\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
Event: the company released the first quarterly report of 2022. The company achieved a revenue of 413 million yuan in the first quarter of 2022, a year-on-year increase of + 12.15%; The net profit attributable to the parent company was 122 million yuan, a year-on-year increase of 20.92%; The non net profit deducted was 121 million yuan, a year-on-year increase of + 20.82%.
The performance of integrated stove industry is better than that of traditional kitchen electricity, and the company continues to make efforts in the online market. By channel: the performance of integrated stove industry is still better than that of traditional kitchen appliances. According to the data of ovicloud, the offline / online sales of 22q1 integrated stove industry increased by + 18.36% / + 23.5% year-on-year. Midea continued to make efforts in online channels, and the proportion of online listing increased by 2.82pct to 7% year-on-year. By category: the steamer products of 22q1 company are more favored by the market, and the online / offline market share is 13.78/6.82pct to 15.57% / 27.45% respectively year-on-year.
The ability to control fees was good, and the net interest rate rose against the trend. Gross profit margin: the gross profit margin of 2022q1 company increased from -1.34pct to 49.77% year-on-year, mainly due to the high cost of raw materials. Expense ratio: the ability to control expenses is good, and the expense ratio decreases slightly. The sales / management / R & D / financial expense ratio of 2022q1 company increases from -1.72pct/0pct / – 0.29pct / – 0.28pct to 11.08% / 4.74% / 3.29% / – 1.22% year-on-year. Net interest rate: under active fee control, the net interest rate of 2022q1 company bucked the trend and increased by 2.13pct to 29.41% year-on-year.
The cash flow is good and the relationship with downstream dealers is stable. In 2022q1, the net cash flow from operating activities of the company increased by 280.59% year-on-year to 73 million yuan, mainly due to the decrease in other cash paid in the current period related to operating activities. Among them, accounts receivable increased significantly by 38.5.25% to 71 million yuan year-on-year, mainly because the company adopted the sales policy of payment before goods, and gave customers with good reputation and great potential a certain amount of account period, which contributed to the stable development of distribution channels; Contract liabilities increased by 52.73% year-on-year to 129 million yuan, reflecting the dealers’ strong willingness to pick up goods.
The construction of diversified channels continued to advance. According to the 2021 annual report previously released by the company, the company has made great progress in distribution / Ka / home decoration channels. 22q1 company continues to promote the development of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration and increase its market share online. At the same time, the company occupies a high-quality big business in the offline channel, maintains a good manufacturer relationship and has the channel thrust. In the future, with the further opening of online channels, it is expected to continue to promote brand awareness.
Profit forecast and investment suggestions. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 786 million, RMB 934 million and RMB 1108 million respectively, with a year-on-year growth rate of 18.3%, 18.8% and 18.5%, maintaining the “buy” investment rating.
Risk warning: price fluctuation of raw materials, fluctuation of real estate market and intensification of market competition
