\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Core view
Event: the company released its annual report for 2021, and achieved an annual operating revenue of 2.319 billion yuan, 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%; It is proposed to pay a cash dividend of 3.00 yuan (including tax) for every 10 shares.
Comments:
Benefiting from the high prosperity of the integrated stove industry, the company's revenue increased significantly. By category, the company's integrated stove, integrated sink and dishwasher achieved annual revenue of RMB 2.039132 billion respectively, with a year-on-year growth of + 45.33% / + 24.53% respectively. According to ovicloud, the retail sales of integrated stoves in China in 2021 was 25.6 billion yuan, a year-on-year increase of + 41%. The growth rate of the company's integrated stoves revenue was slightly higher than the overall growth rate of the industry. In terms of channels, the company's online and offline revenue reached RMB 969 million and 1.349 billion respectively, with a year-on-year increase of + 53.03% / + 37.60% respectively. During the period, while maintaining the advantages of e-commerce platform, the company further strengthened the layout of offline engineering, packaging, Ka and other emerging channels and the expansion of sinking channels, and the two wheel driven marketing model provided sufficient momentum for the company's performance growth.
The gross profit margin fell under pressure in the short term, and the effect of expense control was good. Affected by the sharp rise in the price of raw materials during the year and the adjustment of the new accounting standards, the company's gross profit margin in 2021 was -5.47pct to 51.69% year-on-year. The company strengthened the efficiency of operation and management, and the expense rate during the whole year was -4.04pct to 27.95%, including -3.13pct / -0.16pct / -0.39pct to 21.84% / 3.73% / 3.19% respectively. Under the comprehensive influence, the annual net profit margin was -0.89pct to 16.16% year-on-year, The decline of net profit margin is less than that of gross profit margin, and the effect of fee control of the company is good.
The expansion of emerging channels was accelerated, and the expansion of production capacity was steadily promoted. In offline channels, on the one hand, the company has continuously strengthened the expansion of emerging channels such as packaging, engineering and Ka, on the other hand, it has vigorously promoted the laying of distribution stores nationwide. By the end of 2021, the number of distributors of the company had reached more than 1500, an increase of more than 200 over the beginning of the year; The number of terminal distribution stores is about 2000, an increase of about 210 over the beginning of the year. At the beginning of 2022, the company announced that it planned to issue convertible bonds to raise funds for the construction project of intelligent kitchen power production base. It is expected that the production capacity of integrated stove / dishwasher / gas water heater / kitchen supporting appliances will increase by 12000 / 10 / 5 / 20000 units every year, and the production capacity of the company is expected to be released gradually in the future.
Investment suggestion: the leading position of the integrated stove industry is stable, the brand strength is strong, and the "buy" rating is maintained. The company's channel layout is becoming more and more perfect. With the gradual increase of integrated stoves and washing products, the revenue is expected to continue to increase. We fine tune the company's profit forecast. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be 516 / 652 / 758 million yuan respectively (the original forecast value in 2022 / 2023 is 557 / 719 million yuan), corresponding to 28 / 22 / 19 times of the current market value PE respectively, maintaining the "buy" rating.
Risk tip: the development of new products is less than expected, the epidemic situation in China is repeated, and the price of raw materials is rising.
