\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
In 2021, the company achieved a revenue of 2.319 billion yuan, yoy + 43.65%, and a net profit attributable to the parent company of 376 million yuan, yoy + 36.53%; Among them, 21q4 achieved a revenue of 721 million yuan, yoy + 18.29%, and the net profit attributable to the parent company was 102 million yuan, yoy-14.43%.
Key points supporting rating
Multi channel coordinated development, and the share of e-commerce continues to lead. 1) On the product side, the company adheres to product R & D and technological innovation. In 2021, the company launched more than 50 new products, including integrated stoves, dishwashers and other products. Through the upgrading of product structure, the company drove the average price to rise. In 2021, the average online / offline prices were 9663 yuan / 10756 yuan respectively, an increase of 1060 yuan / 402 yuan year-on-year. 2) On the channel side, the growth rate of Marssenger Kitchenware Co.Ltd(300894) online / offline revenue in 2021 was 53.03% / 37.60% respectively. The company adheres to the channel diversification strategy, vigorously promotes the laying of distribution stores nationwide, and continues to maintain the advantage of e-commerce platform. By the end of 2021, there were about 2000 new distributors and more than 200 new distributors; The company makes full use of the high traffic advantages of tmall, jd.com and Suning e-commerce platforms. The e-commerce business has ranked first in the online sales of integrated stoves industry for seven consecutive years. In 2021, "June 18" and "double 11" will continue to rank first in the online sales of "tmall, jd.com, Suning.Com Co.Ltd(002024) " integrated stoves category; According to ovicloud data, Marssenger Kitchenware Co.Ltd(300894) online sales accounted for 23.35%, up 4.33pct year-on-year. Continue to encourage and support dealers to settle in Ka stores, layout sinking channels and home decoration channels, and provide a strong driving force for the company's performance growth.
The cost of raw materials rose, and the growth rate of 21q4 performance was under pressure. In 2021, the gross profit margin of the company was 46.11%, year-on-year -5.47pct, and the net profit margin was 16.20%, year-on-year -0.84pct. 21q4 gross profit margin was 42.98%, year-on-year -10.40pct, and net profit margin was 14.20%, year-on-year -5.43pct. Logistics expenses were adjusted from sales expenses to operating costs, and the cost of raw materials increased. In order to encourage dealers to increase rebates, the net interest rate of 21q4 decreased year-on-year. With the increase of the average price of the company's products, the performance end is expected to grow steadily.
Valuation
Considering the high prosperity of the integrated stove industry, the pressure of raw material cost and the increase of e-commerce cost investment, we expect the company's EPS to be 1.26 yuan / 1.65 yuan / 2.09 yuan from 2022 to 2024, corresponding to the P / E ratio of 28.0 times / 21.3 times / 16.9 times, maintaining the buy rating.
Main risks of rating
Risk of single product structure; The risk of intensified market competition; Raw material price fluctuation risk, etc.
