\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event: the company released the first quarterly report of 2022 and realized an operating revenue of 451 million yuan in 2022q1, a year-on-year increase of + 29.22%; The net profit attributable to the parent company was 60 million yuan, a year-on-year increase of + 35.92%; The net profit attributable to the parent company after deduction was 51 million yuan, a year-on-year increase of + 38.25%.
Comments:
Q1 performance exceeded expectations and the market share increased steadily. The steady growth of 2022q1 company's performance is mainly driven by the high-profile momentum of the integrated stove industry. According to ovicloud, the online retail sales / retail sales of China's integrated stoves in 2022q1 are + 23.5% / - 4.27% respectively, and the offline retail sales / retail sales are + 18.36% / + 8.43% respectively. Under the increasingly severe situation of the epidemic, China's integrated stove industry has an excellent overall performance. The company continues to promote channel construction. On the one hand, it maintains its advantages in the e-commerce platform, on the other hand, it strengthens the layout of emerging channels such as offline engineering, packaging and Ka and the expansion of sinking channels. The two wheel drive marketing model provides sufficient momentum for the company's performance growth, and the company's market share has increased steadily. According to ovicloud, the market share of online / offline retail sales of integrated stoves in 2022q1 has increased from + 0.80pct / + 4.71pct to 21.98% / 25.09% respectively, The market share of retail sales was + 2.74pct/4.89pct to 17.03% / 22.96% respectively.
The gross profit margin was under pressure in the short term, and the net profit margin increased slightly. In Q1, the company's gross profit margin was 44.19% in a single quarter, with a year-on-year increase of -3.20pct and a month on month increase of + 1.21pct. The rise in raw material prices and the impact of freight transfer under the new revenue standard put pressure on the company's gross profit margin in the short term, but it improved month on month. Q1 single quarter sales expense ratio was - 2.41pct to 23.26% year-on-year, and the sales expense decreased due to the disturbance of the epidemic; The ratio of administrative expenses was -0.68pct to 5.16% year on year; The R & D expense ratio increased from + 0.88pct to 5.27% year-on-year, and the company's Q1 single quarter net interest rate increased from + 0.65pct to 13.33% year-on-year, contrarian to the trend.
Q1 increased expenditure on purchasing raw materials put pressure on cash flow and improved operating efficiency. The net operating cash flow of 2022q1 company was -119 million yuan, a year-on-year increase of - 134.06%, mainly due to the increase in cash paid for purchasing raw materials; In terms of operating efficiency, in 2022q1, the days of accounts receivable turnover decreased by 2.04 days to 14.38 days, the days of accounts payable turnover increased by 6.26 days to 101.84 days, and the days of inventory turnover decreased by 13.37 days to 87.04 days, which improved the operating efficiency.
Investment suggestion: accelerate the expansion of emerging channels, steadily promote capacity expansion, and maintain the "buy" rating. With the gradual increase of integrated stoves and washing products, the company's revenue is expected to continue to increase. We maintain the company's profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 516 / 652 / 758 million yuan respectively, corresponding to 25 / 20 / 17 times of the current market value PE respectively, maintaining the "buy" rating.
Risk tip: the development of new products is less than expected, the epidemic situation in China is repeated, and the price of raw materials is rising.
