\u3000\u3000 Ecovacs Robotics Co.Ltd(603486) (603486)
Event:
On January 21, 2022, Ecovacs Robotics Co.Ltd(603486) issued the announcement of annual performance increase in 2021. The company expects to realize a net profit attributable to the parent company of RMB 2 billion-2.05 billion in 2021, with a year-on-year increase of 211.9% - 219.7%.
Key investment points:
In 2021q4, the single quarter profit maintained a high growth rate. The company realized a net profit attributable to the parent company of RMB 670-720 million in 2021q4, with a year-on-year increase of 71.17% - 83.96%; According to our calculation, it is estimated that the revenue of 2021q4 will reach 4.1-4.4 billion yuan, with a year-on-year increase of 34% - 44%. The high profit growth of the company is mainly due to the continuous optimization of product structure. The high-end products represented by Dibao X1 series drive the price center up and boost the gross profit margin. According to ovicloud, the average online / offline prices of Ecovacs Robotics Co.Ltd(603486) sweeping Siasun Robot&Automation Co.Ltd(300024) products in 2021 increased by 52.46% / 37.53% year-on-year respectively.
In 2021, the sales performance of the double 11 promotion companies led the industry. During the double 11 in 2021, the company's omni-channel sales exceeded 3 billion yuan, with a year-on-year increase of 107%. Among them, Ecovacs Robotics Co.Ltd(603486) brand sales exceeded RMB 1.6 billion (+ 55%), and Tianke brand sales exceeded RMB 1.4 billion (+ 241%). Ecovacs Robotics Co.Ltd(603486) the high-end new Dibao X1 series omni-channel Gmv and trading volume rank first in the category of floor sweepers; The omni channel Gmv market share of Tim washable floor machine reaches 70%.
In 2021, the company's profit side performed well and gave a "buy" rating for the first time. As a leader in the field of home services Siasun Robot&Automation Co.Ltd(300024) and intelligent living appliances, the company has a strong growth momentum and is rated "buy" for the first time. We predict that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.042/2782/3649 billion, corresponding to EPS of RMB 3.62/4.93/6.47, and the current share price corresponding to PE of 37.7/27.7/21.1 times.
Risk tips: shortage of chip supply, tight shipping capacity, intensified market competition, less than expected performance of new products, repeated covid-19 epidemic, etc
