\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
Event: the company released the first quarterly report of 2022 and realized an operating revenue of 413 million yuan in 2022q1, 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 net profit attributable to the parent company after deduction was 121 million yuan, a year-on-year increase of + 20.82%. comment:
Q1 revenue was in line with expectations, and the proportion of online listing increased steadily. The steady growth of the company's performance in 2022q1 mainly benefited from the high-profile momentum of the integrated stove industry. According to ovicloud, the online retail sales / retail sales of China's integrated stoves in 2022q1 were + 23.5% / - 4.27% respectively, and the offline retail sales / retail sales were + 18.36% / + 8.43% respectively. Under the severe epidemic situation, the integrated stove industry performed well as a whole. The channel construction of the company has made steady progress. Dealers have opened large stores to improve the output capacity of a single store. At the same time, the company has continued to increase technological innovation and product iterative upgrading. By launching sky series, star series and X series products, the product structure has been enriched, and the market share of the company has increased driven by the simultaneous rise of volume and price. According to ovicloud, the market share of online retail sales of integrated stoves of the company in 2022q1 has increased by 2.82pct, and the market share of retail sales has increased by 3.61pct, The company's online development trend is strong.
The gross profit margin is under pressure in the short term, and the net profit margin increases slightly under the effective fee control. In Q1, the company's gross profit margin was 49.6%, with a year-on-year increase of -1.34pct. The rise in the price of bulk raw materials put pressure on the company's gross profit margin in the short term. The company actively carried out expense control. In Q1, the sales expense rate was - 1.27pct to 11.1%, the management expense rate was + 0.27pct to 4.7% and the R & D expense rate was - 0.29pct to 3.3% year-on-year. Superimposed on the impact of VAT rebate, the company's Q1 net profit rate was + 2.13pct to 29.4% year-on-year, and the net profit rate increased against the trend, indicating that the company's expense control effect was good.
Q1 has excellent cash flow performance and stable operating efficiency. In 2022q1, the net operating cash flow of the company was 73 million yuan, a year-on-year increase of + 280.59%, mainly due to the decrease in cash expenditure for purchasing goods and receiving labor services; In terms of operating efficiency, the number of days of accounts receivable turnover of 2022q1 company increased by 3.71 days to 9.36 days year-on-year, mainly because the company adopted the sales mode of "payment before goods" and superimposed the amount of account period given to some customers with a certain credit period, resulting in a significant increase in accounts receivable, an increase in the number of inventory turnover days by 9.53 days to 49.84 days year-on-year, and the overall operating condition of the company remained stable.
Investment suggestion: channel construction is advancing steadily, dual brand operation is making efforts, and the "buy" rating is maintained. The company continues to expand distribution channels, accelerate the expansion of emerging channels and the sinking of low-line market, optimize channels and add dual brand operation force, and the company's brand strength is expected to continue to improve. We maintain the company's profit forecast. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 802 / 941 / 1034 million respectively, corresponding to 11 / 10 / 9 times of the current market value PE respectively, maintaining the "buy" rating.
Risk tip: the development of new products is less than expected, the epidemic situation in China is repeated, and the price of raw materials is rising.
