\u3000\u3 Guocheng Mining Co.Ltd(000688) 169 Beijing Roborock Technology Co.Ltd(688169) )
Performance summary: in 2021, the company achieved a revenue of 5.83 billion yuan, a year-on-year increase of + 28.8%, and a net profit attributable to the parent company of 1.4 billion yuan, a year-on-year increase of + 2.4%; 22q1 company achieved a revenue of 1.36 billion yuan, a year-on-year increase of + 22.3%; The net profit attributable to the parent company was 340 million yuan, a year-on-year increase of + 8.8%.
2021 annual report: 1) by product, in 2021, the revenue of intelligent floor sweepers and accessories was 5.61 billion, a year-on-year increase of + 26.9%, and the revenue of hand-held cleaning products and accessories was 230 million, a year-on-year increase of + 102.4%. Since the company’s G10 floor sweeper Siasun Robot&Automation Co.Ltd(300024) was listed in August 21, with its innovative function and sex price ratio advantages, the sales performance in the fourth quarter was outstanding, driving the growth rate of domestic sales in the fourth quarter by + 150% year-on-year. The new products have contributed a strong driving force to the company’s revenue. 2) In terms of regions, the overseas revenue exceeded the domestic revenue for the first time in 21 years. The overseas / domestic revenue was RMB 3.36/2.47 billion respectively, with a year-on-year increase of + 80.1% / – 7.1% respectively. The rapid growth of overseas channels showed a bright performance, and the company further expanded the layout of the global market. In addition, stone recently opened its first offline store in China, and will gradually focus on the layout of offline channels in China. 3) On the expense side, the company’s gross profit margin in the whole year of 21 years was – 3.2pct to 48.1% year-on-year, and the sales / management / R & D expense rate was + 2.39 / + 0.20 / + 1.75pct to 16.08/2.04/7.55% year-on-year respectively. In the past 21 years, the company has strengthened its marketing efforts, including deepening cooperation with Chinese e-commerce platforms and establishing foreign distribution networks; With the continuous R & D investment in new technologies and products, the number and salary of R & D personnel are increasing, and the investment in product R & D is also strengthening. The number of R & D personnel is + 45% and R & D investment is + 67% year-on-year.
The first quarter report of 2022: the gross profit margin of 22q1 was – 2.15pct to 47.49% year-on-year; The net interest rate was – 3.14pct to 25.22% year-on-year, and the cost side was still under pressure due to the rise in the price of raw materials; During this period, the cost rate increased from + 3.7pct to 22.89% year-on-year, mainly driven by the sales cost rate of + 4.4pct year-on-year. The company launched two new floor sweeping Siasun Robot&Automation Co.Ltd(300024) products in 22q1, and the corresponding marketing investment is also large.
Investment suggestion: the company continues to increase its R & D investment and enable product technology. The newly launched sweeping Siasun Robot&Automation Co.Ltd(300024) products g10s and g10pro at the end of March this year are expected to contribute to the growth of domestic sales revenue in the second quarter. At the same time, the overseas market releases a lot of demand under the influence of the upgrading of clean appliances and the catalysis of the epidemic. The company actively changes its marketing strategy and increases its market share by adding marketing investment at home and abroad, The comprehensive competitiveness was further improved. However, the number of new players in the clean electrical appliance industry is increasing, and the market competition is further intensified. It is particularly important to accurately capture the needs of consumers and the timeliness of launch time. We estimate that the company’s operating revenue from 2022 to 2024 will be RMB 73.92/89.99/10.693 billion respectively, the net profit attributable to the parent company will be RMB 1.502/17.00/2.091 billion respectively, and the EPS will be RMB 22.48/25.45/31.31 respectively. The company will be given 28-31 times PE in 2022, and the corresponding price range will be RMB 629.44-696.88. The company will be given a “recommended” rating for the first time.
Risk tip: the risk of rising raw material prices, repeated impact of the epidemic, the risk of chip shortage and intensified industry competition.
