\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Performance review
On April 25, Marssenger Kitchenware Co.Ltd(300894) released the first quarterly report of 22 years, and realized a revenue of 451 million yuan in 22q1, 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%, and the net profit not attributable to the parent company was 51 million yuan, a year-on-year increase of 38.25%. Revenue met expectations and performance slightly exceeded expectations.
Business analysis
On the revenue side, in the first quarter, the company’s integrated stove continued to have a high outlook. According to ovicloud, in the first quarter, the Marssenger Kitchenware Co.Ltd(300894) integrated stove Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales volume was + 28.2% and 56.9% year-on-year respectively, with the growth rate leading the industry. At the end of February, the company held the annual meeting of franchisees and released more than 10 new products, including integrated stove, integrated water tank and combustion heat, which is expected to help the subsequent revenue growth.
On the profit side, the net interest rate of 22q1 company was 13.33%, with a year-on-year increase of + 0.66%. Considering that dealer conferences and new product launches are usually held in the first quarter, the sales expenses are higher in the peak marketing season, and more revenue is often cashed in the subsequent quarters, so the net interest rate of Q1 is lower than the annual average level, the month on month decrease is in line with expectations, and there is still a slight increase year-on-year. The gross profit margin of 22q1 was 44.2%, year-on-year -3.2pct, and the sales expense rate was 23.3%, year-on-year -2.4pct. Excluding the impact of changes in accounting standards, the gross sales difference of 22q1 was -0.8pct year-on-year, which is expected to be mainly due to the impact of the rise in the price of raw materials, and the decline has narrowed month on month. The Q1 management / R & D / financial expense ratio of the company was -0.7pct / + 0.9pct / + 0.1pct respectively year-on-year, and the expense ratio was relatively stable during the period.
Operating capacity: the cash received from selling goods in Q1 was 470 million yuan, which was consistent with the income, and the company’s cash flow was good. The balance of accounts receivable and notes receivable was 84.333 million yuan, the turnover days of accounts receivable was 14 days, the turnover was good and stable, the inventory was 250 million yuan, and the turnover days of inventory was 87 days, which remained stable. Profit forecast & investment suggestions
The penetration of the integrated stove industry has been continuously verified. The company is the first echelon of the industry. With the subsequent high growth of the integrated stove and the gradual opening of the second growth curve of superimposed water washing, the income is expected to continue to increase, and the scale advantage is expected to promote the steady increase of profitability, which is optimistic for a long time. We estimate that the company’s revenue from 2022 to 2024 will be 3.06 billion yuan, 4.05 billion yuan and 5.4 billion yuan respectively, with a year-on-year increase of 32.2%, 32.2% and 33.2% respectively. The company’s net profit attributable to the parent company from 2022 to 2024 is expected to be 500 million yuan, 670 million yuan and 900 million yuan respectively, with a year-on-year increase of 34.2%, 33.0% and 33.8% respectively, and EPS are 1.24, 1.65 and 2.21 respectively. The current share price corresponding to PE from 2022 to 2024 is 25.3x, 19.0x and 14.2x respectively, maintaining the “overweight” rating.
Risk tips
The penetration rate of integrated stove was not improved as expected; The risk of intensified industry competition; Risk of rising raw material prices; Risk of lifting the ban on restricted shares.
