\u3000\u3 Shengda Resources Co.Ltd(000603) 848 Guangdong Hotata Technology Group Co.Ltd(603848) )
Event overview
Guangdong Hotata Technology Group Co.Ltd(603848) released the first quarter report of 2022: in 2022q1, the company realized an operating revenue of 244 million yuan, a year-on-year increase of + 15.69%; The net profit attributable to the parent company was 45 million yuan, a year-on-year increase of + 2.51%. The revenue side performed well, and the growth rate increased month on month; The profit side is affected by many factors, such as the increase of the company’s expense rate during the period, the year-on-year decrease of financial products measured at fair value, resulting in the decrease of investment income and the income from changes in fair value, and the growth rate is less than the income growth. In terms of cash flow, the net cash flow from operating activities of 2022q1 company was -94 million yuan, a year-on-year decrease of 52 million yuan, mainly due to the payment of due bank acceptance bills.
Analysis and judgment:
Revenue side: performed well, and the revenue growth rate of 22q1 increased month on month.
Under the influence of the epidemic in China, the revenue of 2022q1 company still increased by 15.69%, and the growth rate increased significantly month on month (2021q4 revenue + 2.26%). The overall revenue side performed well. We expect that it is mainly due to the upgrading of the company’s product structure and the in-depth reform and expansion of channels. On the product side, the company’s products are gradually upgraded from traditional drying products to intelligent drying products, and through excellent technical strength, Continue to launch new smart home products that meet the market demand, and continuously increase the contribution of smart home business revenue. In addition, in terms of channels, the company accelerated the implementation of provincial operation platform mode in 2021, effectively promoted the in-depth reform of offline channels, refined the operation of online channels through big data, and continued to promote the upgrading of Engineering customer layout and price structure. Product structure upgrading superimposed multi-channel layout, and the company’s revenue side continued to rise.
Profit side: the gross profit margin of 22q1 increased slightly compared with the same period, and the net profit margin decreased year-on-year.
In terms of profitability, the gross profit margin and net profit margin of 2022q1 company were 43.35% and 18.59% respectively, with a year-on-year increase of + 0.20pct and -2.54pct respectively. The gross profit margin increased slightly compared with the same period. We expect that the net profit margin decreased year-on-year mainly due to the increase of the company’s contribution to the revenue of high gross profit margin smart home products, while the net profit margin was affected by the increase of expense rate during the period and the decrease of investment income and income from changes in fair value. Among them, in terms of period expense rate, the period expense rate of 2022q1 company was 25.20%, with a year-on-year increase of + 1.45pct. Among them, the sales expense rate, management expense rate, R & D expense rate and financial expense rate were 15.90%, 7.67%, 2.60% and – 0.97% respectively, with a year-on-year increase of + 1.54pct, + 2.00pct, – 1.16pct and – 0.93pct. The sales expense rate and management expense rate increased year-on-year. Among them, the increase of management expense rate was mainly due to consulting service fee Due to the increase of real estate depreciation and other expenses. In terms of investment income and income from changes in fair value, the investment income and income from changes in fair value of 2022q1 company were Chengdu Rml Technology Co.Ltd(301050) 0 and 400400 yuan, respectively – 30.63% and – 92.75% year-on-year, mainly due to the decrease of financial products measured at fair value year-on-year.
Investment advice
Clothes hanger products continue to upgrade, retail channel changes enhance the company’s control ability at the terminal, e-commerce channels continue to develop, bulk engineering channels are actively expanded, and the performance is expected to continue to grow steadily. Maintaining the previous profit forecast, it is estimated that the company’s operating revenue from 2022 to 2024 will be RMB 1.703/2.013/2.353 billion and EPS will be RMB 0.86/1.03/1.22 respectively, corresponding to the closing price of RMB 11.13/share on April 26, 2022 and PE will be 13 / 11 / 9 times respectively, maintaining the rating of “overweight”.
Risk tips
Industry demand is less than expected risk; Market competition intensifies risks; Risk of substantial increase in raw material prices; The short-term epidemic has repeatedly affected.
