\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 24 Shenzhen Crastal Technology Co.Ltd(300824) )
Event: the company released the performance report for the first quarter of 2022. In the first quarter of 2022, the company achieved a revenue of 183 million yuan, a year-on-year increase of 4.48%; The net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 42.29%.
The performance of independent brands is bright, and the supplies and ingredients are increased. The company's 22q1 independent brand "Beiding buydeem" / OEM business increased by + 15.52% / - 24.32% year-on-year to 146 / 37 million yuan. Among independent brands, Beiding's domestic / export sales increased by 10.50% / 76.45% to 129 / 17 million yuan, accounting for 88.38% / 11.62% of domestic / export revenue, accounting for -4.01pct compared with the same period last year, mainly because the company continued to expand Beiding's overseas business during the reporting period. By business: the income of supplies and food materials increased significantly. In 22q1, the income of electrical appliances / supplies and food materials increased by 6.81% / 40.22% to RMB 100 / 50 million, mainly due to the continuous new products of the company around cooking, drinking water and other scene products during the reporting period.
Profit side pressure, cash flow decline. Profit side: in 2022q1, the gross profit margin of the company increased by 0.50PCT to 48.34%. The net interest rate decreased significantly by 7.36pct to 9.01% year-on-year, mainly due to the rise of sea freight and the increase of consumption. Expense rate side: 22q1 sales / management / R & D / financial rate increased by + 4.73pct/0.02pct/1.57pct/0.44pct to 26.31% / 10.74% / 4.34% / 0.52%; The large increase in sales expense rate is mainly due to the increase in marketing investment and the expansion of offline stores. Operating cash flow: the net operating cash flow of the company decreased by 51.64% year-on-year to 07 million yuan, mainly due to 1) the narrowing of the growth rate of the company's revenue. 2) Increase in salary paid to employees. 3) Pay for goods prepared in the previous year.
The 22-year restricted stock incentive plan binds the interests of core employees. In March, the company released the restricted stock incentive plan for 2022, accounting for 1.14% (2.48 million shares) of the total share capital on the release date. The grant price is 7.7 yuan, which is 50% of the average stock price in the last 20 days. There are 71 incentive objects in total, including the company's directors & executives (5), core managers & business and technical backbones (66). From the perspective of CAGR = 20-20%, the annual growth rate of self owned profit is not lower than CAGR = 20-20%, and the annual growth rate of self owned profit is not lower than CAGR = 20-20% (the growth rate of self owned profit is not lower than CAGR = 20-20%, the growth rate of self owned profit is not higher than CAGR = 25% / 20%, and the annual growth rate of self owned profit is not lower than CAGR = 20-20%.
Profit forecast and investment suggestions. Taking into account the repeated impact of the epidemic in China, we slightly lowered the 22-year performance forecast. It is expected that the company will realize a net profit of 120 / 151 / 185 million yuan from 2022 to 2024, with a year-on-year increase of 10.9% / 25.3% / 22.4%, maintaining the "buy" rating.
Risk tips: repeated outbreaks in China, slowing overseas demand, unexpected expansion of new products, continuous rise in raw material prices & exchange rates and sea freight, etc.
