\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )
Event: the company released the 21st Annual Report and the first quarterly report of the 22nd year. The company achieved a revenue of 5.837 billion yuan in 21 years, with an increase of 28.84%; The net profit attributable to the parent company was 1.402 billion yuan, an increase of 2.40% at the same time. In the same quarter, the revenue was 216.2 billion yuan, an increase of 1.04%; The net profit attributable to the parent company was 386 million yuan, down 17.80% at the same time. 22q1 company achieved a revenue of 1.36 billion yuan, an increase of 22.30% at the same time; The net profit attributable to the parent company was 343 million yuan, an increase of 8.76% at the same time. The first quarter results slightly exceeded expectations.
Private brands grew rapidly, and China’s share of sales increased rapidly. In the 21st year, the company’s own brand increased by 40.77% to 5.767 billion yuan. In terms of sub regions, the annual domestic and overseas revenue increased from – 7.1% / + 80.1% to 2.47/3.36 billion yuan year-on-year. 1) China: strong sales since 21h2 and rapid increase in share. In terms of splitting, the domestic revenue of 21h1 / H2 was – 50.2% / + 194.9% year-on-year. According to ovicloud, the sales volume of floor sweepers on 21q4 / 22q1 stone line increased by about 107% / 55%, and the sales share increased from + 6 / + 10PCT to 17% / 19% year-on-year. Mainly G10 and other new products continue to drive sales volume. In March 22, the company launched g10s series universal base station and T8 self collecting floor sweeper. It is expected that Q2 will continue to increase in volume and drive the growth of revenue. 2) Overseas: the release of new products is expected to promote the continued high growth of Q2. The overseas income of 21h1 / H2 increased by 124.1% / 61.2% at the same time. The growth rate of H2 slowed down compared with H1, mainly due to the high base number caused by the overseas epidemic in the second half of 20 years. The company released the high-end new s7maxv series at CES exhibition in early January of 22, superimposing 21q2 export shipments. Affected by Shenzhen Yan Tian Port Holdings Co.Ltd(000088) epidemic, there is a low base effect, which is optimistic about the overseas performance of 22q2.
Increased efforts to launch product publicity, and short-term pressure on profitability. Gross profit side: the gross profit margin of 21q4 / 22q1 company decreased by 6.7/2.2pct to 44.7% / 47.5%, mainly due to the adjustment of accounting standards and the pressure of shipping costs. Rate side: new product iteration accelerated & industry competition intensified, and the company increased its sales launch. The sales rate of 21q4 / 22q1 increased by 5.0/3.6pct to 21.2% / 13.4% at the same time. The company attaches importance to R & D strength. At the end of 21, R & D personnel accounted for nearly 60%, and the R & D rate of 21q4 / 22q1 reached 6.5% / 8.6%. Net interest rate: the company strategically increased marketing investment, which is conducive to brand building in the long term, so as to consolidate its competitive advantage. However, the short-term net interest rate is under pressure, and the net interest rate of 21q4 / 22q1 decreased by 11.1/3.1pct to 19.2% / 25.2%.
Release the “business partner” and employee restricted stock incentive plan. The company also issued two shareholding plans, with a wide range of incentives and a large margin of profit transfer (only assessing revenue). 1) “Business partner” shareholding plan: the fund to be raised shall not exceed 5.11 million yuan. The holders are 39 senior executives and core managers of the company, and the subscription price is 50 yuan / share. 2) 22 year restricted stock incentive plan: the total number of incentive shares shall not exceed 248000, the incentive objects shall not exceed 479 core employees (accounting for 50.3% of the total employees), and the grant price shall be 50 yuan / share. The assessment objectives of the two stock ownership plans are mainly Revenue: Based on the revenue of 21 years, the growth rate of 22-25 years is not less than 10% / 14% / 18% / 22% (about 4% of 22-25 CAGR).
Profit forecast and investment suggestions. We expect that the net profit attributable to the parent company in 202224 will be RMB 1.75/22.5/2.92 billion, with a year-on-year growth rate of 24.6% / 28.5% / 29.8%, maintaining the “overweight” investment rating.
Risk warning: the risk of continuous rise in sea freight, the expansion of overseas market is less than expected, and the competition pattern is deteriorating
