\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
Event: the company achieved a revenue of 1.230 billion yuan in 2021, a year-on-year increase of + 71.7%; The net profit attributable to the parent company was 210 million yuan, a year-on-year increase of + 45.8%; Deduct the net profit not attributable to the parent company of 180 million yuan, a year-on-year increase of + 45.9%. Among them, the company’s 21q4 achieved a revenue of 421 million yuan, a year-on-year increase of + 77.7%, deducting a net profit of 30 million yuan, a year-on-year decrease of – 20.0%. The company plans to distribute a cash dividend of 6.0 yuan (including tax) for every 10 shares to all shareholders based on 108 million shares, with a total of 65 million yuan.
Full year: revenue exceeded expectations, performance met expectations, and e-commerce business drove growth. On the revenue side, the company achieved a revenue of 1.230 billion yuan in 21 years, a year-on-year increase of + 71.7%, significantly outperforming the growth rate of the integrated stove industry. According to the total data pushed by ovicloud, the retail volume of integrated stove Market in 21 years was 25.6 billion yuan, a year-on-year increase of 41%. In terms of channels, the distribution revenue of company 21 accounted for 89.58%, with a year-on-year increase of + 80.33%; Direct sales revenue accounted for 9.88%, with a year-on-year increase of + 22.64%; Export revenue was + 2.78% year-on-year, accounting for a relatively small proportion. Based on Wuxi Online Offline Communication Information Technology Co.Ltd(300959) division, 1) in 21 years, the company realized gmv6 on tmall and jd.com platforms 9.6 billion yuan, and the income of Yitian e-commerce, a wholly-owned subsidiary, was 549 million yuan in 2021, an increase of 140.45% over the same period last year, injecting strong momentum into the overall income growth. Roughly speaking, the direct selling part of the company is about 122 million yuan, and the rest is the online delivery revenue of dealers; 2) The company continued to expand its offline outlets. By the end of the 21st century, the company had more than 1300 dealers, with more than 3500 sunken channel outlets and dealer stores, of which sunken channel is expected to contribute about 50 million yuan; 3) The company has cooperated with more than 5200 decoration enterprises in 21 years, and the channel income of home decoration is expected to be 140150 million yuan; 4) Actively explore Ka channels, but the proportion of revenue is expected to be small. On the performance side, in 21 years, the company realized a net profit attributable to the parent company of 210 million yuan, a year-on-year increase of + 45.8%, a year-on-year increase of – 3.0pct to 17.0%, and its profitability declined slightly. We believe that the main reasons are as follows: 1) the price rise of main raw materials such as stainless steel sectors lowered the gross profit margin by 0.9pct to 44.7%; 2) In the period of rapid growth of the industry, the company strategically increased the cost of advertising and channel development. The annual sales / management / R & D / financial cost rate in 21 years was 19.3% / 3.4% / 4.5% / – 0.9% respectively, with a year-on-year increase of + 2.7 / – 0.9 / + 0.1 / + 0.2pct.
Single fourth quarter: the revenue performance is bright, and the performance is under pressure in the short term. The company’s 21q4 revenue increased by 77.8% year-on-year to 421 million yuan, realizing a net profit attributable to the parent company of 54 million yuan (the net profit attributable to the parent company according to the wind standard was + 12.0% year-on-year, and the net interest rate was – 7.5pct year-on-year. According to the quarterly data of the company’s 20 annual report, the net profit attributable to the parent company of 21q4 was – 6.0% year-on-year and the net interest rate attributable to the parent company was – 11.4pct), deducting the net profit not attributable to the parent company of 30 million yuan, a year-on-year. The company’s performance is under short-term pressure. In addition to the continuous upward pressure on the cost side and the investment in channel development expenses, the company accrued 4.93 million yuan of share payment expenses in Q4 and actively invested in the research and development of new generation products, which squeezed the profitability of the current quarter. Specifically, the rates of 21q4 sales / management / R & D / financial expenses were 19.1% / 4.9% / 5.4% / 2.7% respectively, with a year-on-year increase of – 1.8 / + 0.8 / + 1.5 / + 3.9pct. The high financial expenses are mainly due to the increase of interest income caused by the increase of bank deposits of the company.
Investment suggestion: 2021 is a year of innovation for the company. Actively implement management reform and talent introduction internally, and further consolidate the company’s advantages in product innovation and R & D; Vigorously invest in marketing, optimize dealer management and diversified channel layout, actively seek brand breakthrough, and realize high growth in both lines under the joint catalysis of internal and external. With the gradual establishment of the leading edge, the Matthew effect of the company can gradually appear, which is expected to seize the high prosperity development dividend of the industry and rank among the first echelon. Later, with the gradual implementation and effectiveness of the cost investment, the resilience of the company’s performance repair is worth looking forward to. It is estimated that the net profit attributable to the parent company in 22-24 years is 280 / 381 / 493 million yuan (the value was 300 / 387 million yuan 22-23 years ago), and the current stock price corresponds to 24.0x/17.7x/13.7xpe in 22-24 years, maintaining the “buy” rating.
Risk warning: the risk of rising raw material prices; The risk of fluctuations in the real estate market; The risk of intensified market competition.
