\u3000\u3000 Marssenger Kitchenware Co.Ltd(300894) (300894)
Q4 performance in 2021 was disturbed by raw materials, and the high boom track continued to lead, maintaining the "buy" rating
The company released the performance forecast on January 24. In 2021, it is expected to realize the net profit attributable to the parent company of 370-430 million, with a year-on-year increase of 34.45-56.25%, deducting the net profit not attributable to the parent company of 350-410 million, with a year-on-year increase of 35.40-58.61%. Looking at 2021q4 alone, it is estimated that the net profit attributable to the parent company will be 97-157 million, with a year-on-year change of - 19.22% to + 30.96%, and the net profit not attributable to the parent company will be 98-158 million, with a year-on-year change of - 12.85% to + 40.33%. In 2021, under the influence of the sharp rise in raw materials, the company continued to lead the high boom track through the improvement of product structure, cost control and efficiency improvement to hedge the pressure. Maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 398 / 523 / 672 million, the corresponding EPS will be RMB 0.98 / 1.29 / 1.66, and the corresponding PE of the current stock price will be 42.1 / 32.0 / 24.9 times, maintaining the "buy" rating.
Since 2022, the integrated stove industry has maintained rapid growth, and the market share of the company has been further improved
The company's performance maintained rapid growth in 2021. The main reason is that the company actively implemented the channel diversification strategy, vigorously promoted the laying of distribution stores nationwide, continued to maintain the advantages of e-commerce platform, actively expanded Ka channels, engineering channels, packaged channels, sinking channels and other emerging channels, and created a leading terminal sales system in the integrated stove industry. In 2021, the online share of the company's integrated stove was further increased. According to ovicloud, in 2021, China's online sales of integrated stoves reached 5.9 billion yuan (+ 31.4%), accounting for 23.4% (+ 4.3pcts), ranking first. Since 2022, the integrated stove industry has grown rapidly, and the market share of the company has maintained an increase. As of January 16, the cumulative sales volume of China's integrated stove online in January 2022 was 230 million yuan (+ 47.7%), and the market share of Marssenger Kitchenware Co.Ltd(300894) reached 24.1% (+ 2.2pcts).
Under the hot selling of multi-functional high-end models, the upgrading trend of industry structure is obvious, and it is optimistic that the company will continue to lead
In view of the market's concerns about the intensification of competition and slowdown of growth in the integrated stove industry, we believe that the upgrading trend of the industry's product structure continues and there is no need to worry too much. According to ovicloud.com, the average price of China's integrated stove online in 2021 was 7359 yuan (+ 19.7%), which was mainly due to the fact that the sales volume of China's integrated stove online steaming and baking accounted for 48.7% (+ 24.2pcts) and disinfection cabinet accounted for 28.6% (- 12.9pcts) in 2021. In the case that consumers are willing to pay a premium for the enhancement of product power of function upgrading and the low price strategy fails, it is expected that the increasing trend of the proportion of one-piece steaming and baking in 2022 will continue. Relying on its online first mover advantage and diversified marketing strategies, the company has successfully captured the minds of consumers and is expected to continue to lead the development of the industry in the expansion of new upgrading directions such as intelligence and the integration of steaming, baking and frying.
Risk warning: rising risk of raw materials; Market competition intensifies risks; Channel expansion is less than expected risk.
