\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: the company achieved a total operating revenue of 450 million yuan in 22q1, a year-on-year increase of + 29.2%; The net profit attributable to the parent company was 60 million yuan, a year-on-year increase of + 35.9%; Deduct the net profit not attributable to the parent company of RMB 50 million, a year-on-year increase of + 38.3%. 22q1 company’s revenue met expectations and its performance exceeded expectations.
Revenue grew steadily and its leading position was consolidated. The company achieved a total operating revenue of 450 million yuan in 22q1, a year-on-year increase of + 29.2%. Under the influence of the deferred recognition of some e-commerce revenue last year and the spread of epidemic in Q1, we expect the company’s online advantages to continue to play or achieve better growth. According to the data of Aowei cloud, the volume and price of 22q1 Marssenger Kitchenware Co.Ltd(300894) integrated stove increased simultaneously, and its leading position was further consolidated. Among them, the online channel, Marssenger Kitchenware Co.Ltd(300894) brand integrated stove sales increased by 28.3% year-on-year, the market share increased by 0.8pct to 22.0%, and the average price was 10325 yuan, up by + 1137 yuan year-on-year; Offline Ka channel, Marssenger Kitchenware Co.Ltd(300894) brand integrated stove sales increased by 70.1% year-on-year, the market share increased by 4.7pct to 25.1% year-on-year, and the average price was 11218 yuan, up by + 732 yuan year-on-year.
Effective cost control, tax rebate and financial income thickening performance. The gross profit margin of 22q1 company was 44.2%, with a year-on-year increase of – 3.2pct. From the perspective of gross sales difference, the current period only decreased by 0.8pct year-on-year (21q3 gross sales difference decreased by 3.6pct, 21q4 decreased by 7.8pct), and the decline was significantly narrowed month on month, highlighting its excellent cost control ability in the case of relatively high raw material prices. On the expense side, the sales / management / R & D / financial expense rates of 22q1 company were 23.3% / 5.2% / 5.3% / – 1.1% respectively, with a year-on-year increase of – 2.4 / – 0.7 / + 0.9 / + 0.1pct, and only R & D investment increased significantly. In addition, the other income & investment income items of 22q1 company were + 6 / 2 million yuan year-on-year respectively, which contributed to the growth of Q1 performance by about 18% (raising the net interest rate by about 2.3pct), mainly due to the significant increase of embedded software tax rebate and financial management income. Under the comprehensive influence, the company’s 22q1 net profit attributable to the parent company increased by + 0.7pct to 13.3% year-on-year.
Business rhythm affects cash flow, and the upstream voice is improved. According to the cash flow statement, the net operating cash flow of 22q1 company was – 120 million yuan, with a year-on-year increase of – 134.1%, which was mainly related to the year-end bonus in January and the purchase of more raw materials. The company received 470 million yuan in cash from the sale of goods and the provision of labor services in Q1, with a year-on-year increase of + 47.7%, basically in line with the growth rate of operating revenue. From the balance sheet, the company’s monetary capital + trading financial assets at the end of the first quarter was 1.18 billion yuan, down from – 1.0% at the end of the 21st century; Notes receivable and accounts receivable totaled RMB 80 million, up + 15.3% from the end of the 21st century. We expect that it is mainly due to the existence of a certain credit period in the company’s e-commerce, engineering and other channels, and the development of channels has brought more receivables; At the end of the first quarter, the company’s inventory was 250 million yuan, up + 3.8% from the end of the 21st century, which can meet the growing needs of business development. In terms of turnover days, the company’s 22q1 inventory / accounts receivable / accounts payable turnover days were 87.0 / 14.4 / 101.8 days respectively, with a year-on-year increase of + 22.3 / + 3.7 / + 17.1 days. We believe that with the continuous consolidation of the leading position, the company’s occupation capacity of upstream loans may continue to increase.
Investment suggestion: the integrated stove category is in the period of rapid penetration, and the industry development dividend continues to be realized. Marssenger Kitchenware Co.Ltd(300894) as the industry leader, has built the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) two wheel drive channel mode and the “1 + n” product matrix of kitchen appliances. On the basis of deepening the advantages of two-line channels, continue to expand Ka, home decoration and other flow entrances, and continue to develop integrated dishwasher and cabinet products on the premise of leading the industry of integrated stove, Can provide guarantee for the company’s medium and high-speed growth in the future. In the short term, in order to cope with the cost pressure of raw materials, the company has officially raised the ex factory price of integrated stoves since April 22. With the improvement of product structure and the appearance of scale effect, the profitability of the company is expected to be repaired. It is estimated that the net profit attributable to the parent company in 22-24 years is RMB 476 / 633 / 816 million, and the current stock price corresponds to 26.8x/20.1x/15.6xpe in 22-24 years, maintaining the “buy” rating.
Risk warning: the risk of rising raw material prices; The risk of fluctuations in the real estate market; Market competition intensifies risks.
