\u3000\u3 China Vanke Co.Ltd(000002) 677 Zhejiang Meida Industrial Co.Ltd(002677) )
Event: the company achieved a total operating revenue of 413 million yuan in 22q1, 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%; Deduct the net profit not attributable to the parent company of 121 million yuan, a year-on-year increase of + 20.82%.
Revenue performance growth improved month on month, and e-commerce continued to increase. Under the background that the growth rate in 21q4 was slightly lower than expected due to weak real estate sales and industry competition, the company's development accelerated in the first quarter, and the growth rate of revenue and performance increased by 6.2/18.3pct respectively compared with 21q4. In terms of sub channels, 1) the company's previously relatively weak online channels are expected to grow rapidly. According to the data of ovicloud, the growth rate of online sales of 22q1 Meida integrated stove is 107%, and the share of sales is + 2.8pct to 7% year-on-year. 2) The number of terminal outlets of the company is leading the industry, and its increasingly solid offline distribution strength enables long-term business development. 3) The company actively distributes emerging channels and is expected to continue to expand its brand influence by virtue of the first mover advantage of channel layout in the future. Looking forward to 22 years, we believe that the development of e-commerce, Ka, home decoration and other channels will be an important source of the company's annual growth.
Strong profitability, showing the background of high-quality operation. The company's profitability is leading the industry, with a gross profit margin of 49.8% in 22q1, a year-on-year increase of -1.3pct; The net interest rate attributable to the parent company was 29.4%, with a year-on-year increase of + 2.1pct, and the net interest rate increased against the trend. We think it is mainly because: 1) the cost of raw materials is still high compared with 21q1, resulting in the decline of gross profit margin, but the pressure on the cost side is not further increased compared with the previous quarter; 2) The company's continuing expense control measures: the 22q1 sales / management / R & D / financial expense ratio was 11.1% / 4.7% / 3.3% / - 1.2% respectively, with a year-on-year increase of - 1.3 / + 0.3 / - 0.3 / - 0.3pct respectively; 3) In the current period, the company received more value-added tax rebates for embedded software products, driving the year-on-year increase of other income items by 389% to RMB 17.44 million, which increased the profits of the current period. The company obtains tax refund through the relevant technologies of new embedded software products, which is a preferential policy of tax collection and refund, and the income is sustainable if the policy remains unchanged.
Cash inflows accelerated and monetary funds were abundant. According to the cash flow statement, the net operating cash flow of 22q1 company was 73 million yuan, a year-on-year increase of + 280.6%, of which 352 million yuan was received from the sale of goods and the provision of labor services, a year-on-year increase of - 16.4%. The improvement of cash flow was mainly due to the receipt of VAT rebate in the current period. From the balance sheet, the company's monetary capital + trading financial assets at the end of the first quarter was 1.204 billion yuan, up + 5.0% from the end of the 21st century; Notes and accounts receivable totaled 71 million yuan, up + 385.2% from the end of the 21st century. We expect that it is mainly due to the existence of a certain credit period in the company's e-commerce, engineering and other channels, and the development of channels has brought more accounts receivable; At the end of the year, the company's inventory was 109 million yuan, down - 9.5% from the end of the year. In terms of turnover days, the company's 22q1 inventory / accounts receivable / accounts payable turnover days were 49.8 / 9.4 / 49.7 days respectively, with a year-on-year increase of + 15.6 / + 6.1 / + 5.1 days.
Investment suggestion: the integrated stove industry has achieved a high outlook by relying on high-quality product performance and structural advantages. Since September 21, the real estate policy has successively appeared a series of marginal easing signals such as reducing the mortgage interest rate and down payment ratio, which will directly benefit the rapid development of the integrated stove field. As a pioneer and leading brand in the integrated stove industry, Midea has been actively promoting the rapid development of e-commerce channels in the near future. The offline distribution strength of dual brands is strong. In the future, it is expected to help the company achieve long-term and steady growth in revenue and performance through channel expansion and store efficiency improvement. The net profit attributable to the parent company is RMB 783 / 909 / 1038 million (the value was RMB 765 / 880 million 22-23 years ago). The current stock price corresponds to 11.5x/9.9x/8.7xpe 22-24 years. Considering that the profitability of the company has been repaired and the current valuation is relatively low, the rating is raised to "buy".
Risk warning: the risk of rising raw material prices; The risk of fluctuations in the real estate market; The risk of intensified market competition.
