\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 11 Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) )
Event: the company achieved a total operating revenue of 250 million yuan in 22q1, a year-on-year increase of + 63.1%; The net profit attributable to the parent company was 40 million yuan, a year-on-year increase of + 51.5%; Deducting the net profit not attributable to the parent company of RMB 40 million, a year-on-year increase of + 40.1%. 22q1 company's revenue and performance exceeded expectations.
Strong revenue growth and stable profitability. In the context of multiple outbreaks in the first quarter, the company's revenue still achieved a bright year-on-year growth of + 63.1%, significantly exceeding the overall retail sales growth of 19.5% in the integrated stove industry, and the company's advantageous position has been continuously consolidated. From the perspective of sub channels, we expect that the growth rate of the company's online revenue is better than that of offline revenue. According to the data of ovicloud, the sales volume of 22q1 Yitian brand online channel integrated stove is + 163.8% year-on-year, and the market share is increased by 8.6pct to 16.1%. The company has made remarkable achievements since it launched e-commerce channels in the second quarter of last year, injecting strong momentum into the overall revenue growth.
The effect of cost control was obvious, and the decline in profitability narrowed month on month. The gross profit margin of 22q1 company was 43.7%, with a year-on-year increase of -0.7pct (from the perspective of gross sales difference, - 0.1pct), which was mainly due to the high price of raw materials. However, the decline range of gross profit margin in this period has been significantly narrowed compared with 21q4 (- 4.5pct). In addition to the effective control of its own cost, it is expected that the upgrading of product structure of integrated stoves has hedged some cost side pressure. On the expense side, the rates of sales / management / R & D / financial expenses of 22q1 company were 18.6% / 4.4% / 3.6% / - 2.3% respectively, with a year-on-year increase of - 0.5 / + 3.4 / - 0.4 / - 0.8pct respectively. Only the management expenses increased significantly, mainly due to the increase of share based payment expenses and employee compensation. In addition, in the rapid growth of the company, the surplus funds are increasingly abundant, and the investment income of 22q1 has increased significantly compared with the same period last year. Under the comprehensive influence, the current net interest rate of the company is - 1.4pct to 18.1% year-on-year.
The delay of e-commerce payment leads to the improvement of short-term receivables, and the dominant position enhances the voice of the industry. According to the cash flow statement, the net operating cash flow of 22q1 company was - 70 million yuan, a year-on-year increase of - 261.5%, mainly due to the increase of taxes paid in the current period and advertising investment. From the balance sheet, the company's monetary capital + trading financial assets at the end of the first quarter was 1.13 billion yuan, down from - 9.2% at the end of the 21st century; Notes receivable and accounts receivable totaled 100 million yuan, up from + 42.1% at the end of the 21st century, mainly due to the rapid development of the company's online channels and the delayed collection of the current platform payment; At the end of the first quarter, the company's inventory was 110 million yuan, down from - 0.1% at the end of the 21st century. Under the disturbance factors such as the epidemic, the company's inventory level remained stable. In terms of turnover days, the company's 22q1 inventory / accounts receivable / accounts payable turnover days were 68.5 / 29.4 / 105.1 days respectively, with a year-on-year increase of + 24.0 / + 15.7 / + 28.2 days. The rapid development of e-commerce channels has led to a slowdown in the company's accounts receivable turnover. In addition, we believe that the company's advantageous position has been consolidated, driving the upstream loan occupation capacity to be enhanced.
Investment suggestion: in the follow-up, the company's reform dividend can still be released: on the one hand, its talent construction and internal active reform have gradually consolidated the company's advantages in product innovation and R & D; On the other hand, with the continuous improvement of dealer quality and the continuous increase of marketing investment, the company's brand can quickly break through and is expected to be among the first tier. Superimposed with diversified channels such as home decoration and engineering, the expansion space is broad, and the growth momentum of the company is sufficient. On the performance side, the price increase of the company's products goes hand in hand with the structural upgrading, and the cost pressure can be basically covered. With the stabilization of the price of raw materials and the implementation of cost investment, we look forward to the flexibility of performance repair. It is estimated that the net profit attributable to the parent company in 22-24 years is 280 / 381 / 493 million yuan, and the current stock price corresponds to 23.2x/17.1x/13.2xpe in 22-24 years, maintaining the "buy" rating.
Risk warning: the risk of rising raw material prices; The risk of fluctuations in the real estate market; Market competition intensifies risks.
