\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: the company announced in its 2021 annual report that in 2021, it realized an 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%; Among them, the operating revenue in the fourth quarter was 721 million yuan, a year-on-year increase of 18.29%; The net profit attributable to the parent company was 102 million yuan, a year-on-year decrease of 14.43%.
Core view
Online and offline two wheel drive, and the market share of integrated stoves has increased steadily. Sub channels: according to the data disclosed in the annual report, the company’s online / offline channels achieved revenue of RMB 969 million / 1.349 billion respectively in 2021, with a year-on-year growth rate of 53% / 38%. Taking full advantage of the high traffic advantages of tmall, jd.com, Suning and other e-commerce platforms, the company consolidated the leading advantage of online channels by means of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) mutual drainage. Referring to the statistics of ovicloud, in 2021, the listing rate of Marssenger Kitchenware Co.Ltd(300894) integrated kitchen line reached 23.35% (year-on-year + 4.34pct), 12.10pct higher than the second place; In terms of offline channels, the company continues to expand its distribution network. In 2021, the number of distribution stores increased by more than 200 to about 2000. At the same time, it actively arranged engineering, packaging, Ka and other channels to tap new drivers of revenue growth. According to ovicloud, the offline market share of Marssenger Kitchenware Co.Ltd(300894) integrated kitchen in 2021 reached 21.32% (year-on-year + 6.88pct), ranking first in the industry. By product, in 2021, the company’s integrated stove / washing products / others achieved revenue of RMB 2.039/1.32/148 billion respectively, with a year-on-year increase of 45% / 25% / 41% Marssenger Kitchenware Co.Ltd(300894) actively optimized the product structure, increased the sales proportion of integrated steaming and baking products, and launched popular new products such as t7bc, e7bc and 30 series, so as to realize the simultaneous increase of volume and price of integrated stoves. According to the statistical data of Aowei cloud, in 2021, the online sales volume and average price of Marssenger Kitchenware Co.Ltd(300894) integrated stoves increased by 44% and 12% respectively year-on-year; In addition, the company continues to enrich the water washing product matrix, add new products such as water heaters, and continuously improve the integrated sink and dishwasher products.
Profitability is under pressure in the short term, and the future repair space can be expected. 2021q4 achieved a gross profit margin of 42.98%, a year-on-year decrease of 10PCT (excluding the impact of freight reclassification, it is speculated that the gross profit margin under the same caliber decreased by about 9pct year-on-year), which is mainly affected by the continuous high price of raw materials, and the short-term gross profit margin is under pressure. In order to alleviate the profit pressure caused by rising costs, the company actively improved operational efficiency and strengthened fee control. The fee rate during Q4 in 2021 was 26.61%, a year-on-year decrease of about 2pct under comparable standards. In 2021q4, the net profit margin attributable to the parent company was 14.20%, with a year-on-year decrease of about 5pct, which was less than the decline of gross profit margin. With the price of bulk raw materials stabilizing and falling in the future, the listing of high-end new products will increase the average price, and the profitability of the company is expected to be gradually repaired.
Hot new products continue to be launched, the construction of all channels continues to deepen, and the growth momentum is strong. On the product side, at the beginning of 2022, the company complied with the development trend of integrating steaming and baking in the market, and successively launched new high-end integrated stoves such as Q6 series and X7 series, which is expected to maintain the simultaneous increase of volume and price of core categories; In addition, the Integrated Dishwasher products represented by d30 or boost water washing products are gradually in large quantities. On the channel side, with the company’s increasingly stable leading edge in online channels and the continuous expansion of offline distribution network, engineering, decoration, Ka and sinking channels are gradually opened, and the construction of all channels continues to deepen.
Profit forecast and investment suggestions
Combined with the price trend of raw materials, the assumption of appropriately reducing the gross profit margin is predicted that the net profit attributable to the parent company from 2022 to 2024 will be RMB 486 / 619 / 773 million respectively (previously predicted to be RMB 496 / 642 million respectively from 2022 to 2023), and the DCF target valuation of the company will be RMB 48.08 to maintain the “overweight” rating.
Risk tips
New home sales or integrated stove penetration rate is lower than expected; Industry competition intensifies; New product development is not as expected; 1、 Risk of business expansion in second tier cities falling short of expectations
