\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Performance summary: Q1 company achieved a revenue of 450 million yuan in 2022, with a year-on-year increase of 29.2%; The net profit attributable to the parent company was 60 million yuan, with a year-on-year increase of 35.9%; Deduct non net profit of RMB 50 million, with a year-on-year increase of 38.3%..
The penetration rate of integrated stoves continued to increase, and the growth rate of the company was better than that of the industry. During the reporting period, the integrated stove industry maintained growth. According to the AVC push total data, the retail volume of the integrated stove industry in 2022q1 reached 510000 units, a year-on-year increase of 4.9%; Retail sales amounted to 4.75 billion yuan, a year-on-year increase of 19.5%. As a leading enterprise of integrated stoves, the company continues to increase R & D on the product side, promote the accelerated promotion of new products and help the company sell in large quantities; On the channel side, the company adheres to Wuxi Online Offline Communication Information Technology Co.Ltd(300959) two wheel drive, actively enters offline Ka, home decoration and other channels, improves multi-dimensional channel layout, and helps the company’s revenue growth in a single quarter outperform the industry performance.
Profitability increased steadily. During the reporting period, affected by the rise in the price of raw materials and the adjustment of accounting standards, the company’s comprehensive gross profit margin was 44.2%, down 3.2pp year-on-year, but increased by 1.2pp month on month, and its profitability showed an improvement trend. In terms of expense rate, under the influence of freight transfer in cost under the new income standard and the company’s fee control, the company’s sales expense rate was 23.3%, a year-on-year decrease of 2.4pp; The management expense ratio was 10.4%, with a year-on-year increase of 0.2pp; The financial expense ratio was – 1.1%, with a year-on-year increase of 0.1pp. Overall, the company’s net interest rate was 13.2%, a slight increase of 0.5pp year-on-year.
The market share increased steadily, and the volume and price of products increased simultaneously. Thanks to the high-quality product capacity and perfect channel layout, Q1 company’s products have increased both in volume and price. AVC data shows that in terms of sales volume, Q1 company’s online and offline sales share reached 17% / 23%, with a year-on-year increase of 2.7/4.9pp respectively; In terms of product price, the average price of Q1 company’s products online and offline reached 10325 / 11218 yuan, an increase of 1137 / 733 yuan respectively year-on-year. We believe that with the rapid development of the integrated stove industry, the competitive advantage of leading enterprises will gradually expand. As a leading enterprise in the industry, the company is expected to maintain rapid growth.
Profit forecast and investment suggestions. As a leading enterprise of integrated stoves, the company has obvious product channel advantages. It is expected that the company will fully benefit from the industry dividend. It is expected that the EPS will be 1.19/1.47/1.80 yuan from 2022 to 2024 respectively, maintaining the “buy” rating.
Risk tips: raw material prices may fluctuate sharply, and market competition may intensify.
