\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Event:
On April 25, 2022, Anker Innovations Technology Co.Ltd(300866) released the first quarterly report of 2022. In 2022q1, the company realized an operating revenue of 2.865 billion yuan (+ 18.04%); The net profit attributable to the parent company was 199 million yuan (- 2.74%).
Key investment points:
Domestic and export sales grew steadily in 2022q1, supported by category + channel expansion. 1) In terms of regions, the company achieved revenue of 110 million yuan (+ 29.48%) at home and 2.755 billion yuan (+ 17.63%) abroad in 2022q1. China’s emerging markets grew rapidly and the global market grew steadily. 2) On the product side, the company launched ankerworkb600 smart office audio hardware, eufysecurity double camera doorbell and other products in 2022, constantly enriching the product matrix. 3) On the channel side, the company continues to explore the offline market, establish a “Online + offline” three-dimensional sales model, and improve the channel layout.
In 2022q1, the gross profit margin remained stable and the profitability was under pressure in the short term. 1) Gross profit margin side: under the reduction caliber, the company’s gross profit margin in 2022q1 was 38.16%, with a year-on-year increase of + 1.11pct. 2) Expense rate side: the company’s 2022q1 sales / management / R & D expense rate was 20.47% / 3.35% / 7.24%, with a year-on-year increase of + 0.73pct / + 0.11pct / + 2.20pct. The increase in R & D expense rate was mainly due to the increase in the number of R & D personnel, resulting in an increase in wages and salaries. Affected by the increase in expenses and the loss of 17 million yuan from changes in fair value caused by the company’s investment activities, the company’s net profit attributable to the parent company in 2022q1 was 6.94%, down 1.48 PCT year-on-year, and the profitability was under pressure in the short term.
Investment suggestion: the company is a global leader in the field of consumer electronics, with rich product matrix and perfect channel layout. Due to the increase of cost side investment, we slightly lowered the profit forecast level, but we are still optimistic about the future realization of the company’s long-term strategic investment and maintain the “buy” rating. We predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.183/15.08/1.756 billion, corresponding to EPS of RMB 2.91/3.71/4.32, and the current share price corresponding to PE of 18.41/14.45/12.41 times.
Risk tips: intensified market competition, price fluctuation of raw materials, exchange rate fluctuation risk, tight shipping capacity, repeated covid-19 epidemic, etc.
