\u3000\u3 China Vanke Co.Ltd(000002) 032 Zhejiang Supor Co.Ltd(002032) )
2022q1’s performance grew steadily, optimistic about channel reform driving profit improvement, and maintained the “buy” rating
In 2022q1, the company achieved a revenue of 5.612 billion yuan (+ 9.25%), a net profit attributable to the parent company of 538 million yuan (+ 6.61%), and a net profit not attributable to the parent company of 527 million yuan (+ 12.54%), with a compound growth rate of 34.12% compared with 2020q1. Considering that the channel reform and category expansion are expected to continue to drive the performance growth, we maintain the profit forecast unchanged. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 2.35726963074 billion yuan, corresponding to EPS of 2.91/3.33/3.80 yuan, and the current share price corresponding to PE of 17.8/15.6/13.7 times, maintaining the “buy” rating.
The reform of online channels has led to steady growth of domestic sales in 2022q1, and Tiktok channels may gradually enter the harvest period
According to the data of ovicloud.com, by category: (1) the online sales of range hood / gas stove / integrated stove / disinfection cabinet in 2022q1 were + 20.22% / + 0.59% / + 496.44% / + 28.97% respectively year-on-year, and the integrated stove achieved rapid growth under the expansion of product line; (2) In 2022q1, the overall sales of cleaning appliances increased by 40.35% year-on-year, of which the market share of floor washer / mite remover / push rod vacuum cleaner was 1.66% / 11.96% / 7.43%. The development of gaoboom cleaning appliance track achieved remarkable results. In terms of regions, according to the related announcement, the company’s export sales in 2022q1 are expected to increase by about 1.6% and domestic sales by about 12.5%. The continued good growth of domestic sales is mainly due to the growth of online market. Online, tmall and jd.com are expected to grow steadily; In 2022q1, the Gmv of Tiktok channel exceeded 250million yuan, and it is expected to gradually start to make profits. Looking forward to 2022, we will continue to be optimistic about the revenue growth driven by cookers, clean appliances, integrated stoves and emerging channels.
Channel reform supports gross profit restoration, and the expiration of income tax preference puts short-term pressure on profitability
The gross profit margin of 2022q1 company is 25.36% (- 1.13pcts). Under the same caliber, the gross profit margin of domestic sales is expected to increase, mainly due to the optimization of channels and product structure. On the expense side, the sales / management / R & D / financial expense ratio of 2022q1 company was 9.52% / 1.66% / 1.6% / – 0.09% respectively, with a year-on-year ratio of -2.00pcts / + 0.15pcts / – 0.04pcts / – 0.01pcts respectively and a month-on-month ratio of -2.36pcts / – 0.11pcts / – 0.83pcts / – 0.12pcts respectively. The sales expense ratio decreased significantly or was adjusted by accounting standards, and the overall cost control effect was good. Under the comprehensive influence, 2022q1 company deducted 9.4% (+ 0.27pcts) of non net interest rate, but deducted -1.5pcts of non net interest rate month on month, or it was caused by the expiration of income tax preference. It is expected that with the continuation of the gross profit margin reform in 2022 and the prospect of a new round of adjustment of the gross profit margin, it is expected to gradually achieve new results.
Risk warning: the price of raw materials rises; SEB orders are transferred overseas; Exchange rate fluctuations, etc.
