\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Key investment points
Performance summary: in 2021, the company achieved a revenue of 2.32 billion yuan, a year-on-year increase of 43.6%; The net profit attributable to the parent company was 380 million yuan, a year-on-year increase of 36.5%. In a single quarter, Q4 company achieved a revenue of 720 million yuan, a year-on-year increase of 18.3%; The net profit attributable to the parent company was 100 million yuan, a year-on-year decrease of 14.4%. The company's bad debt provision for Suning.Com Co.Ltd(002024) is 14.4 million yuan. If the impact of bad debt provision is excluded, the company's performance in Q4 single quarter will decrease by 3% year-on-year. In addition, the company plans to distribute a cash dividend of 3 yuan for every 10 shares to all shareholders, with a dividend rate of 32%.
The integrated stove has a rapid and large volume, and the market share has increased steadily. In 2021, the integrated stove industry expanded rapidly. According to the total data pushed by ovicloud, the annual sales growth of integrated stoves was 28% and 41%. As an advantageous enterprise in the integrated stove industry, the company has designed and developed a series of products with strong industrial competitiveness. In 2021, the integrated stove volume increased rapidly, and the sales growth rate was better than the industry performance. The company has a comprehensive channel layout, with about 2000 offline stores, fully covering the national distribution network; With rich experience in online operation, the online sales volume has ranked first in the integrated stove industry for seven consecutive years. With high-quality products and perfect channel layout, the company's terminal market share has increased steadily. According to AVC data, during the reporting period, the company's online listing proportion further increased to 23.4%, 12.1pp higher than the second place; The offline market share also reached 21.3%, with a year-on-year increase of 6.9pp.
Profitability is under short-term pressure. In terms of cost rate, the company reduced the cost and controlled the cost, and the cost rate decreased during the period. During the reporting period, the sales expense ratio was 21.8%, with a year-on-year decrease of 3.1pp; The rate of administrative expenses was 6.9%, a year-on-year decrease of 0.5pp; The financial expense ratio was - 0.8%, a year-on-year decrease of 0.4pp. Affected by the continuous rise of raw material prices and the change of accounting standards, the company's comprehensive gross profit margin / net profit margin declined, with gross profit margin / net profit margin of 46.1% / 16.2% respectively, a year-on-year decrease of 5.5pp/0.9pp. The gross profit margin of Q4 in a single quarter was 43%, a year-on-year decrease of 10.4pp; The net interest rate was 14.1%, a year-on-year decrease of 5.5pp. Under the background of big promotion, the company's Q4 short-term profit performance is under pressure due to the impact of superimposed high base. In addition, the company's bad debt provision for Suning.Com Co.Ltd(002024) also has a certain negative impact on the company's performance.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) two wheel drive, continuous research and development. The company continues to strengthen the three-dimensional marketing system of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrated development. In terms of offline channels, the company focuses on distribution, and the distribution stores have spread all over the country. In 2021, the company added more than 200 dealers; In terms of e-commerce channels, the company makes full use of the high traffic advantages of e-commerce platform and continues to expand the company's position as the No. 1 in the e-commerce channel industry through Wuxi Online Offline Communication Information Technology Co.Ltd(300959) mutual drainage. At the same time, the company continued to improve its R & D system and optimize its product R & D process. During the reporting period, the company's R & D investment increased by 28.1% year-on-year. Through continuous R & D, the company promoted product renewal and iteration. In 2021, the company listed more than 50 new products,
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 1.19/1.47/1.79 yuan respectively. Considering that the company is the leader of integrated stove, it will fully enjoy the industry dividend and maintain the "buy" rating.
Risk warning: the risk of raw material price or sharp fluctuation, and the risk of terminal sales falling short of expectations.
