\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 66 Anker Innovations Technology Co.Ltd(300866) )
Performance review
On April 25, 2022, the company announced the first quarterly report that the company’s Q1 revenue was 2.865 billion yuan, an increase of 18% at the same time, the net profit attributable to the parent was 199 million yuan, a decrease of 3% at the same time, and the net profit deducted from non attributable to the parent was 158 million yuan, a decrease of 1% at the same time.
Business analysis
Q1 revenue grew steadily, including domestic revenue of 110 million yuan, an increase of 29% and overseas revenue of 2.76 billion yuan, an increase of 18%. The decrease in the absolute amount of net profit was mainly due to the increase in the absolute amount of R & D expenses by 85 million yuan and the loss from changes in fair value by 17 million yuan.
The gross profit margin of Q1 company was 38%, decreased by 6.9pct compared with the same period last year and increased by 20PCT month on month, which was mainly caused by the disturbance of freight settlement (for the transportation costs incurred before the control of goods was transferred to customers and in order to perform the sales contract, the group and the company reclassified all their self sales expenses to operating costs). Due to the large disturbance of sales rate, we use “gross profit margin – sales rate” to measure the company’s actual operating profitability. Q1 is 17.7%, an increase of 0.4pct compared with the same period last year and 3.4pct month on month.
In 2021, remarkable achievements have been made in expanding brands, categories and channels. 1) In 2021, the revenue of charging was 5.55 billion, with an increase of 34% at the same time. The company continued to launch new products to maintain its leading edge; The revenue of intelligent innovation was 4.1 billion, an increase of 34% at the same time. Eufy floor sweepers, wireless security cameras, visual doorbells and other products took the lead in sales in Europe, America, Australia and Amazon; The revenue of wireless audio was 2.85 billion, an increase of 34%, and the category continued to enrich and promote growth. 2) In terms of regions, the domestic revenue in 2021 was 420 million, an increase of 194%, and the company achieved an increase of more than 30% in important markets such as Europe and Australia. 3) By channel, the online revenue was 6.4 billion yuan, an increase of 27% at the same time; Offline revenue was 4.6 billion yuan, an increase of 53%.
Investment suggestions:
It is estimated that the company’s return to parent performance from 2022 to 2024 will be RMB 1.18 billion, RMB 1.67 billion and RMB 1.96 billion, with a year-on-year increase of 20%, 41% and 17%, and the net profit expectation for 2022 / 2023 will be reduced by 22% and 14% compared with the previous period. Maintain the buy rating, with a target price of 72 yuan (25 2022eps).
Risk tips: trade friction risk, exchange rate fluctuation risk and new product promotion are not as expected.
