Company 9 (689009)
Event: on the 9th, the company announced the annual report of 2021 and the first quarterly report of 2022. The company realized revenue of 1.94 billion yuan in 2021q4, yoy + 15.4%; The company achieved a performance of 20 million yuan and a loss of 10 million yuan in the same period last year. 2022q1 achieved revenue of 1.92 billion yuan, yoy + 7.8%; Achieved performance of RMB 40 million, yoy + 51.3%. Affected by the decline of Xiaomi channel, the company's revenue growth slowed down month on month. Looking forward to the follow-up, with the electric two wheeled vehicle, all terrain vehicle and mowing Siasun Robot&Automation Co.Ltd(300024) gradually increasing in volume, the growth rate of the company is expected to increase driven by diversified business.
On the 9th, the revenue growth rate in the single quarter of 2022q1 decreased month on month compared with Q4: the revenue growth rate of 2022q1 company increased month on month compared with 2021q4-7.6pct. This is mainly because the revenue from the distribution channel of Xiaomi customized products decreased significantly. In 2022q1, this channel contributed 290 million yuan, yoy-62%. We analyze the possible reasons for the decline of Xiaomi channel income: 1) Xiaomi products are mainly sold in Europe, which is negatively affected by the Russian Ukrainian war; 2) The inventory of Xiaomi channel is high, and Q1 Xiaomi channel digests part of the backlog inventory. The company's independent brand distribution channel and tob channel Q1 still maintained rapid growth. The income of Q1 No. 9 independent brand distribution channel was 980 million yuan, yoy + 51%; Tob channel revenue is 650 million yuan, yoy + 81%. Looking forward to the follow-up, with the decline of Xiaomi channel inventory, the growth rate of Xiaomi channel is expected to pick up; The company is expected to list mowing Siasun Robot&Automation Co.Ltd(300024) products overseas in Q2, which is expected to contribute to the increase of revenue.
The company's gross profit margin in Q1 increased year-on-year: in 2022q1, the company's gross profit margin was 22.0%, year-on-year + 3.7pct, which we believe is mainly due to the decrease in the proportion of Xiaomi channels with low gross profit margin. Looking forward to the follow-up, we expect the gross profit margin of the company to increase, mainly because: 1) in March 2022, the company released new GT series, P series and D series intelligent electric scooters in Europe and America, which is expected to boost the average price of products; 2) The business of electric two wheeled vehicles and all terrain vehicles continues to expand, and the scale effect of the manufacturing end is expected to continue to strengthen; 3) The company's all terrain vehicle product structure has been continuously improved. The average shipping price of No. 9 all terrain vehicle in 2021 is about 28000 yuan, while 2022q1 is more than 57000 yuan; 4) The gross profit margin of service Siasun Robot&Automation Co.Ltd(300024) business is high. With the launch of mowing Siasun Robot&Automation Co.Ltd(300024) on the 9th, the proportion of service Siasun Robot&Automation Co.Ltd(300024) revenue is expected to increase rapidly.
In Q1, the company's net profit attributable to the parent company increased year-on-year: the company's net profit attributable to the parent company in Q1 was 2.0%, year-on-year + 0.6pct. The increase of net profit margin is less than that of gross profit margin, mainly because: 1) the company continues to strengthen brand promotion. The sales expense rate in Q1 is 5.6% in a single quarter, with a year-on-year increase of + 0.5pct. 2) Q1's revenue growth slowed down, and the scale effect of the expense side was weakened. The Q1 single quarter management expense rate was + 0.7pct year-on-year, and the R & D expense rate was + 0.3pct year-on-year.
The company actively prepared goods, and the inventory reached a historical peak: in response to the peak sales season, the company actively prepared goods, and the inventory in 2022q1 was 2.51 billion yuan, reaching the highest value since listing. At the same time, the downstream demand is also relatively strong, and the contract liabilities of Q1 company are yoy + 49.3%.
Investment suggestion: we believe that the company has rich product lines and large long-term growth space. Electric two wheeled vehicles and all terrain vehicles show the company's ability to expand categories in a fast and large scale Siasun Robot&Automation Co.Ltd(300024) business is one of the two major businesses of the company. In the future, if No. 9 company can grasp the opportunity of service Siasun Robot&Automation Co.Ltd(300024) industry, the market value space of the company will be further opened. We expect the EPS of company 9 from 2022 to 2023 to be 10.97/16.36 yuan respectively, maintaining the investment rating of buy-a.
Risk tip: stricter policies, unstable overseas customers and deteriorating competition for electric two wheeled vehicles
