\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Events
Recently, the company released its annual report for 2021, which disclosed that the annual operating revenue was 2.319 billion yuan / + 43.65%; Net profit attributable to parent company: RMB 376 million / + 36.53%; The net profit deducted from non return to parent is RMB 353 million / + 36.54%; The basic earnings per share is 0.93 yuan / + 22.37%.
Key investment points
Adhere to “Online + offline” and two wheel drive high growth: the company’s operating revenue in 2021 was 2.319 billion yuan, with a double-digit growth of 43.65% year-on-year, reaching the previous expectation. The net profit attributable to the parent company was 376 million yuan / + 36.53%, and the overall gross profit margin for the whole year was 46.11% / – 5.47 PCT, which was still at a high level, down from last year, mainly because 2021h2 was greatly affected by the rise in raw material prices, especially the pressure on revenue in the fourth quarter, the increase in the proportion of e-commerce business and the increase in promotion increased the platform expenses. By channel, in 2021, the company strengthened publicity and promotion online, and more than 200 offline dealers were added Wuxi Online Offline Communication Information Technology Co.Ltd(300959) respectively contributed 969 million yuan / 1.349 billion yuan of operating revenue, up + 53.03% / + 37.60% year on year Wuxi Online Offline Communication Information Technology Co.Ltd(300959) accounts for 41.80% and 58.2% of revenue, which is higher than that in 2020. The company gives full play to the traffic advantages of e-commerce platform and continues to consolidate its brand voice and market share. According to ovicloud data, Marssenger Kitchenware Co.Ltd(300894) online market share is about 23.4%, far ahead of the second place Wuxi Online Offline Communication Information Technology Co.Ltd(300959) ‘s gross profit margin was 47.38% and 45.20% respectively, with a year-on-year decrease of 7.57 percentage points and 4.20 percentage points respectively.
Strengthen the moat of “R & D + brand” and expand both low-end and high-end products: in 2021, the R & D cost was 74 million yuan / + 28.14%, 0.15 percentage points faster than that in 2020. The company further increased R & D investment – the number of R & D personnel increased from 229 in 2020 to 242. The R & D and listing of four major projects were completed throughout the year. In addition, smart kitchen, practical integrated stove for middle and low-end The research and development of new technologies and products will help the company expand categories, expand target groups and consolidate technical barriers. Due to the increase of personnel scale and salary adjustment, the annual management cost was 86 million yuan, a year-on-year increase of 37.84%; The increase of sales personnel salary expenditure and promotion expenses increased the sales expenses in 2021, with a year-on-year increase of 25.86% to 507 million yuan; However, financial expenses decreased significantly by 161.06% year-on-year, due to the sharp increase in interest income brought by deposit balance.
Comprehensive distribution focuses on the front line and leads the extension of industrial layout with wisdom: on the one hand, the company has continuously expanded the distribution network layout in cities at all levels across the country. By the end of the reporting period, it has established about 2000 distribution stores and built a national distribution network from first and second tier cities, third and fourth tier cities to township level markets; On the other hand, the company plans to further strengthen the layout and penetration in the first tier cities. Therefore, the company set up a subsidiary Beijing Youhong kitchenware Co., Ltd. in Beijing in June 2021, with a shareholding ratio of 64.97%, in order to strengthen the market development and operation capacity of the first tier cities. In the field of product technology, the company focuses on the research and development of smart products and will set foot in smart home based on relevant technologies. Therefore, in December 21, the company established Zhejiang Marssenger Kitchenware Co.Ltd(300894) smart home Co., Ltd. with 100% shareholding to develop smart home business.
Investment suggestion: Marssenger Kitchenware Co.Ltd(300894) is the leading brand in the subdivided field of deep ploughing integrated stoves. Under the pressure of epidemic situation and rising raw material prices in 2021, its bright growth performance will further consolidate its leading position. At present, in addition to insisting on building channel advantages, the company will further clarify the market product crowd positioning, and try to extend its business from intelligence to whole house intelligence. We predict that the company’s earnings per share from 2022 to 2024 will be 1.25 yuan, 1.65 yuan and 2.18 yuan respectively, and the price earnings ratios of 22e and 23e will be 28.3 times and 21.3 times respectively. We give the suggestion of “Buy-A”.
Risk tip: the penetration rate of the product market slows down faster than expected; R & D efficiency is not ideal; The cost of raw materials continues to rise sharply; Market competition intensifies.
