Performance summary: the company released its quarterly report for 2023. The company achieved a revenue of 180 million yuan, down 8.5% from the same period last year, and a net profit of 40.063 million yuan, an increase of 6.3% over the same period last year.
Q1 revenue fell slightly and online share was significantly optimized. According to Oviyun.com, online sales of Q1 integrated stoves rose 21.9% year on year in 2023, while offline sales fell 20.9% year on year. We speculate that the company will strengthen the construction of online channels, increase the strength of new products in marketing, increase online sales, and strengthen the competitiveness of online channels. 2023Q1's share of online sales is 9.4%, up from a year earlier, according to OviCloud. Com. From the offline channel point of view, the company's short-term revenue is under pressure. In the future, with the further improvement of the company's product channels and the continuous improvement of integrated kitchen permeability, it is expected that the company's revenue is expected to return to a healthy growth trend.
Profitability is steadily optimized. During the reporting period, the company's comprehensive gross profit margin was 47.7%, up 3.4pp from the same period last year. We believe that the optimization of the company's gross profit margin is mainly due to two reasons: (1) the increase in the proportion of middle and high-end products promotes the increase of gross profit margin. According to Oweyun data, the average price of online and offline integrated cooker products of Q1 company in 2023 was 10796 yuan / 11109 yuan respectively, which was basically the same as the same period last year / up 21.3%. (2) the decline in the price of raw materials will help the company to optimize its cost. In terms of expense rate, the company's sales expense rate is 16%, which is higher than the same period last year (3.6pp). It is speculated that the company's revenue scale is reduced, and the expenses such as store rent and staff salaries are relatively rigid; the management expense rate is 10.1%, which is lower than the same period last year (5.4pp), mainly because the company's R & D expenses are well controlled; the financial expense rate is-3.6%, up 0.1pp from the same period last year. Overall, the company's net interest rate was 22.9%, up 3.2pp from a year earlier.
The product channel is continuously improved, and the terminal share is steadily optimized. In terms of channel construction, the company has nearly 1300 dealers and 220 offline stores. The company further expands the terminal network through cooperation with home decoration enterprises. At present, the company has more than 1000 cooperation outlets with local home decoration. In addition, the company further improves channel coverage through cooperation with JD.com and Tmall. In terms of online channels, the company adjusts the layout of online platforms, online and offline shelves of the same model, to promote integrated sales. According to Oweyun data, 2023Q1 integrated cooker industry online sales of TOP20 models, the company's online list of all best-selling models on the total market share of 7.3%, up 2.5pp year-on-year.
Profit forecast and investment advice. With the accelerated improvement of the penetration rate of the integrated cooker industry, the company, as a leading company in the integrated cooker industry, continues to improve its product channels, and its revenue is expected to resume a healthy growth trend. Product structure optimization superimposed on raw material prices fell, and the company's profits continued to improve. It is estimated that the company's EPS in 2023-2025 will be 1.34 EPS 1.53 max 1.76 yuan, maintaining a "buy" rating.
Risk hint: the risk of sharp fluctuations in raw material prices and the lower-than-expected risk of new product sales.