\u3000\u3 Shengda Resources Co.Ltd(000603) 277 Yindu Kitchen Equipment Co.Ltd(603277) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022.
OBM business in foreign markets has developed rapidly, and the revenue side continues to grow rapidly from 2021 to 2022q1
In 2021, the company achieved a revenue of 2.459 billion yuan, a year-on-year increase of 52.31%, exceeding market expectations, and achieved rapid growth in revenue. The main reason is that the impact of the epidemic was gradually eliminated in 2021, the overseas catering industry continued to recover, and the demand for commercial catering equipment was strong. Through years of development and maintenance, the company continued to develop OBM business in foreign markets. ① By product, in 2021, the revenue of commercial catering refrigeration equipment was 1.858 billion yuan, a year-on-year increase of 57.17%, and the revenue of western kitchen equipment was 380 million yuan, a year-on-year increase of 44.88%; ② In terms of subregions, in 2021, the export revenue was 2.197 billion yuan, a year-on-year increase of 58.86%, and the domestic sales revenue was 220 million yuan, a year-on-year increase of 3.78%. In addition, in order to cope with the rise of shipping costs, the company raised the price accordingly in 2021, included in the revenue, and increased the revenue by about 130 million yuan. If the freight price increase is excluded, the growth rate of the company's revenue end will be 44.25% in 2021. In 2022q1, the company achieved a revenue of 666 million yuan, a year-on-year increase of 42%, continuing a high growth, mainly due to the high prosperity of the industry and the continuous and rapid growth of the company's shipments.
The increase of sea freight affects the gross profit margin in 2021, and the profitability of 2022q1 is excellent
In 2021, the company realized a net profit attributable to the parent company of 412 million yuan, with a year-on-year increase of 32.69%, which is in line with market expectations. In 2021, the company's net sales profit margin was 16.76%, with a year-on-year decrease of -2.48 PCT: ① at the gross profit margin end, the company's gross sales profit margin in 2021 was 39.02%, with a year-on-year decrease of -3.7 PCT, which is mainly due to the sales included in the revenue caused by the increase of sea freight. In addition, the price rise of raw materials also had an adverse impact, The decline in gross profit margin is the main reason for the decline in profits. ② On the expense side, the company's expense rate during 2021 was 21.90%, with a year-on-year increase of -1.74pct. The sales, management (including R & D) and financial expense rates changed by -1.51pct, -0.25pct and + 0.01pct respectively year-on-year. The decrease in sales expense rate was mainly due to the completion of early-stage investment and scale effect.
In 2022q1, the company realized a net profit attributable to the parent company of 124 million yuan, with a year-on-year increase of 43.41%, exceeding market expectations. The net profit margin of 2022q1 sales reached 18.63%, with a year-on-year increase of + 0.18pct, of which the gross profit margin of sales reached 41.71%, with a year-on-year increase of + 1.19pct. Under the condition that the price increase of sea freight is included in the revenue, it still achieved a certain increase. We judge that it is mainly due to the increase in the proportion of OBM and the decline in the price of raw materials.
The improved overseas channel + new product layout will promote the continuous and steady growth of the company
Compared with Japanese enterprises such as Xingqi and Middleby, the company's revenue is small, and there is still much room for improvement. ① Overseas channels tend to be improved: after years of layout, the company has basically completed the construction of overseas channels in China, especially overseas channels tend to be improved, and it takes the initiative to penetrate into engineering end customers in China; ② Layout of new products: the company's launch of universal steam oven will effectively supplement the company's product matrix and improve the company's overall sales capacity in the field of commercial catering equipment, which is expected to become a new performance growth point of the company.
Profit forecast and investment rating: considering the broad growth space of the company, we expect the net profit attributable to the parent company from 2022 to 2024 to be 539 (original value 527) million yuan, 661 (original value 650) million yuan and 790 million yuan respectively, and the corresponding dynamic PE of the current stock price is 12 / 10 / 8 times respectively, maintaining the "overweight" rating.
Risk tip: the prosperity of the industry is declining, the product market promotion progress is less than expected, and the competition is intensified.
