\u3000\u3 China Vanke Co.Ltd(000002) 508 Hangzhou Robam Appliances Co.Ltd(002508) )
In 2021, the company achieved a revenue of 10.148 billion yuan, yoy + 24.84%, and a net profit attributable to the parent company of 1.332 billion yuan, yoy-19.81%; Among them, 21q4 achieved a revenue of 3.077 billion yuan, yoy + 22.96%, and the net profit attributable to the parent company was – 11 million yuan, yoy-102.0%; In 2022q1, the revenue was 2.086 billion yuan, yoy + 9.32%, and the net profit attributable to the parent company was 368 million yuan, yoy + 2.47%.
Key points supporting rating
New and old categories work together, with revenue exceeding 10 billion in 21 years. In 2021, under the adverse background of weak real estate data, repeated epidemics in many places and rising raw material prices, the company still maintained a high growth momentum, made joint efforts of new and old categories, coordinated development through multiple channels, and the revenue exceeded the target of 10 billion. 1) On the product side, the revenue of the first product group “yanzaoxiao” is yoy + 19%. According to the data of ovicloud, the online / offline market share of boss range hood in 2021 was 23% / 30.55% respectively, with a year-on-year increase of + 1.46pct / + 2.26pct; The revenue of electrified cooking products of the second product group is yoy + 36%, of which the revenue of integrated steaming and baking machine is yoy + 71%, and the online / offline market share is 14.51% / 34.82% respectively, with a year-on-year increase of + 2.6pct / + 2.94pct; The revenue of water, kitchen and electric products in the third category group is yoy + 62%, of which the revenue of dishwasher category is yoy + 101%, and the online / offline market share is 5.15% / 17.51% respectively, with a year-on-year increase of + 2.61pct / + 7.97pct. 2) On the channel side, we will continue to promote the flat construction of distribution channels, accelerate cooperation with customization companies and home decoration companies, seize the front-end traffic entrance, and improve the category matching rate. In the past 21 years, the company’s sales on commission + distribution channel revenue increased by 18%; In terms of Engineering channels, we adjusted the customer structure and promoted the penetration of new products. Under the influence of Evergrande event, we still achieved 7% revenue growth in the whole year; Online, continue to grasp the online traffic entrance, new and old media platforms drain each other, with a growth rate of more than 30% in 21 years.
The high cost of raw materials superimposes the impact of bad debt provision, and the performance is under pressure in the short term. In 2021, the company’s gross profit margin was 52.35%, with a year-on-year rate of -3.81 PCT and net profit margin of 13.29%, with a year-on-year rate of -7.47 PCT. Affected by the rising price of raw materials and the provision of bad debts, the company’s performance was under pressure in the short term. The gross profit margin of 2022q1 company is 52.56%, with a year-on-year rate of -4.78pct and a net profit rate of 17.54%, with a year-on-year rate of -1.45pct. The cost of raw materials is still high. The company continues to promote procurement and reduce costs, improve production efficiency and scale effect, and its profitability is expected to remain stable.
Valuation
Recently, the company has launched a stock incentive plan for middle-level managers and core technology (business) backbone, aiming to achieve a compound growth rate of revenue of no less than 15% from 2022 to 2024. At the same time, considering the cost pressure of raw materials, we expect the company’s EPS to be 2.31 yuan / 2.71 yuan / 3.15 yuan from 2022 to 2024, corresponding to the P / E ratio of 13.1 times / 11.1 times / 9.6 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.
