\u3000\u3 Shengda Resources Co.Ltd(000603) 848 Guangdong Hotata Technology Group Co.Ltd(603848) )
Event: the company issued the annual report of 2021. During the reporting period, the company achieved a revenue of 1.425 billion yuan, a year-on-year increase of 22.88%; The net profit attributable to the parent company was 300 million yuan, a year-on-year increase of 12.97%; The basic earnings per share is 0.75 yuan / share. Among them, the company achieved a single quarter revenue of 477 million yuan in the fourth quarter, a year-on-year increase of 2.26%; The net profit attributable to the parent company was 82 million yuan, a year-on-year decrease of 28.39%.
The rising cost of raw materials led to the decline of the company's gross profit margin. During the reporting period, the company's comprehensive gross profit margin was 45.09%, down 3.32% year-on-year. Among them, the single quarter gross profit margin in the fourth quarter of 2021 was 44.87%, down 2.84% year-on-year and 0.33% month on month. The company's gross profit margin declined, mainly due to the rise in the prices of major raw materials such as non-ferrous metals and plastic raw materials in 2021, which led to a significant increase in the procurement costs of the company's main raw materials, electronic components, hardware accessories and plastic products.
The effect of expense control was remarkable, and the net interest rate decreased year-on-year. The company's expense rate during the period was 21.7%, a year-on-year decrease of 2.37%. Among them, the sales expense rate was 14.26%, a year-on-year decrease of 1.39%; The rate of administrative expenses was 4.59%, a year-on-year decrease of 0.08%; The financial expense ratio was -0.56%, with a year-on-year decrease of 0.41%; The R & D expense ratio was 3.41%, a year-on-year decrease of 0.5%. In terms of net profit margin, affected by the decline of gross profit margin, the company's net profit margin during the reporting period was 21.15%, down 1.91% year-on-year. Among them, the company's net profit margin in 21q4 single quarter was 17.14%, down 7.62% year-on-year and 7.19% month on month.
With the dual empowerment of R & D and brand, smart home has achieved brilliant growth. The company attaches great importance to technology research and development, continues to promote the upgrading of a number of core technologies, leads the reform of the industry, and has obtained more than 800 national patents. At the same time, the company has invested heavily in brand building, established exclusive IP, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all-round delivery, reached consumers in multiple dimensions and strengthened brand influence. During the reporting period, the company's smart home / clothes hanger / other products achieved operating revenue of RMB 1.082/3.11/0.26 billion respectively, with a year-on-year change of 53.7% / - 23.93% / - 16.54% respectively, and the revenue of smart home products accounted for 75.9%.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coordinated development and continued to promote the layout of all channels. In terms of offline channels, the company accelerated the implementation of provincial operation platform mode, promoted the comprehensive upgrading of terminal channels and improved the operation efficiency of offline channels; In terms of online channels, the company implemented the network wide multi-channel deployment strategy, laid out online multi platforms and achieved rapid development. The sales volume exceeded 100 million for the first time in the "618" activity, and the turnover of "double 11" exceeded 200 million for the first time. In terms of Engineering channels, the company continued to optimize the customer structure, reduce cooperation risks, and continuously expand the high-quality needs of real estate, home decoration and colleges and universities. During the reporting period, the company's clothes dryer won the exclusive bid for the 2022 Asian Games Village project in Hangzhou and the super luxury house in Huangpu Bay in Shanghai Greenland.
Investment suggestion: the company has been deeply engaged in the home drying sub track, with remarkable achievements in smart home transformation, R & D strength and brand influence enabling it to achieve high product power, and the development prospect of omni-channel layout is broad. It is expected that the company will achieve eps0 in 2022 / 23 / 24 96 / 1.16/1.38 yuan / share, corresponding to 14x / 12x / 10x PE, maintaining the "recommended" rating.
Risk tip: the risk that the economic growth is less than expected; The risk of increased market competition.
