\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
Key investment points:
Performance summary: Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) released the 2021 annual report, and the company achieved an annual operating revenue of 1.23 billion yuan, a year-on-year increase of + 71.66%; The net profit attributable to the parent company was 210 million yuan, a year-on-year increase of + 45.76%. Among them, Q4 achieved a revenue of 421 million yuan in a single quarter, a year-on-year increase of + 77.82% and a month on month increase of + 36.7% in the third quarter; The net profit attributable to the parent company was RMB 1.203 billion, with a year-on-year return of RMB 5.4 billion.
Smooth channel expansion and online dividend release: according to ovicloud data, the retail sales of integrated stove in 2021 was 25.6 billion yuan, a year-on-year increase of + 41%. The retail volume was 3.04 million units, with a year-on-year increase of + 28%. The performance of Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) led the industry. 1) By channel, online: according to the data of ovicloud, the online sales volume and sales volume of Yitian integrated stove accounted for + 3.77, + 4.85pct to 8.21% and 11.27% respectively in 21 years, ranking the second in the industry. The sales volume of tmall jd.com's e-commerce platform was 696 million yuan (including online distribution and direct sales), a year-on-year increase of + 199%; Offline: the company promotes the channel strategic layout of "e-commerce + Ka + home decoration + engineering + sinking channel", focuses on e-commerce channels, and actively builds offline channels at the same time. By the end of the 21st century, the company had more than 1300 dealers, which was basically the same as that in the past 20 years. It had set up exclusive stores in major counties and cities across the country, basically realizing the wide coverage of distribution channels. In terms of dealer management, it accelerated the replacement of inefficient dealers and high-quality merchants. Therefore, the delivery strength of dealers was significantly improved. At the same time, the company also actively optimized the image of offline stores, expanded the area of single stores, and achieved the overall renewal. 2) According to the marketing mode, the company's distribution revenue was 1.102 billion yuan, accounting for 89.58% of the revenue, with a year-on-year increase of + 80.33%; The direct sales revenue was 122 million yuan, accounting for 9.88% of the revenue, with a year-on-year increase of + 22.64%; The export revenue was 07 million yuan, a year-on-year increase of + 2.78%. In 21 years, the company's single dealer delivery volume was about 345800 yuan, a year-on-year increase of + 4.31% and + 30.59% compared with that in 19 years. The strength of dealers is constantly improving, which is also attributed to the company's continuous optimization of distribution network system and improvement of channel efficiency.
The marketing strategy worked, and the main products increased their share: 1) from the perspective of gross profit, the company's annual gross profit margin was 44.74%, with a year-on-year increase of - 0.85%, mainly due to the cost pressure caused by the sharp rise in the price of upstream raw materials. 2) On the cost side, the annual sales / management / R & D expense ratio of the company increased from + 2.72 / - 0.94 / + 0.10pct to 19.25% / 3.44% / 4.49% respectively year on year. By strengthening the advertising of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) publicity, the company successfully built a d2zk integrated steam baking stove. This explosive product occupied the top 1 in the industry's online sales volume, driven the rapid growth of the share on the line, and was drained offline through the improvement of online exposure, making it famous as a whole.
Investment suggestion: the penetration rate of integrated stoves in 21 years is only 12.4%. With the trend of kitchen electric integration, the track still has high growth. At the same time, the company actively carries out channel reform and upgrading, and gradually develops Ka and engineering channels. With the gradual implementation of the company's investment costs, we believe that with the high prospect of the industry, the company still has potential in the future. It is estimated that the company will achieve an operating revenue of RMB 1.694/2.271/2.946 billion, a net profit attributable to the parent of RMB 260/3.41/444 million and an EPS of RMB 2.41/3.16/4.10/share from 2022 to 2024. The company will be given a "cautious recommendation" rating of 27-30 times PE in 2022, corresponding to a reasonable price range of RMB 65.07-72.30.
Risk tip: the price of raw materials is at risk, the market competition intensifies, and the terminal demand is less than expected.
