\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: on April 25, 2022, Marssenger Kitchenware Co.Ltd(300894) released the first quarterly report of 2022. In the year of 22, Q1 company realized an operating revenue of 451 million yuan, a year-on-year increase of + 29.22%; The net profit attributable to the parent company was 60 million yuan, a year-on-year increase of + 35.92%.
Q1 performance met expectations and offline channels expanded rapidly. The growth rate of Q1 revenue and performance was significantly improved compared with Q4 in 21 years, which was basically in line with expectations. According to the industry online data, the output and sales volume of the integrated stove industry from January to February were + 8.1% and + 11.4% year-on-year respectively, of which Marssenger Kitchenware Co.Ltd(300894) production and sales volume were + 70.1% and + 32.1% respectively, far exceeding the industry average. In addition, according to ovicloud, since 22 years ago, the market share of Marssenger Kitchenware Co.Ltd(300894) offline retail sales has reached 25.42%, with a year-on-year increase of + 5.19pct, and the construction of offline channels has been fruitful; The proportion of online listing was 21.91%, with a year-on-year increase of -0.28pct, continuing to maintain the leading edge. The average offline price is + 430 yuan year-on-year, and the high-end trend remains unchanged. In addition, in the past 22 years, the company has successively released a variety of new models such as integrated cooking stove and integrated dishwasher. Among them, D70 Integrated Dishwasher topped the sales list of single products in the industry within one week, which was fully recognized by the market.
The gross profit margin declined and the net profit margin increased slightly. Q1 company's gross profit margin was 44.19%, year-on-year -3.20pct; The net interest rate was 13.19%, year-on-year + 0.51pct, and the gross sales difference was - 0.78% year-on-year. We believe that the main reasons for the decline in gross profit margin are: 1) the price of major raw materials in Q1 has further increased, 2) the transportation fee is included in the operating cost, and the decline in gross profit margin in Q1 has narrowed by about 2% after reduction. In the future, with the launch of a series of high-end new products such as steaming and baking split, the gross profit margin is expected to pick up. Q1 cost rate structure was optimized, sales and management cost rate decreased year on year, and R & D investment increased. Q1 sales, management and R & D expense rates were 23.26, 5.16 and 5.27%, with a year-on-year rate of -2.42, -0.68 and + 0.88pct.
The future revenue growth potential is good and the operation efficiency is improved. 1) Q1 company's monetary capital was 942 million yuan, a year-on-year increase of + 5.53%; Contract liabilities + other current liabilities totaled 239 million yuan, a year-on-year increase of + 67.53%, reflecting the potential of future revenue; Notes receivable and accounts receivable totaled 84 million yuan, a year-on-year increase of + 52.03%; The inventory was 248 million yuan, a year-on-year increase of + 24.49%. 2) In terms of turnover, Q1 company's inventory turnover days were -13.37 days and accounts receivable turnover days were -2.04 days year-on-year, and the turnover rate was significantly optimized. 3) The net operating cash flow of Q1 company was -119 million yuan, a year-on-year increase of - 134.1%, and the cash paid for operating activities increased significantly.
Profit forecast: the penetration rate of integrated stoves is low and the long-term growth potential is huge Marssenger Kitchenware Co.Ltd(300894) although established for a short time, it has rapidly grown into a leading company with the largest revenue in the industry, demonstrating the company's operating ability. The company insists on promoting the construction of brand, technology and channel, and the market share is expected to increase continuously and rapidly. We estimate that the company's operating revenue in 22-24 years will be RMB 3.131/4.040/4.945 billion respectively, with a year-on-year increase of + 35.1% / + 29.0% / + 22.4% respectively; The net profit attributable to the parent company was RMB 507652/791million, respectively +34.9%/+28.7%/+21.3% year-on-year, corresponding to 25.13/19.53/16.09 times of PE.
Risk factors: the price of raw materials continues to rise, the competition in the integrated stove industry intensifies, the policy changes in the downstream real estate industry, the company's new product launch is less than expected, the company's channel development is less than expected, and the epidemic situation in China is repeated.
