\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
Event:
(1) the company released the annual report of 2021, which realized an annual revenue of 13.086 billion yuan, a year-on-year increase of 80.90%, and a net profit attributable to the parent company of 2.010 billion yuan, a year-on-year increase of 213.51%. At the same time, the company issued the 2021 profit distribution plan, which plans to distribute a cash dividend of 11.00 yuan (including tax) for every 10 shares.
(2) the company released the first quarterly report of 2022. In 2022q1, the revenue was 3.201 billion yuan, a year-on-year increase of 43.90%, and the net profit attributable to the parent was 424 million yuan, a year-on-year increase of 27.20%. Private brands grew strongly and their profitability improved significantly. In 2021, the company achieved an annual revenue of 13.086 billion yuan, a year-on-year increase of 80.90%, and the net profit attributable to the parent company was 2.010 billion yuan, a year-on-year increase of 213.51%. Among them, the sales of Ecovacs Robotics Co.Ltd(603486) and Tianke private brands accounted for 90.53% (14.57 PCT higher than that in 2020), with a year-on-year increase of 115.61%. The proportion of private brands has gradually increased, driving the significant improvement of the company’s profitability. According to the announcement, the company’s gross profit margin in 2021 was 51.41% (+ 8.55pct) and net profit margin was 15.39% (+ 6.49pct). In the first quarter of 2022, the company achieved a revenue of 3.201 billion yuan, a year-on-year increase of 43.90%, and the net profit attributable to the parent company was 424 million yuan, a year-on-year increase of 27.20%, and the performance continued to improve.
The product matrix is constantly enriched to open up space for long-term growth. In the field of service ‘s Siasun Robot&Automation Co.Ltd(300024) Siasun Robot&Automation Co.Ltd(300024) product chain extends from household to commercial. In the field of intelligent living appliances, the Fuwan floor washing machine released by Tianke has created a new growth engine for the company. According to the data of ovicloud, Tianke occupies 69.7% of China’s online floor washing machine market. In addition, Tianke has once again opened up the kitchen field and launched Shiwan series products, overturning the traditional cooking mode. Among them, Shiwan 2.0 products ranked first in the category of tmall cooking machines during the double 11. The upgraded 3.0 products have newly integrated the functions of multiple dimensions such as feeding system, self-cleaning system and app vegetable purchase system, and further optimized the product design. With the continuous enrichment of product categories, the company is expected to break through more infinite possibilities and open up long-term growth space in the future!
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 17.938 billion yuan, 23.960 billion yuan and 31.243 billion yuan respectively, and the net profit attributable to the parent company will be 2.748 billion yuan, 3.789 billion yuan and 5.096 billion yuan respectively, corresponding to EPS of 4.79 yuan, 6.60 yuan and 8.88 yuan respectively. Maintain the “buy” rating.
Risk tip: new product sales are less than expected, industry competition intensifies, etc.
