\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Event:
The company released the first quarterly report of 2022: the revenue in the first quarter of 2022 was 2.865 billion yuan, an increase of 18.04% year-on-year; The net profit attributable to the parent company was 199 million yuan, a year-on-year decrease of 2.74%; The net profit deducted from non parent company was 158 million yuan, a year-on-year decrease of 0.87%; The basic earnings per share is 0.49 yuan.
Guoyuan view:
The growth rate of revenue has slowed down, and the profit side is under pressure in the short term
Due to the slowdown in demand under the overseas economic recession, combined with the impact of the disturbance of the epidemic, the tight supply of chips and the high base in the same period last year, the company achieved a revenue of 2.865 billion yuan in 22q1, a year-on-year increase of 18.04%, a decrease of 30.95% compared with 2021q4, and the revenue growth slowed down. At the same time, affected by the continuous rise of raw material prices, high sea freight and exchange rate, the profit side of the company is also under short-term pressure. 21q1 company realized a net profit attributable to the parent company of 199 million yuan, a year-on-year decrease of 2.74% and a month-on-month decrease of 40.85% compared with 2021q4.
The R & D capacity has been continuously enhanced, and the contract liabilities have increased, showing a good level of orders
The gross profit margin of 22q1 was 38.16%, up 19.70pcts month on month compared with 21q4, down 6.92pcts year on year compared with the same period last year; The net interest rate was 7.05%, a month on month decrease of 1.43 PCTs compared with 21q4 and a year-on-year decrease of 1.76 PCTs compared with the same period last year, mainly due to the cost of raw materials, sea freight and other factors. On the expense side, the expense rate during 22q1 decreased by 5.16pcts to 31.22% year-on-year, of which the expense rates of sales, management, R & D and finance changed by – 7.30pcts / + 0.11pcts / + 2.20pcts / – 0.16pcts to 20.46% / 3.35% / 7.24% / 0.17% year-on-year respectively. In terms of R & D investment, the company invested 207 million yuan in R & D in the first quarter, a year-on-year increase of 69.50%. By the end of March 2022, the company has won 79 international industrial and consumer electronics design awards. In addition, the company’s contract liabilities in the first quarter reached 47 million yuan, an increase of 67.36% over the same period last year, showing a good level of orders on hand. At the same time, the company is also preparing materials and locking goods to deal with the shortage of some raw materials and the continuous rise in prices. Among them, the company’s prepayment increased by 156.96% year-on-year to 208 million yuan.
The improvement of the exchange rate is expected to repair the profitability, and the medium and long-term positive trend will not decrease
In the short term, the marginal improvement of RMB exchange rate in the near future is expected to gradually repair the company’s income and profitability; At the same time, the prices of raw materials and sea freight are also expected to peak and rebound in the follow-up, promoting the recovery of the company’s performance. In the medium and long term, after years of development, the company has strong brand influence and scale effect, and the market share of the follow-up company is expected to be further improved; In addition, in the context of further strengthening the innovation and R & D capability + omni-channel diversified platform operation, and the strong support of Chinese policies for the cross-border e-commerce industry, we are optimistic about the company’s medium and long-term development.
Investment advice and profit forecast
The company is the world’s leading cross-border brand operator of consumer electronics. With the continuous upgrading of brand strength and the superposition of comparative competitive advantages such as omni-channel layout + product innovation + localization construction, the medium and long-term growth logic of the company remains unchanged. From 2022 to 2024, the company is expected to achieve revenue of 16.452/21.459/27.619 billion yuan, net profit attributable to the parent company of 11.81/15.25/1.895 billion yuan, EPS of 2.91/3.75/4.66 yuan, corresponding to PE of 18.44/14.29/11.50 times, maintaining the “buy” rating.
Risk tips
The price of raw materials and sea freight exceeded expectations; Exchange rate fluctuations exceed expectations; The sales volume of new products was lower than expected.
