\u3000\u3 Shengda Resources Co.Ltd(000603) 848 Guangdong Hotata Technology Group Co.Ltd(603848) )
Event: the company released the first quarterly report of 2022. During the reporting period, the company achieved a 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 non net profit deducted was 42 million yuan, a year-on-year increase of 17.48%, and the basic earnings per share was 0.11 yuan / share.
Gross profit margin increased slightly year-on-year, deducting non net profit margin to maintain stability year-on-year. In the first quarter of 2022, the company's comprehensive gross profit margin was 43.35%, with a year-on-year increase of 0.2% and a month on month decrease of 1.52%. During the period, the expense rate of the company was 25.2%, with a year-on-year increase of 1.45% and a month on month increase of 5.3%. Among them, the sales expense rate was 15.9%, with a year-on-year increase of 1.54%; The management fee rate was 7.67%, with a year-on-year increase of 2%; The financial expense ratio was -0.97%, with a year-on-year decrease of 0.93%; The R & D expense ratio was 2.6%, a year-on-year decrease of 1.16%. During the reporting period, the company's net interest rate was 18.59%, a year-on-year decrease of 2.54% and a month on month increase of 1.44%; The net interest rate after deduction was 17.07%, up 0.26% year-on-year and down 2.85% month on month.
Smart home transformation realizes business upgrading, and channel layout and brand promotion promote performance growth. In terms of categories, the company continued to promote the transformation of smart home, steadily developed the four business segments of whole house fabric intelligent care, intelligent care, intelligent healthy life and intelligent light sense, and created an interconnected product matrix. In terms of channels, the company accelerated the implementation of provincial operation platform mode and promoted the in-depth reform of offline channels; Online channels adopt the whole network channel spreading strategy, deeply cultivate jd.com, Taobao and other top online channels, and expand new channels such as pinduoduo and Tiktok Kwai. In terms of brand, focusing on the needs of generation Z young users, the company has realized the accurate delivery of the whole platform through microblogging, xiaohongshu and other platforms, established brand exclusive IP, spread in various forms, shaped the young image of the brand and boosted performance growth.
Investment suggestion: the company has been deeply engaged in the home drying sub track, with remarkable achievements in smart home transformation, R & D strength and brand influence enabling it to achieve high product power, and the development prospect of omni-channel layout is broad. It is expected that the company will achieve eps0 in 2022 / 23 / 24 89 / 1.05/1.24 yuan / share, corresponding to 12x / 11x / 9x PE, maintaining the "recommended" rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
