\u3000\u3 China Vanke Co.Ltd(000002) 084 Guangzhou Seagull Kitchen And Bath Products Co.Ltd(002084) )
Event: the company released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 772 million yuan, a year-on-year decrease of 2.89%; The net profit attributable to the parent company was – 20 million yuan, a year-on-year decrease of 182.26%; Basic earnings per share -0.03 yuan / share.
Profitability month on month repair. In the first quarter of 2022, the company’s comprehensive gross profit margin was 14.92%, a year-on-year decrease of 8.88% and a month on month increase of 6.98%. During the period, the expense rate of the company was 16.63%, with a year-on-year decrease of 0.83% and a month on month increase of 7.26%. Among them, the sales expense rate was 6.36%, with a year-on-year decrease of 1.72%; The management expense ratio was 6.79%, with a year-on-year increase of 0.54%; The financial expense ratio was 0.41%, with a year-on-year increase of 0.6%; The R & D expense rate was 3.06%, a year-on-year decrease of 0.25%. During the reporting period, the company’s net interest rate was – 3.9%, a year-on-year decrease of 6.42% and a month on month increase of 2.88%. 22q1, the company’s net interest rate improved significantly month on month, mainly because: 21q4, the company withdrew 124 million yuan of credit impairment loss, resulting in low current net interest rate.
The “double circulation” strategy enables the core category, and the packaged bathroom is expected to achieve new growth. In terms of traditional core categories, the company increased investment in Vietnam faucet manufacturing center, built a new Patton factory, upgraded the original idle workshop in Datong Nai, laid out the international market of the the Belt and Road, and continued to promote the “double cycle” strategy. At the same time, with the successful brick production of Suzhou Hg2 large rock sector intelligent production line, the new production line will be put into full production, and the champion ceramic tiles will enter the medium and high-end market and continuously optimize the product structure. In terms of packaged sanitary ware, the company is deeply engaged in the business of packaged sanitary ware. It has two brands of Chaoshi and furunda, and four intelligent manufacturing bases in Qingdao, Suzhou, Zhuhai and Jiaxing. It has achieved the initiative of many non real estate business industries, and will expand to residential, TOC, EPC, commercial offices and other racetracks in the future. Under the continuous favorable policy of prefabricated construction, the packaged sanitary ware business is expected to grow rapidly.
Investment suggestion: the company continues to deepen the layout of the whole industrial chain, with rapid growth of domestic and foreign sales. Under the favorable policy of prefabricated construction, the company is optimistic about the development space of the company’s Prefabricated decoration business. It is expected that the company will realize the basic earnings per share of 0.42/0.56/0.70 yuan / share in 2022 / 23 / 24, and the corresponding PE is 9x / 7X / 6x, maintaining the “recommended” rating.
Risk tip: the risk that the economic growth is less than expected; The risk of intensified market competition.
