\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )
The sales of new products for domestic sales exceeded expectations, and the new superposition of low base in Q2 for export maintained the “buy” rating
The first two weeks of the company’s 2022w15-w16 (4.4-4.17) Chinese New g10s Series sales continued to be hot. It is optimistic that the domestic sales in April will exceed the expected growth. Considering that the company’s export sales will enter a low base in May, the company’s export s7maxv series, q series and dyad of floor washing machine have also been sold overseas. It is optimistic that Q2 export sales will return to rapid growth driven by new products and maintain quarterly improvement. The Q1 net interest rate is expected to improve month on month. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.40/17.8/2.38 billion, EPS will be RMB 21.0/26.7/35.7, and the current share price corresponding to PE will be 24.4/19.2/14.4 times, maintaining the “buy” rating.
The sales of China’s new g10s series continued to be hot in the first two weeks, and it is optimistic that the domestic sales in April exceeded the expected growth
According to the business consultant data, 2022w15-w16 company sweeper Ali channel Gmv + 604.8%. The company’s new g10s series and T8 series products in the domestic market have strong product strength and differentiated functional positioning, covering all-round version, self-cleaning version, self dust collection version and stand-alone version. The product strength is strong and the product matrix is further improved to meet the differentiated needs of consumers. Driven by the expansion of the price band of self-cleaning and all-round base station products by the head brand, we are optimistic that the consumer demand restrained by high prices will be released in 2021, The market share of the company is expected to further improve.
The low base plus new pull is optimistic that the company’s Q2 export sales will return to high growth and improve quarter by quarter
The company’s export sales will enter a low base in May, which is mainly due to the impact of tight shipping capacity and low efficiency caused by port congestion in 2021. The impact of Shenzhen Yan Tian Port Holdings Co.Ltd(000088) epidemic in May 2021 exacerbated the tight transportation capacity, and the growth rate of the company’s export sales fell significantly. The new products s7maxv series, q series and dyad of floor washing machine are also sold overseas. It is optimistic that Q2 export will return to high growth and maintain quarterly improvement. In addition, the United States has exempted China’s floor sweepers from tariffs, and the acceptance of the United States to Chinese enterprises has increased and the trend is better. In 2022, stone, shark and other leading brands will jointly promote medium and high-end LDS products overseas, which is expected to reshape the overseas market pattern and increase the company’s share.
It is optimistic that the marketing launch effect of 2021q4 will continue, and the net interest rate of 2022q1 is expected to improve month on month
It is expected that the net interest rate in 2022q1 will improve month on month. The net interest rate of 2021q4 is low, which is mainly due to the large investment of double 11 promotion expenses after the company launched G10 in September 2021. The effect of marketing launch is expected to continue. Domestic sales in 2022q1 is expected to more than double, and 2022q1 is not the main quarter of marketing launch, and the cost launch is limited.
Risk warning: industry competition intensifies; Shortage of raw material supply; New product sales were lower than expected.
