\u3000\u3 Shengda Resources Co.Ltd(000603) 486 Ecovacs Robotics Co.Ltd(603486) )
The performance of 2021q4 was in line with expectations, and the positive trend of operation remained unchanged. The “buy” rating was maintained. In 2021, the company’s revenue was 13.09 billion yuan (+ 80.9%), and the net profit attributable to the parent company was 2.01 billion yuan (+ 213.5%). In 2022q1, the revenue was 3.2 billion yuan (+ 43.9%), and the net profit attributable to the parent company was 420 million yuan (+ 27.2%). Based on the adjustment of 2022q1 share based payment, the net profit attributable to the parent company in 2022q1 was + 49.9% year-on-year, the performance was in line with expectations, and the good trend of operation remained unchanged. Considering the disturbance of the epidemic, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 2.53/33.5/4.35 billion yuan (the original value in 20222023 is 2.87/3.72 billion yuan), and the corresponding EPS will be 4.4/5.8/7.6 yuan (the original value in 20222023 is 5.0/6.5 yuan). The current stock price corresponding to PE is 22.6/17.1/13.2 times. The company’s dual brands continue to lead the industry and maintain the “buy” rating.
The dual brands of high prosperity track continue to lead, and are optimistic about the continuation of hot sales in 2022q2 under the expansion of the new price belt
In terms of business, the revenue growth of Siasun Robot&Automation Co.Ltd(300024) / intelligent household appliances in 2021 was 58.6% / 118.5% respectively, driven by the hot sales of new N9 + and X1 series floor sweepers and new Fuwan 2.0 floor washers. In terms of channels, the growth rate of domestic / overseas revenue in 2021 is 117.1% / 39.6% respectively. With the slowdown of shipping capacity and the continuous introduction of new products, overseas business is expected to accelerate in 2022. The growth rate of online / offline revenue in 2021 was 116.5% / 36.4% respectively. Under the layout of emerging business formats, the acceleration of offline business in 2022 can be expected. T10omni was released in April 2022, expanding the price band of universal base station products to 4000 +, superimposing new t10turbo / T10 products, which is expected to release consumer demand. The new brand yeedi has expanded smoothly. Since 2022, Alibaba channel has maintained a high growth of more than 800%. Tiktok channel continues to sell well, 2022Q1 Ecovacs Robotics Co.Ltd(603486) brand sales GMV is 230 million, the first advantage is obvious. In March 2022, air purification Siasun Robot&Automation Co.Ltd(300024) Qinbao Z1 and intelligent cooking machine food 30000 were released to further build revenue increment.
Under the structural optimization, the gross profit margin continues to rise, the rate improvement can be expected, and the net profit margin is expected to stabilize
In 2021, the gross profit margin was 51.4% (+ 8.6pcts), and in 2022q1, the gross profit margin was 49.5% (+ 2.8pcts). The upward trend continued under the structural optimization. The expense rate during 2021 is 33.5% (+ 1.3pcts), which is mainly affected by marketing overweight and share based payment. 2022q1 sales / management / R & D / financial expense rates were + 4.4 / + 0.8 / + 1.0 / + 0.4pcts respectively year-on-year. In 2021, the net interest rate was 15.4% (+ 6.5pcts), of which 170 million share based payment fees affected about 1.3pcts. The net interest rate of 2022q1 is 13.2% (- 1.7pcts). If the share based payment fee of 91 million is added back, the net interest rate in a single quarter is about 16.1%, and the positive trend remains unchanged. We believe that the company’s net profit margin is expected to stabilize under the trend of increasing the company’s gross profit margin.
Risk tips: macroeconomic fluctuations; Price fluctuation of raw materials; Overseas market expansion did not meet expectations.
