\u3000\u3 Shengda Resources Co.Ltd(000603) 195 Gongniu Group Co.Ltd(603195) )
Event: the company released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 3.078 billion yuan, a year-on-year increase of 19.58%; The net profit attributable to the parent company was 641 million yuan, a year-on-year increase of 5.68%; The non net profit deducted was 562 million yuan, a year-on-year increase of 0.7%, and the basic earnings per share was 1.07 yuan / share.
The company’s profitability improved month on month. In the first quarter of 2022, the company’s comprehensive gross profit margin was 34.47%, a year-on-year decrease of 3.3% and a month on month increase of 2.2%. During the period, the expense rate of the company was 11.94%, with a year-on-year increase of 1.3% and a month on month decrease of 0.34%. Among them, the sales expense rate was 5.25%, with a year-on-year increase of 0.62%; The management expense ratio was 3.93%, with a year-on-year increase of 0.4%; The financial expense ratio was -0.88%, with a year-on-year decrease of 0.27%; The R & D expense ratio was 3.64%, with a year-on-year increase of 0.55%. During the reporting period, the company’s net interest rate was 20.8%, a year-on-year decrease of 2.78% and a month on month increase of 3.78%; The net interest rate after deducting non profit was 18.26%, a year-on-year decrease of 3.42% and a month on month increase of 2.34%.
The comprehensive strength of channels is excellent, and the layout space of emerging businesses is broad. The company continues to optimize the channel structure and realize channel expansion. It has established more than 750000 hardware channel sales points, more than 120000 professional decoration and lighting sales points and more than 250000 digital accessories sales points. At the same time, the company has established in-depth cooperation with head decoration enterprises, covering more than 10000 outlets, and arranged online channels to promote the brand in an all-round way to achieve rapid growth. In terms of products, the company takes the traditional electrical connection, intelligent electrical lighting and digital accessories business as the core to expand to the field of intelligent ecology and new energy: the company launched the smart home lamp product matrix to grasp the development opportunities of the home lighting industry. At the same time, it launched a variety of new energy products such as charging guns / piles. After the listing of the e-commerce platform, the sales volume was in the leading position of the third-party brand.
Investment suggestion: the company continues to deepen the channel layout, continuously innovate products with user needs as the core, steadily grow traditional businesses, promote the development of new energy and intelligent ecological emerging businesses, and is optimistic about the future growth of the company. It is expected that the company will achieve eps5 in 2022 / 23 / 24 45 / 6.28 / 7.3 yuan / share, corresponding to 23x / 20x / 17x PE, maintaining the “recommended” rating.
Risk tip: the risk that the economic growth is less than expected; Risk of intensified market competition
