\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 94 Marssenger Kitchenware Co.Ltd(300894) )
Core view
Revenue increased by 30% in the first quarter and profitability improved. The company released its first quarterly report. In 2022q1, it achieved revenue of 451 million / + 29.22%, net profit attributable to parent company of 60 million / + 35.92%, and net profit not attributable to parent company of 51 million / + 38.25%. The company still maintained a growth rate higher than that of the industry, and the revenue growth in Q1 accelerated month on month compared with 2021q4; Although the profit continues to be adversely affected by the rise of raw materials, the decline of gross sales difference has been significantly narrowed month on month, and the profit margin has been improved under the favorable effects of cost compression, increase of other income and investment income.
The integrated stove industry increased by 20% in the first quarter, and the market share of Marssenger Kitchenware Co.Ltd(300894) Wuxi Online Offline Communication Information Technology Co.Ltd(300959) increased again. In 2022q1, although affected by the repeated epidemic and the downturn of real estate, the emerging kitchen electric integrated stove industry with low penetration is still growing rapidly. According to the data of ovicloud, the consumption scale of Chinese traditional smoke stoves in 2022q1 was 9.62 billion, down 7% year-on-year, while the sales scale of integrated stoves increased by 19.5% year-on-year to 4.75 billion, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) respectively increased by 24.3% / 18.4%, and the whole line maintained a high outlook Marssenger Kitchenware Co.Ltd(300894) through the expansion of offline channels and the natural flow growth of online integrated stove leaders, combined with strong marketing publicity, the market share of Q1 Wuxi Online Offline Communication Information Technology Co.Ltd(300959) sales volume increased by 0.8/4.7pct to 22.0% / 25.1% respectively, and the leading position was stable and good. From the price point of view, thanks to the continuous increase in the proportion of integrated steaming and baking stoves, Marssenger Kitchenware Co.Ltd(300894) Wuxi Online Offline Communication Information Technology Co.Ltd(300959) terminal sales average prices rose by 12.4% / 7.0% to 10325 yuan / 11218 yuan respectively. The continuous improvement of the average terminal price has opened a certain space for the company to improve the internal ex factory price. In addition, Q1 also released new products such as integrated dishwasher, intelligent integrated stove X6 and integrated cabinet, which is expected to play a greater value of omni-channel construction. At the same time, we also noted that the company's contractual liabilities still increased by 91% year-on-year. This part may be affected by logistics, which still lags behind the revenue to be recognized in the current period, which is expected to be reflected in the subsequent revenue recognition.
The negative impact of raw materials, month on month improvement, cost efficiency improvement, etc. drive up the profit margin. The company's Q1 gross profit margin decreased by 3.2pct to 44.2%. Considering the impact of transportation cost, it is expected that the gross profit margin will decrease by about 1.7pct under the same caliber, and the affected degree of gross profit margin will be significantly improved compared with the whole year of 2021 and Q4. In terms of expense rate, it is expected that the company's sales expense rate under the same caliber will decline by 0.9pct to 2.4% year-on-year, and the management / R & D / financial expense rate will be - 0.7 / + 0.9 / + 0.1pct to 5.2% / 5.3% / - 1.1% respectively. The company's Q1 net interest rate increased by 0.5pct to 13.2% year-on-year. In addition to the compression of expenses, it was also benefited by the significant growth of other income caused by the increase of tax return, the increase of financial management income, the increase of investment income and the decrease of income tax rate. The company's Q1 operating cash flow decreased by 70 million to - 120 million year-on-year, which was mainly caused by the increase of cash expenditure such as newly purchased land expenditure, increase of raw material reserves, payment of year-end bonus, payable tax expenditure and prepaid value-added tax.
Risk warning: industry competition intensifies; The price of raw materials has risen sharply; Channel development was less than expected.
Investment advice: maintain the profit forecast and maintain the "buy" rating.
Maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 490 / 640 / 840 million, with a growth rate of 30.9% / 30.1% / 31.1%; Diluted EPS = 1.21/1.58/2.07 yuan, corresponding to PE = 26 / 20 / 15x, maintaining the "buy" rating.
