\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Core view
The revenue grew steadily, and the profit performance was affected by the expense investment and the profit and loss of changes in fair value. In Q1 2022, the company achieved an operating revenue of 2.865 billion yuan, a year-on-year increase of 18.04%, and achieved a net profit attributable to the parent of 199 million yuan, a year-on-year decrease of 2.74%, deducting a non net profit of 158 million yuan, a year-on-year decrease of 0.87%. The company’s overall revenue benefited from the steady growth of mature markets such as Europe and the United States, as well as the rapid growth of emerging markets. In Q1, the revenue of China’s domestic market increased by 29.48% and that of China’s overseas market increased by 17.63% year-on-year. The profit performance is affected by the profit and loss from changes in fair value and increased investment in R & D expenses. The company’s R & D expenditure in Q1 increased by 69.50% year-on-year to 207 million yuan, but it is conducive to the improvement of the company’s product competitiveness in the medium and long term.
Under the same caliber, the gross profit margin increased, and the sales expense rate was generally stable. The company’s Q1 gross profit margin in 2022 was 38.16%, with a year-on-year increase of 1.11pct under the same caliber; The sales expense rate was 20.47%, slightly increased by 0.73 PCT under the same caliber, the management expense rate was 3.35%, slightly increased by 0.11 PCT under the same caliber, and the overall sales and management expenses were well controlled under the stable growth of revenue. In terms of cash flow, the company’s Q1 net operating cash outflow in 2022 was 193 million yuan, an improvement over the net outflow of 202 million yuan in the same period last year.
Risk warning: deterioration of Global trade environment; Category expansion is less than expected; The epidemic repeatedly affects transportation capacity, etc
Investment suggestions: the multi category layout has been steadily promoted, continued to pay attention to R & D investment and maintain the “buy” rating. In the medium and long term, the cross-border e-commerce industry has a large development space, and the company, as the industry leader, 1) the category side promotes the iterative renewal of traditional charging categories, and actively expands new categories to open up growth space; 2) Actively explore overseas emerging and Chinese markets in the region to achieve rapid development in multiple regions; 3) On the channel side, gradually reduce the dependence on a single platform, form an online + offline benign development pattern, further broaden consumer coverage, improve brand awareness and improve the efficiency of cost delivery. Considering the company’s overweight R & D investment and the cost investment pressure caused by the intensification of industry competition, we lowered the company’s net profit attributable to the parent company from 2022 to 2024 to RMB 1.151 billion / 1.363 billion / 1.691 billion (the previous value was RMB 1.227 billion / 1.505 billion / 1.875 billion respectively), and the corresponding PE was 19 / 16 / 13 times respectively, maintaining the “buy” rating
