\u3000\u3 China Vanke Co.Ltd(000002) 705 Guangdong Xinbao Electrical Appliances Holdings Co.Ltd(002705) )
Event: the company released the 21st Annual Report and the first quarterly report of 22 years. The company achieved revenue of 14.912 billion yuan in 21 years, an increase of 13.05% at the same time; The net profit attributable to the parent company was 792 million yuan, down 29.15% at the same time. Among them, the single quarter revenue of 21q4 was 4.209 billion yuan, an increase of 3.26% at the same time; The net profit attributable to the parent company was 198 million yuan, down 5.24% at the same time. 22q1 company achieved a revenue of 3.642 billion yuan, an increase of 13.46% at the same time; The net profit attributable to the parent company was 178 million yuan, an increase of 4.60% at the same time; The net profit not attributable to the parent company was RMB 152 million, down 11.7% at the same time (mainly due to the company’s Q1 forward foreign exchange contract / option investment income plus income from changes in fair value, totaling RMB 15.63 million, accounting for about 60% of the non economic amount in the same period).
22q1 revenue growth increased month on month, and export growth exceeded expectations. 1) 21 years: the company’s domestic and export sales increased by 9.03% / 14.24% to 3.289/11.624 billion yuan. Domestic sales: Mofei has a bright growth, accounting for 50% of the domestic sales revenue. Moffy’s revenue increased by 10% to 1.66 billion yuan (accounting for 50% of domestic sales), mainly due to moffy’s continuous promotion of new products in 21 years, such as the second generation of cutting tools, cutting boards, disinfectants, public can pass upgrades, folding warm vegetable boards and other new products; Dongling’s revenue decreased by 21% to 240 million yuan, mainly due to the overall pressure on small household appliances in 21 years. According to Aowei cloud, the sales volume of emerging kitchen small appliances such as cooking machine / health pot / frying and baking machine in 21 years was – 20.7% / + 2.3% / – 9.7% year-on-year. Export: the growth rate of 21h1 is high, and the growth rate of H2 is down. According to our calculation. The company’s H1 / H2 export increased by 43.4% / – 14.9% respectively, mainly due to the rise of H2 sea freight and the impact of tight logistics on customers’ orders and the company’s shipment rhythm. 2) 22q1: revenue growth increased by 10 PCT month on month, and export growth exceeded expectations. Domestic sales: since March, the epidemic situation in China has been repeated, affecting the logistics efficiency and consumption boom. The domestic sales of the company increased by 3% at the same time; Export sales: under the high base in the same period (21q1 export revenue + 71%), the company’s export sales increased by 17% at the same time, exceeding the expectation. (according to the data of the General Administration of customs, the export amount of 22q1 household appliances decreased by 7.9% at the same time)
The ability to control fees was good, and the net interest rate of 22q1 improved month on month. Gross profit margin: under multiple pressures such as the rise of raw material costs and sea freight, the gross profit margin of the company in 21 years decreased by 5.71pct to 17.54%, of which 21q4 / 22q1 increased by + 0.5 / – 2.4pct to 17.8% / 16.6% year-on-year. Expense rate: the ability to control expenses is good, and the financial rate fluctuates slightly due to exchange gains and losses. The financial rate of year 21 / 22q1 was – 1.5 / + 0.3pct to 0.33% / 0.22% year-on-year, mainly due to the impact of the exchange rate fluctuation of RMB against the US dollar in year 21, and the exchange loss decreased by 172 million yuan compared with the same period of the previous year. Under the appreciation trend of RMB 22q1, the exchange loss of the company increased, and the financial expense was 8.09 million yuan (the same period last year was – 2.25 million yuan). Net interest rate: in the 21st year / 22q1, the net interest rate of the company decreased by 3.2/0.5pct to 5.53% / 5.13%, of which 22q1 increased by 0.2pct compared with 21q4.
The operating cash flow declined in 21 / 22q1. The net operating cash flow of the company decreased by 66.3% / 104.2% to RMB 850 / – 290 million in the 21st year / 22q1. In the 21st year, it was mainly due to the increase of cash for purchasing goods, which increased by 52.1% to RMB 11.72 billion. In 22q1, it was mainly due to the decrease of cash received from selling goods and providing labor services, which decreased by 8.2% to RMB 3.41 billion.
Profit forecast and investment suggestions. We expect that the net profit attributable to the parent company in 202224 will be RMB 992 / 1146 / 1321 million respectively, with an increase of 25.2% / 15.5% / 15.3% at the same time, maintaining the “overweight” rating.
Risk tips: the prosperity of export sales is declining, the macro economy is weak, and the expansion of new products is less than expected
