\u3000\u3 Bohai Water Industry Co.Ltd(000605) 080 Zhejiang Natural Outdoor Goods Inc(605080) )
The company released its annual report for the 21st year and the first quarterly report for the 22nd year: the operating revenue of 2021a was 842 million yuan (+ 44.91%), the net profit attributable to the parent was 220 million yuan (+ 37.59%), and the non net profit deducted was 199 million yuan (+ 44.93%); Among them, 21q4 realized an income of 177 million yuan (+ 38.27%), a net profit attributable to the parent company of 36 million yuan (+ 14.48%), and a non net profit of 28 million yuan.
22q1 company's operating income was 330 million yuan (+ 46.61%), the net profit attributable to the parent company was 85 million yuan (+ 37.82%), deducting non net profit of 77 million yuan, and the performance exceeded expectations.
Key investment points
The performance growth rate is bright, and the product structure is continuously optimized
Category: 21a inflatable mattress / outdoor luggage / pillow cushion / others achieved an operating revenue of RMB 6.36/1.11/0.56/0.40 billion respectively, with a year-on-year increase of 47.13% / 59.57% / 37.42% / 4.66% and a gross profit margin of 42.66% / 26.42% / 28.67% / 24.71% respectively; The bright performance growth is mainly due to the improvement of terminal production capacity brought by the commissioning of some fund-raising investment projects, as well as the large volume of new high unit price inflatable mattresses and waterproof bags, as well as the further optimization of the company's product structure. 22q1 benefited from the production capacity launch, and it is expected that the waterproof cases and bags will still maintain a high growth, contributing an increment to the company's performance; The company has raised the price of orders for 22 years at the end of 21, forming a good support for the company's profitability.
The expense rate was well controlled and the profit margin increased month on month
(1) the gross profit margin of 21a is 38.76% (- 1.93% PCT), which is mainly due to the rise in the price of raw materials and the appreciation of RMB during the period; The period expense rate is 10.03% (- 2.02% PCT), the sales expense rate is 1.37% (- 1.36 PCT), the management and R & D expense rate is 8.64% (+ 0.41 PCT), and the financial expense rate is 0.01% (- 1.06 PCT). 21a's operating cash flow was 143 million, a year-on-year decrease of 63 million, mainly due to the increase of sales orders during the period and the increase of raw material procurement to prevent changes in the epidemic situation. The gross profit margin of 21q4 was 33.89% (- 2.87% PCT), which was mainly due to the rise in the price of raw materials and the appreciation of RMB (year-on-year - 3.58%); The R & D expenses and the sales rate of 18 pct-1.5% (. 86 pct-1.5%) during the period are mainly due to the increase of R & D expenses and management expenses (. 86 pct-1.5%). The inventory at the end of the year was 255 million yuan, an increase of 108 million yuan compared with that at the end of the year, which was mainly due to the preparation of raw materials to prevent changes in the epidemic situation.
(2) the gross profit margin of 22q1 was 36.47% (-4.75pct), which was mainly caused by the rise in the price of raw materials, the appreciation of RMB (year-on-year - 2.01%) and the adjustment of freight caliber. The period expense rate is 6.60% (- 4.66 PCT), of which the sales expense rate is 1.54% (- 1.41 PCT), the management and R & D expense rate is 5.05% (- 3.94 PCT), and the financial expense rate is 0.01% (+ 0.69 PCT). 22The inventory at the end of Q1 was 216 million yuan, an increase of 67 million yuan over the same period last year.
Orderly release of production capacity and expansion of categories, opening up room for growth
The capacity construction of the company's factories in Vietnam and Cambodia is progressing steadily. With the orderly launch of overseas capacity, it is expected that the company's outdoor luggage capacity will be rapidly improved. At the same time, the company continues to increase R & D investment and actively research and develop new products with high added value. It is expected to rely on high product quality and relying on the existing high-quality customer base, constantly explore and deepen customer cooperation, realize the continuous expansion of categories, optimize the company's product structure and have a promising future.
Profit and valuation forecast
The company is a leader in the outdoor products industry, with significant advantages in the vertically integrated industrial chain. Relying on high-quality products to create high customer stickiness, the company continues to develop and innovate, launch high value-added products, and create revenue growth points. It is estimated that the revenue of 22-24 years will be RMB 1.097 billion, 1.433 billion and 1.872 billion, with a year-on-year increase of 30.19%, 30.69% and 30.58%, and the net profit attributable to the parent company will be RMB 276 million, 339 million and 420 million, with a year-on-year increase of 25.81%, 22.74% and 23.78%, corresponding to PE of 27.94x, 22.77x and 18.39x, maintaining the buy rating.
Risk tips
The rise of raw materials, the loss of key customers and the impact of the epidemic exceeded expectations
