\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Event:
On April 25, 2022, Marssenger Kitchenware Co.Ltd(300894) released the first quarterly report of 2022. In 2022q1, the company realized an operating revenue of 451 million yuan (+ 29.22%); The net profit attributable to the parent company was 60 million yuan (+ 35.92%).
Key investment points:
The volume and price of integrated stoves increased simultaneously, the online advantage continued, and the offline low base achieved high growth. According to the data of Aowei cloud, in 2022q1, the company sold 19700 integrated stoves (+ 16%), with a sales volume of 205 million yuan (+ 30%), mainly due to the improvement of product structure and the double rise of volume and price of integrated stoves assisted by high-end and intelligent products. 1) Online: the sales volume is 18400 units (+ 14%), the sales volume is 190 million yuan (+ 28%), the growth rate leads the industry (sales volume / sales volume is – 4% / + 24% respectively), and the average price is 10325 yuan (+ 12%); 2) Offline: the sales volume is 13000 sets (+ 45%), the sales volume is 15 million yuan (+ 57%), which is significantly higher than the growth rate of the industry (sales volume / sales volume + 8% / 18% respectively), and the average price is 11218 yuan (+ 7%).
The gross profit margin is under short-term pressure, the cost is optimized, and the net profit margin has achieved positive growth. 1) Gross profit margin: the gross profit margin of 2022q1 company is 44.19% (- 3.20pct), which is mainly due to the high price of raw materials; 2) Net interest rate: the net interest rate of 2022q1 company is 13.19% (+ 0.51pct), with a positive year-on-year growth, mainly due to the continuous optimization of the company’s expense side. The rate of sales, management and R & D expenses in a single quarter is 23.26% / 5.16% / 5.27% respectively, with a year-on-year increase of -2.42 / – 0.68 / + 0.88pct respectively.
Build a high-end brand image, promote new products and inject vitality. 1) Marketing side: continue to cooperate with high traffic and slow variety shows in 2022 to continuously improve brand exposure. In April, the new Q6 high-end intelligent integrated stove will be added to the sixth season of yearning for life, and the program heat will be used for scene marketing to improve brand awareness and reputation; 2) Product side: further enrich the product matrix, release 10 new products of integrated stove, Integrated Dishwasher and gas water heater at the annual meeting of franchisees held in February 2022, deeply cultivate integration and intelligence, and continuously improve the product power.
The real estate industry has favorable policies, products and marketing remain dynamic, the company has strong growth momentum, the performance exceeds expectations, and maintains the “buy” rating. With the release of positive policy signals from the real estate industry in 2022 and the improvement of the scenery of integrated stove categories, the company is expected to benefit as a leading enterprise. Focus on marketing resources, deepen the high-end image, continuously enrich the product matrix, and the company’s performance may continue to increase, maintaining the “buy” rating. We predict that from 2022 to 2024, the net profit attributable to the parent company will be RMB 505 / 652 / 794 million, the corresponding EPS will be RMB 1.25/1.61/1.96, and the current share price will be RMB 24.89/19.28/15.85.
Risk tips: repeated covid-19 epidemic, fluctuations in the real estate market, fluctuations in the price of main raw materials, intensified competition in the integrated stove market, and less than expected new product research and development.
