\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )
Event: on April 21, 2022, Beijing Roborock Technology Co.Ltd(688169) released the 2021 annual report and the first quarterly report of 22 years. In 2021, the company realized an operating revenue of 5.837 billion yuan, a year-on-year increase of + 28.84%; The net profit attributable to the parent company was 1.402 billion yuan, a year-on-year increase of + 2.41%. In the year of 22, Q1 company realized an operating revenue of 1.36 billion yuan, a year-on-year increase of + 22.30%; The net profit attributable to the parent company was 343 million yuan, a year-on-year increase of + 8.76%. It is proposed to pay a cash dividend of RMB 21 per 10 shares, with a dividend rate of 10% and a dividend rate of 0.37%.
Overseas channels have grown rapidly, and new products have greatly increased China’s share. According to our calculation, Q4 company achieved an operating revenue of 2.010 billion yuan in 21 years, a year-on-year increase of + 29.62%; The net profit attributable to the parent company was 386 million yuan, a year-on-year increase of – 17.80%. In 21 years, the company’s private brand revenue reached 98.8%, with a year-on-year increase of + 40.77%. In terms of products, the company’s floor sweepers and accessories amounted to 5.605 billion yuan in 21 years, a year-on-year increase of +26.93%; The revenue of handheld cleaning appliances and accessories was 232 million yuan, a year-on-year increase of + 102.43%. The market scale of the sweeper industry in the past 21 years has increased by + 21.7% year-on-year, of which the market share of stone brand has increased significantly. From the data of Q1 in the past 22 years, the proportion of online channel sales in China has reached about 19%, with a year-on-year increase of + 8.4pct. Among them, the market share of the company’s products in the mainstream price range of 3500 ~ 3999 has reached 42.08%, mainly due to the hot sales of new G10. In terms of regions, the revenue of domestic business was 2.473 billion yuan, a year-on-year increase of – 7.1%; The revenue of overseas business was 3.364 billion yuan, a year-on-year increase of + 80.05%. The rapid growth of overseas channels is inseparable from the improvement of the company’s overseas product matrix and the development of markets and channels. According to the sales mode, the revenue of direct sales and distribution channels was + 30.64% and + 28.25% respectively year-on-year.
The profitability of Q1 was significantly improved. The gross profit margin in 21 years was 48.11%, with a year-on-year increase of -3.21pct; The net interest rate was 24.03%, with a year-on-year increase of -6.20pct. Q4 gross profit margin was 44.74%, year-on-year -6.72pct; The net interest rate was 19.22%, with a year-on-year increase of -11.09pct. Q4 gross profit margin fell sharply or mainly because: 1) the sharp rise in raw material prices was reflected in the second half of the year; 2) the accounting caliber of transportation expenses was adjusted. After restoration, the gross profit margin fell by about 1.8pct year-on-year. 3) The proportion of overseas revenue increased significantly throughout the year, while the gross profit margin of export sales was -7.18pct year-on-year, and Q4 was greatly promoted by black five and Christmas. It is expected that the proportion of overseas revenue will be higher. In terms of expense ratio, Q4 sales expense increased significantly. The annual sales, management and R & D expense ratio was 16.08%, 2.04 and 7.55%, respectively + 2.39, + 0.20 and + 1.75pct year-on-year; Q4 sales, management and R & D expense rates were 21.18%, 1.36 and 6.46%, respectively + 4.95, – 0.53 and + 0.65pct year-on-year. The gross profit margin of Q1 in 22 years was 47.49%, with a year-on-year increase of -2.15pct; The net interest rate was 25.22%, a year-on-year -3.14pct, and the profitability improved significantly month on month compared with the previous quarter. We believe that it is mainly due to the upgrading of product structure and the growth of sales expense rate, which narrowed in Q1 month on month.
The stock of raw materials and complete machines increased. 1) In 21 years, the company’s cash + other current assets totaled 1.503 billion yuan, a year-on-year increase of – 1.54%; Contract liabilities + other current liabilities totaled 109 million yuan, a year-on-year increase of + 82.76%, mainly due to the increase in advance receipts of offline distribution mode; Notes and accounts receivable totaled 129 million yuan, a year-on-year increase of – 12.95%; At the end of the year, the inventory was 596 million yuan, a year-on-year increase of + 56.31%, mainly due to the increase of raw materials and high unit price whole machine stock. 2) From the perspective of turnover, the company’s inventory turnover days in 21 years were + 2.73 days year-on-year, and the turnover days of accounts receivable were – 5.24 days year-on-year. The receivable turnover rate increased significantly. 3) The net operating cash flow of the company in 21 years was 1.519 billion yuan, a year-on-year increase of + 0.04%; Q4 net operating cash flow was 370 million, a year-on-year increase of + 185.32%.
Launch a new equity incentive plan and pay attention to R & D and overseas market development. The company launched a new phase of equity incentive plan, which plans to grant no more than 248300 restricted shares to no more than 479 company backbones, accounting for 0.37% of the total share capital of the company, and the grant price is 50 yuan / share. The performance assessment target is low. Based on the operating revenue in 2021, the growth of the company’s operating revenue in 22 / 23 / 24 / 25 will not be less than 10 / 14 / 18 / 22%. According to the company, most of the equity incentive objects are R & D personnel, which helps to mobilize R & D enthusiasm and creativity. At the same time, it shows that the company attaches great importance to improving R & D strength, and product performance and quality are expected to be further improved. Overseas, the company actively improved the overseas product matrix and listed a variety of new products such as s7maxvult, which will help to further enhance the brand influence and promote market development. With the improvement of the shipping situation in the past 22 years, the company’s export sales are expected to continue to grow at a high rate.
Profit forecast: sweeping Siasun Robot&Automation Co.Ltd(300024) at present, the global ownership is low, and there is broad room for long-term improvement. The company has actively changed its marketing strategy and increased marketing investment at home and abroad to improve market share and resist the risk of intensified competition. At the same time, it has continued to make efforts in product research and development and overseas market development, and its comprehensive competitiveness is expected to be further improved. We estimate that the company’s operating revenue in 22-24 years will be 7.721/98.73/12.091 billion yuan respectively, with a year-on-year increase of + 32.3% / + 27.9% / + 22.5% respectively; The net profit attributable to the parent company was 1.87724333026 billion yuan, with a year-on-year increase of + 33.9% / + 29.6% / + 24.4% respectively, corresponding to 20.25/15.62/12.56 times of PE.
Risk factors: the price of raw materials continues to rise, the global epidemic risk intensifies, the supply of chips is in short supply, the industry competition continues to intensify, the development of new products is less than expected, and the development of overseas channels is less than expected.
