\u3000\u3 China Vanke Co.Ltd(000002) 705 Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) )
The company disclosed 2021 annual report and 2022 first quarter report:
21. Annual income: 15 billion yuan (YoY + 13%), 790 million yuan (yoy-29%) attributable to the parent and 680 million yuan (yoy-27%) deducted.
21q4: the income is 4.2 billion (YoY + 3%), the parent is 200 million (yoy-5%), and the deduction is 150 million (YoY + 59%)
22q1: income of RMB 3.6 billion (YoY + 13%), RMB 180 million (YoY + 5%) attributable to the parent, and RMB 150 million (yoy-12%) deducted
Q1 revenue side slightly exceeded expectations due to good export performance; The profit side is in line with expectations.
Revenue side: bright export sales, dull domestic sales
About 2.9 billion yuan (about 2.9 billion yuan) of Dongling motor (about 2.4 billion yuan) and 2.0 billion yuan (about 2.9 billion yuan) of Neijiang motor; Export sales of RMB 3.1 billion (yoy-4%).
22q1: domestic sales of 710 million (YoY + 3%), and Mofei is expected to decline slightly; Export sales of 2.9 billion (YoY + 17%).
Export sales: Q1 turned downward, showing a good recovery; Considering the possible impact of wrong period, the sum of export revenue of 21q4 and 22q1 is + 5% higher than that of YoY in the same period.
Domestic sales: Q1 is suppressed by the industry boom. According to the sampling growth rate of Aowei Q1 small kitchen industry – 11%.
Profit side: continuous upward month on month
21q4 gross profit margin 17.8% (+ 0.5pct), net profit margin 5.0% (- 0.4pct).
22q1 gross profit margin 16.6% (- 2.4pct), net profit margin 5.1% (- 0.5pct).
Core influencing factors of Q1 company’s profit performance:
Raw material cost: it is expected to continue to digest month on month. The gross profit margin is expected to decline year-on-year, mainly due to the increase in the proportion of export OEM business with low gross profit margin. If the impact of structural changes is not considered, it is expected that the pressure of raw materials will continue to improve month on month.
Exchange rate: realize effective hedging. Q1 company’s financial expenses are 08 million and exchange management income is 16 million.
Since the price adjustment of the company was implemented, the profitability performance has been gradually repaired month on month; Subsequently, in the environment of RMB devaluation, the company’s profits suppressed by the exchange rate are also expected to be better released.
Investment suggestion: buy rating.
The inflection point signal is continuously released. The current repressive factors such as exchange rate / cost are gradually visible and improved; Although domestic sales are affected by the epidemic in the short term, Q2 is expected to gradually rise after ushering in a low base. Considering that the pressure of cost and exchange rate has not been completely relieved in the short term, the profit forecast is adjusted. It is estimated that 940 million and 1.2 billion (the former value is 1.2 billion and 1.7 billion yuan) will be returned to the parent in 22 and 23 years, and yoy + 18% and + 30%, corresponding to pe13 and 10x. Buy rating.
Risk tip: the price of raw materials rises, the development of independent brands is less than expected, and the export orders are less than expected
