\u3000\u3 China Vanke Co.Ltd(000002) 724 Ocean'S King Lighting Science & Technology Co.Ltd(002724) )
The annual revenue and profit reached a new high, and the performance of 22q1 was under pressure due to the epidemic. In 2022, the company achieved a revenue of 2.113 billion, a year-on-year increase of + 23.96%, a net profit attributable to the parent company of 392 million, a year-on-year increase of + 30.43%, a net profit attributable to the parent company after deduction of non tax of 363 million, a year-on-year increase of + 33.4%, an EPS of 0.5031 yuan / share, a proposed dividend of 2 yuan per share (including tax), and a dividend rate of 39.75%, which is in line with the previous performance express. The steady growth of performance is mainly due to the steady growth of customer demand under the background of "double carbon" energy conservation and consumption reduction. At the same time, the company launched a series. 22q1's revenue was 304 million, a year-on-year increase of - 3.5%, and the net profit attributable to the parent company was 17 million, a year-on-year increase of - 38.32%. The decline in performance was mainly due to the impact of the epidemic and the increase in delivery, personnel and R & D investment.
The profitability increased against the trend, and the per capita income increased steadily. By business, the lighting business achieved a revenue of 1.691 billion in 2021, a year-on-year increase of + 15.8%, of which the revenue of fixed / portable / mobile products was 1.013/3.36/319 billion, a year-on-year increase of 25.28% / 3.3% / 3.8% respectively; The overall gross profit margin of the lighting business was 68.86%, with a year-on-year increase of + 3.06 PCT and a net profit margin of 21.31%, with a year-on-year increase of + 3.05 PCT. The adverse factors of the rise of raw materials were overcome through product process improvement, accelerating product iteration and strategic cooperation with suppliers, and the profitability was improved against the trend. Mingzhihui achieved an annual revenue of 422 million, a year-on-year increase of + 72.94%, mainly due to the consolidation in the second half of 2020, and the annual gross profit margin was 32.6%, a year-on-year increase of -5.7pct. The per capita income of the company's sales staff in the whole year was 974900, with a year-on-year increase of + 11.5%. The cost side was further diluted. The cost rate during the whole year was 40.34%, with a year-on-year increase of -1.94 PCT, of which the sales cost rate decreased by 1.48 PCT to 29.1%. By the end of the reporting period, the company's asset liability ratio had been optimized to 11.92%, with a year-on-year increase of -4.58pct.
The business layout was carried out in advance, and Q1 operation was slightly under pressure. The company's gross profit margin in 22q1 reached 54.8%, down 10.5% year-on-year, mainly due to the change in the proportion of business structure, and the expense rate increased by 2.5pct to 52.9% year-on-year. Among them, the sales / management / Finance / R & D expense rate changed by + 1.4pct / - 0.3pct / + 0.6pct / + 0.8pct respectively. The higher sales expense rate was mainly due to the further deepening of channel construction and the increase of personnel team. 22q1 net operating cash flow realized -117 million, with a year-on-year increase of - 42.84%, mainly due to the increase of wages and reserve payments due to the business layout in advance, as well as the increase of prepayment to suppliers for locking costs in advance.
Risk warning: repeated epidemic situation; Market development is less than expected; Personnel turnover risk.
Investment suggestion: the incentive plan is implemented, the growth is still worth looking forward to, and the "buy" rating is maintained.
Since this year, the company has further established three industry subsidiaries to deepen independent operation. In addition, it has issued heavy stock option incentive plan and employee stock ownership plan to fully release and improve the enthusiasm of employees. In the context of energy conservation and consumption reduction, safe production and intelligent manufacturing, the demand of the industry is increasing. As a leading enterprise of professional lighting, the company is expected to continue to benefit, and its future growth is still worth looking forward to. It is expected that the EPS in 202224 will be 0.66/0.89/1.19 yuan / share, and the corresponding PE will be 17.1/12.8/9.5x, maintaining the "buy" rating.
