\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
The performance of 2022q1 exceeded expectations, the net interest rate improved year-on-year and the trend was good, maintaining the "buy" rating
In 2022q1, the company achieved a revenue of 450 million yuan (+ 29.2%) and a net profit attributable to the parent company of 60 million yuan (+ 35.9%). Under the disturbance of the epidemic and other factors, the company's performance in 2022q1 exceeded expectations, reflecting strong business resilience. The main reason is that the revenue side Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels work together, and the revenue growth rate is further improved compared with 2021q4; Based on the reputation effect of leading brand online, the company's drainage cost continues to decline, and the optimization of sales expense rate drives the net interest rate to increase year-on-year. The company adheres to the positioning of high-end brand, and has obvious first mover advantages in all channels and multiple categories. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 499 / 646 / 818 million, corresponding to EPS of RMB 1.23/1.59/2.02 respectively. The current share price corresponds to PE of 25.5/19.7/15.6 times, maintaining the "buy" rating.
The online channels of integrated stoves continued to lead, and the hot market share of washing products increased significantly
The company's online channels continue to lead and its share continues to increase. According to ovicloud.com, in 2022q1, the online sales volume of the integrated stove industry reached 860 million (+ 23.5%), the sales volume of Marssenger Kitchenware Co.Ltd(300894) brand reached 190 million (+ 28.2%), and the market share of sales volume reached 22.0% (+ 0.8pct), ranking first and continuing to lead. Driven by the continuous iteration of products, the brand sales volume / average price were + 14.1% / + 12.4%, continuing the boom of both volume and price. The sales of water washing increased significantly, and the second growth curve was built steadily. In 2022q1, the online sales of dishwasher industry reached 780 million yuan (+ 6.9%), the sales of Marssenger Kitchenware Co.Ltd(300894) brand reached 12 million yuan (+ 81.2%), the market share of sales reached 1.5% (+ 0.6pct), and the share increased significantly.
Optimistic about the gross profit margin repair overlay rate optimization, the company's net profit margin is expected to continue the upward trend
Affected by the high price of raw materials, the gross profit margin in 2022q1 was 44.2%, a year-on-year decrease of 3.2pcts and a month on month increase of 1.2pcts. Considering the continuous increase in the proportion of integrated steaming and baking machines, the slowdown in the price rise of raw materials and the price rise downstream, we expect the gross profit margin of the company to continue to increase month on month. In terms of expense ratio, the company continues the trend of reducing expenses and improving efficiency since 2021q4. The sales / management / R & D / financial expense ratio in 2022q1 is - 2.4 / - 0.7 / + 0.9 / + 0.1pct respectively year-on-year. Under the word-of-mouth effect of e-commerce standing at the head, we expect the platform to tilt more resource support, superimpose the company's expectation that multiple products will be launched to supplement the price band, and the proportion of the company's natural flow is expected to continue to grow, thus driving the improvement of the sales expense rate. 2022q1 net profit margin is 13.3% (+ 0.7pct). We expect that the company's net profit margin is expected to continue to improve driven by the repair of gross profit margin and the improvement of selling expense rate.
Risk warning: rising risk of raw materials; Market competition intensifies risks; Channel expansion is less than expected risk.
