment.
Integrated stoves led growth, and the proportion of integrated steaming and baking increased. In 2021, the company's integrated stove business increased by + 45% year-on-year, accounting for 87.9%, and water washing products increased by + 24.5% year-on-year, significantly improving the growth rate compared with 2020. In 2021, the company listed more than 50 new products, covering multiple categories and channels, to meet the market demand, and the proportion of integrated steaming and baking products increased significantly. In 2022, the company will layout multiple new products. The optimization of integrated stove product structure is expected to drive the improvement of profits, and the new products will drive the increase of washing products.
Affected by the rise in the price of raw materials, the profit in the fourth quarter was under pressure. In 2021, the company's gross profit margin was 46.11%, year-on-year -5.5pct, Q4 gross profit margin was 42.98%, year-on-year -10.4pct, mainly due to the rise in the price of raw materials and the change of accounting standards; In terms of expenses, the ratio of sales (same caliber) / management / R & D / financial expenses in 2021 was -1.26 / - 0.16 / - 0.39 / - 0.36pct year-on-year, and the effect of controlling expenses was good; The annual net interest rate declined slightly. In 2021, the net interest rate was 16.16%, year-on-year -0.9pct, and Q4 was 14.12%, year-on-year -5.5pct.
Investment suggestion: the company is expected to realize a net profit attributable to the parent company of RMB 506 / 654 / 815 million from 2022 to 2024. The company has a rapid development momentum and the market share has reached the top rapidly. The listing of new products and the construction of diversified channels are expected to bring increment. The increase of the proportion of steaming and baking is expected to bring profit improvement and maintain the "buy" rating.
Risk tip: the price of raw materials increases, the market competition intensifies, and the performance of new products and channel expansion are less than expected.
