\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
In 2021, the company achieved a revenue of 1.230 billion yuan, yoy + 71.66%, and a net profit attributable to the parent company of 210 million yuan, yoy + 45.76%; Among them, 21q4 achieved a revenue of 421 million yuan, yoy + 77.82%, and a net profit attributable to the parent company of 54 million yuan, yoy + 12.03%.
Key points supporting rating
Online channels continued to make efforts to achieve high growth in revenue. 1) On the product side, the company attaches great importance to the R & D and production of new products. Once launched, the independent series of steaming and baking products initiated by Yitian received positive feedback from the market. According to the data of ovicloud, the online sales market share of Yitian d2zk products reached 7.26% in 2021, ranking first in the industry; And won the first title of Jingdong and tmall integrated stove in double 11. 2) On the channel side, the company continues to promote the construction of diversified channels. Offline, the company adopts the “flat” distribution channel management mode and continues to recruit and optimize the distribution team. By the end of 2021, the company has more than 1300 dealers, basically realizing the wide coverage of distribution channels nationwide; Continue to improve the layout of Ka, engineering, sinking and home decoration channels. By the end of 2021, more than 3500 sinking channel outlets and dealer stores such as JD home appliances, tmall premium products and Suning retail cloud had been settled; There are more than 5200 cooperative decoration enterprises. Online, the company attaches great importance to the development of e-commerce channels, realizes Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration and connection, and continuously improves the market share. According to the data of ovicloud, Yitian integrated stove accounted for 11.25% in 2021, up 4.81pct year-on-year, ranking the second level in the industry.
The gross profit margin remained stable and the investment of marketing expenses increased. In 2021, the company’s gross profit margin was 44.73%, with a year-on-year increase of -0.85pct; Among them, the gross profit margin of distribution was 43.89%, year-on-year -4.19pct, and the gross profit margin of direct sales was 53.98%, year-on-year + 16.99pct. In the context of rising raw material costs, the company successfully transferred the cost pressure to the terminal through product structure optimization. In 2021, the company’s net interest rate was 17.04%, with a year-on-year rate of -3.03pct and a year-on-year rate of sales expenses of + 2.72pct. The company attached great importance to marketing publicity, intensified online competition and increased year-on-year cost investment.
Valuation
The integrated stove is in the channel of rapid penetration improvement. The company’s channel reform has achieved remarkable results, and the product promotion effect continues to be realized. We expect the company’s EPS to be 2.66 yuan / 3.54 yuan / 4.51 yuan respectively from 2022 to 2024, corresponding to the P / E ratio of 23.0 times / 17.3 times / 13.6 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.
