\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
2022q1 performance exceeded expectations, the share of high boom track continued to increase, and the “buy” rating was maintained
In 2022q1, the company achieved a revenue of 247 million yuan (+ 63.1%) and a net profit attributable to the parent company of 45 million yuan (+ 51.5%). Under the interference of epidemic disturbance and other factors, the performance of 2022q1 exceeded expectations. The main reason is that the company achieved differentiation and continued to lead the independent products of steaming and baking by virtue of technologies such as lower fan. It is expected that the company will continue to expand the product sequence of disinfection cabinet integrated stove and improve the matching rate of integrated water tank by relying on the advantages of R & D technology, and the high growth of performance is expected to continue. Maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 273 / 364 / 466 million, corresponding to EPS of RMB 2.53/3.37/4.31 respectively. The current share price corresponds to PE of 23.8/17.8/13.9 times, maintaining the “buy” rating.
2022q1 integrated stove Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel continued to sell well, and the share increased significantly
The share of online and offline channels of the company’s integrated kitchen has increased significantly. According to ovicloud, the online sales volume of the integrated stove industry in 2022q1 reached 860 million (+ 23.5%), the sales volume of Yitian brand reached 140 million (+ 163.6%), and the market share of sales volume reached 16.1% (+ 8.6pcts), with a strong momentum of improvement. Driven by the continuous iteration of products, the brand sales volume / average price were + 130.5% / + 14.4% respectively, continuing the boom of both volume and price. According to the offline monitoring data of Aowei (sampling of Ka retail stores), the offline sales of integrated stove industry in 2022q1 reached 60 million yuan (+ 18.4%), of which the sales of Yitian brand reached 04 million yuan (+ 267.1%), accounting for 6.2% (+ 4.3pcts), and the share increased significantly.
The net interest rate of 2022q1 increased year-on-year after adding back the equity payment fee, and the main business trend was better
Relying on the improvement of product structure, the company hedged the pressure of raw material price rise. In 2022q1, the gross profit margin was 43.7%, down 0.7pct year-on-year, narrowed compared with – 4.6pcts in 2021q4. Considering the continuous improvement of product structure and the slowdown of raw material price rise, we expect the company’s gross profit margin to be stable and good. In terms of expense rate, the sales / management / R & D / financial expense rate in 2022q1 was – 0.5 / + 3.4 / – 0.4 / – 0.8pct year-on-year respectively, of which the increase of management expense rate was mainly due to the increase of share based payment. The net interest rate in 2022q1 was 18.1%, down 1.4pcts year-on-year and up 5.2pcts month on month, and the improvement trend has been shown. In 2022, the equity payment fee is about 18 million yuan. We calculate that the equity payment fee in 2022q1 is about 4.5 million yuan according to quarterly sharing. If the equity payment fee is added back, the adjusted net interest rate in 2022q1 will reach 19.9pcts, which is 0.5pct higher than that in 2021q1, and the main business will continue to improve. We expect that with the price rise of raw materials slowing down and the continuous improvement of product structure, the repair of gross profit margin will drive the company’s net profit margin to be stable and good.
Risk warning: rising risk of raw materials; Market competition intensifies risks; Channel expansion is less than expected risk.
