\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
Main points:
Event: the company released the first quarter report of 2022.
In 2022q1, the company achieved a revenue of 247 million yuan, a year-on-year increase of + 63.08%, a net profit attributable to the parent company of 45 million yuan, a year-on-year increase of + 51.48%, and a deduction of non attributable net profit of 38 million yuan, a year-on-year increase of + 40.08%.
Multidimensional reform cashed in dividends, and the revenue performance exceeded expectations again.
In the past 21 years, the company was determined to forge ahead, promote the comprehensive upgrading of products, brands, channels, management and talents, and gradually realize the reform results. 22q1 company continued to maintain the high growth trend of 21q4, and its revenue performance exceeded expectations again. According to the total data pushed by Aowei cloud, the sales volume of 22q1 integrated stove industry was 4.75 billion yuan, a year-on-year increase of + 19.5%, and the beta attribute of the industry was strong. Under this, the growth rate of the company’s revenue significantly exceeded the average growth rate of the industry and was ahead of its peers. The alpha attribute was prominent, and the two-phase resonance and the future market could be expected. Specifically, from the perspective of sub channels, ovicloud data shows that the online sales / sales volume of 22q1 company has doubled year-on-year by + 130.5% / + 163.6% respectively, driving the market share of the company’s online sales / sales volume to increase significantly from + 6.8pct / + 8.6pct to 11.6% / 16.1% respectively, showing the remarkable results of the company’s online e-commerce reform; 22q1’s offline sales volume / sales volume were + 210.3% / 267.1% year-on-year respectively, and more than doubled, driving the company’s offline sales volume / sales market share to + 3.4pct / + 4.2pct to 5.1% / 6.2% respectively, reflecting the company’s remarkable achievements in offline dealer optimization and expansion.
The gross profit margin was basically stable and the profitability improved month on month.
22q1 achieved a gross profit margin / net profit margin of 43.65% / 18.07%, with a year-on-year increase of -0.66 / – 1.38pct. Under the background of the rise in the price of raw materials, the gross profit margin of the company remained basically stable, mainly because the optimization of the company’s product structure transmitted some cost pressure, the slight fluctuation of net profit margin was controllable, and the improvement was significant compared with 21q4 (12.83%). In 22q1, the company’s sales / management / Finance / R & D expense ratio was 18.58% / 8.04% / – 2.33% / 3.64% respectively, with a year-on-year increase of -0.52 / + 3.38 / – 0.77 / – 0.44pct. Among them, the company’s sales expense was disturbed by the epidemic, reducing the offline advertising; The increase of management expenses is mainly due to the increase of equity payment expenses and employee compensation; Financial expenses and R & D expenses may be reduced due to the scale effect.
Investment advice
The company has advanced technology, solid product strength and profound industry accumulation. In 2021, the company implemented multi-dimensional reform, continuously enhanced organizational operation capacity and continuously released organizational operation efficiency. The alpha attribute is gradually highlighted, superimposed with the strong beta attribute of low penetration and high growth in the integrated stove industry. It is expected that the company will fully benefit and maintain high growth. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 260 million yuan, 340 million yuan and 440 million yuan respectively, and the corresponding PE of the current stock price is 25.7x, 19.9x and 15.3xpe respectively. Maintain the “overweight” rating.
Risk tips
Market competition intensifies risks; Risk of price rise of raw materials; The epidemic repeatedly affects the risk of offline sales and cargo transportation; New product development is less than expected risk
