\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
Q4's revenue increased rapidly, the marketing overweight share increased, the logic continued to be fulfilled, and the "buy" rating was maintained
In 2021, the revenue was 1.23 billion (+ 71.7%), and the net profit attributable to the parent company was 210 million (+ 45.8%). 2021q4 achieved a revenue of 420 million (+ 77.8%) and a net profit attributable to the parent company of 50 million (+ 12.0%). The high income growth and slightly higher performance than expected are mainly driven by the company's brand marketing overweight and the coordinated development of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels. Considering the impact of epidemic disturbance and raw material price, we lowered the profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 273 / 364 / 466 million (the original value of RMB 280 / 389 million in 20222023), and the corresponding EPS will be RMB 2.53/3.37/4.31 respectively (the original value of RMB 2.59/3.60 in 20222023). The current stock price will be 24.2/18.2/14.2 times that of PE. The logic of increasing the marketing overweight share will continue to be realized and the "buy" rating will remain unchanged.
The brand share of online channels continued to increase, and the diversification of offline channels expanded smoothly
In 2021, the revenue of integrated stoves was 1.13 billion (+ 75.1%), accounting for 91.6% (+ 1.9 PCTs), and the revenue of dishwashers and other main businesses was 100 million (+ 41.1%), and the expansion of emerging businesses was steadily promoted. In 2021, the distribution / direct sales revenue was 1.10 billion / 120 million respectively, with a year-on-year increase of + 80.3% / + 22.6% respectively. The main reason for the high income increase in the distribution mode is that the company adheres to the separation of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) models + the same model and commission of some models, so as to mobilize the enthusiasm of dealers and create online explosive products. In 2021, the company's JD channel sales (including tax) reached 450 million (+ 193%), and tmall channel realized 250 million (+ 212%). According to ovicloud, the sales volume of online channel companies in 2022q1 reached 140 million (+ 163.6%), accounting for 16.1% (+ 8.6pcts), with an obvious upward trend. The offline diversification has expanded smoothly. By the end of 2021, it has more than 1300 dealers and more than 3500 sunken outlets and specialty stores; There are more than 5200 cooperative decoration enterprises.
The gross profit margin of integrated stove has increased against the trend and has strong toughness. It is optimistic that the net profit margin will remain stable and rise
In 2021, the gross profit margin was 44.7% (- 0.9pct), of which the gross profit margin of integrated stoves was 46.9% (+ 0.7pct). Under the background of the sharp rise of raw materials, it reflected strong toughness through structural improvement, and the gross profit margin of 2021q4 was 44.0% (- 4.6pcts). 2022q4 sales / management / R & D / financial expense ratio is - 1.8 / + 0.8 / + 1.5 / + 3.9pcts respectively year-on-year. After the marketing launch seizes the mind of consumers, we expect that the efficiency of sales expense launch may be improved. The net interest rate in 2021 is 17.0% (- 3.0pcts) and that in 2021q4 is 12.8% (- 7.5pcts). We expect the price of raw materials to decline for a long time. With the continuous iteration of product upgrading and the improvement of cost delivery efficiency, the net interest rate is expected to remain stable and rise.
Risk warning: market competition intensifies; Price fluctuation of raw materials; The new business development of water washing did not meet expectations.
