\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event: in 2021, the company achieved an operating revenue of 13.086 billion yuan, a year-on-year increase of + 80.9%, and a net profit attributable to the parent company of 2.01 billion yuan, a year-on-year increase of + 213.51%; Among them, 2021q4 achieved an operating revenue of 4.842 billion yuan, a year-on-year increase of + 56.6%, and a net profit attributable to the parent company of 680 million yuan, a year-on-year increase of + 73.8%. In Q1 of 2022, the company achieved an operating revenue of 3.201 billion yuan, a year-on-year increase of + 43.9%, and a net profit attributable to the parent company of 424 million yuan, a year-on-year increase of + 27.2%. The amortization expense of 22q1 equity incentive of the company is 914119 million yuan, and the performance after adding back is expected to be nearly 50% year-on-year. Cash dividend of 1.10 yuan per share (including tax).
The revenue of emerging brands increased by 6.8 billion yuan, accounting for 68.2% of the revenue of emerging brands, with a year-on-year increase of 6.7 billion yuan; The revenue of Tianke was 5.14 billion yuan, 307.97% year-on-year, and the revenue of OEM of clean appliances was 880 million yuan, 41.3% year-on-year. 21h2 Ecovacs Robotics Co.Ltd(603486) brand revenue was 4.098 billion yuan, 51.9% year-on-year; service Siasun Robot&Automation Co.Ltd(300024) ODM revenue was 70 million yuan, 9.3% year-on-year; The revenue of Tianke brand was 3.1 billion yuan, 198.9% year-on-year, and the revenue of OEM of clean appliances was 330 million yuan, 64.4% year-on-year. 22q1 household Siasun Robot&Automation Co.Ltd(300024) brand was RMB 1.68 billion, a year-on-year increase of 50.31% (the growth rate of China / overseas was basically the same), and Tianke brand was RMB 1.33 billion, a year-on-year increase of 85.3% (China / overseas increased by 110% and 40% respectively). Private brand revenue accounted for 94.02%, the total revenue of private brand business increased by 63.65%, the OEM business decreased by 58.4% year-on-year, and private brands maintained rapid growth.
The increase in the proportion of high-end products drives the growth of gross profit margin, and the company increases the cost investment: the gross profit margin / net profit margin in 2021 is + 8.55 / + 6.48pct year-on-year; Including 2021q4 gross profit margin / net profit margin + 10.05 / + 1.35pct year-on-year. 21a own brand gross profit margin + 3.55pct. The gross profit margin of 21h2 was 52.2%, up 1.9pct month on month; The gross profit margin of private brands was 54.7%, with a chain comparison of -0.5pct. By brand, the gross profit margin of Ecovacs Robotics Co.Ltd(603486) / Tianke in 21 years was + 1.92 / + 2.49pct year-on-year. The gross profit margin of private brands increased significantly throughout the year, mainly due to the continuous increase of the proportion of the company’s high-end products in the overall revenue. In the 21st year, the proportion of product sales of Ecovacs Robotics Co.Ltd(603486) brand sweeping Siasun Robot&Automation Co.Ltd(300024) retail price of RMB 35006000 increased significantly, from 5.11% in 2020 to 41.33% in 2021. At the same time, benefiting from the continuous upgrading of the company’s product structure, the average price and gross profit margin of the company’s own brand have further moved up. In 2022, the company’s Q1 gross profit margin was 49.53%, year-on-year + 2.75pct, net profit margin was 13.26%, year-on-year -1.76pct, and the net profit margin after reducing equity incentive expenses was 15.6%, year-on-year + 0.63pct. X1 Omni launched by the company in 21q4 is in good sales. According to orvey data, 22q1 X1 Omni ranks first in the single category of floor sweepers, accounting for 19.24%.
The sales expense ratio of the company in 2021 / 21q4 / 22q1 was + 3.16 / + 8.46 / + 4.35pct respectively year-on-year, and the sales expense ratio increased significantly. We expect that China tiktok will increase its investment in 21Q4 during the promotion period, and on the other hand, the sales growth of the company in 22Q1 and other emerging channels is better, so that the sales cost rate will rise a bit. In addition, the amortization expense of some equity incentives of the company also increased the expense rate as a whole. In terms of details, promotion and advertising fees / platform service fees / share based payment fees increased by 123% / 159% / 1196% year-on-year in 21 years. 22q1 also has a share based payment fee of 914119 million yuan, a year-on-year increase of + 606617%. However, on the whole, the delivery efficiency of sales expenses has increased, and the proportion of sales expenses in private brand business revenue in 21 years has decreased by 1.08 PCT compared with 2020.
Investment suggestion: in terms of industry, China’s market will change from technology upgrading to large-scale growth in 22 years, and the industry penetration is expected to further improve. The overseas market is in the stage of upgrading from random products to planned products, and the demand is expected to continue to increase. In terms of the company, the company is a leader in China’s industry, with a steady increase in market share. The overseas market complements the high-end price band, and is expected to achieve a simultaneous rise in volume and price. According to the company’s annual report and the first quarterly report, we raised the revenue growth rate of our own brands, as well as a certain gross profit margin and expense investment. The net profit of “5x 2.6 billion” and “5x 2.4 billion” in the previous year is expected to be raised to 2.65-2.7 billion respectively, corresponding to the net profit of “5x 2.6 billion” and “5x 2.4 billion” in the previous year.
Risk tip: the sales of new products are less than expected, the market penetration growth of clean appliances is less than expected, and the price of raw materials fluctuates sharply.
