\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
The company disclosed the first quarterly report of 2022:
2022q1: revenue of 450 million, yoy + 29%; 60 million to parent, yoy + 36%; Deduct non RMB 50 million, yoy + 38%;
Revenue:
Quarter by quarter, the growth rate of 21q4 / 22q1 is divided into 18% / 29%, and the growth rate at the report end is increased month on month. Considering that some e-commerce revenue of the company’s double 11 lags behind the recognition, the combined calculation of Q1 and Q4 revenue may more accurately reflect the company’s business trend. The total revenue of 21q4 and 22q1 was 1.17 billion, with a growth rate of 22% compared with that of 20q4 and 21q1. Overall, it maintained a rapid growth trend.
In terms of sub channels, according to ovicloud data, the company’s Q1 line listing share increased by 0.8pct to 22% year-on-year, and the offline market share increased by 4.7pct to 25% year-on-year, both maintaining the first position in the industry.
Profit:
Gross profit margin: Q1 was 44.2%, year-on-year -3pct, mainly affected by freight. For example, from the perspective of gross sales difference, Q1 only decreased by 0.8pct, which was significantly improved compared with that of 21q4. The reasons are as follows: 1) rebate: 21q4 is expected to increase more rebate, while 22q1 is relatively less; 2) Raw materials: the price of 21q4 raw materials has decreased, and the company has increased its procurement efforts, reflecting that the cost pressure of 22q1 has been alleviated;
Expense ratio: Q1 sales, management and R & D expenses were – 2.4 / – 0.7 / + 0.9pct to 23.3% / 5.2% / 5.3% respectively, of which the sales expense ratio decreased significantly due to the adjustment of accounting standards;
Net interest rate: Q1 net interest rate was 13.2%, with a year-on-year increase of 0.5pct.
Investment suggestions:
In the long run, the company is the leader of integrated stoves with clear high growth planning. In the short term, the company’s marketing investment is in front, the channel structure is benign, and the pressure of strategic investment is better than that of competition in the period of rapid development of the industry. It is estimated that the company will realize sales revenue of 2.35, 3.05 and 3.82 billion yuan in 22-24 years, with a year-on-year increase of 31%, 25% and 22%, and realize net profit attributable to parent company of 510, 660 and 810 million yuan, with a year-on-year increase of 35%, 29% and 24%. Maintain the industry leader Marssenger Kitchenware Co.Ltd(300894) “buy” rating.
Risk tips:
The entry of cross-border giants led to the deterioration of competition, the expansion of channels was less than expected, and the cost of raw materials rose sharply again.
