0.95%; achieve a net profit of 110 million yuan, YoY+9.7%. After conversion, the company's 2023Q2 realized income of 280 million yuan in a single quarter, and YoY+4.5%; realized a net profit of 70 million yuan, YoY+11.6%. The business situation of the company has improved and its performance has grown rapidly.
Shuaifeng Q2 revenue growth: we believe that the company's Q2 sales improvement, on the one hand, the early demand to make up, on the other hand, the base is low in the same period last year. From a sub-channel point of view, 2023H1 Shuaifeng distribution channel revenue of 420 million yuan, YoY-0.4%; e-commerce channel revenue of about 20 million yuan, YoY-10%; offline direct channel income of about 10 million yuan, YoY-6.4%. From the market share of sales, according to industry online, 2023Q2 Shuaifeng integrated cooker sales market share of about 7.2%, year-on-year + 0.4pct, the industry status.
Q2 net interest rate improvement: according to the company announcement, Shuaifeng 2023Q2 net profit rate is 26.4%, year-on-year + 1.7pct, mainly due to: 1) because the raw material price is lower than the same period last year, Q2 gross profit margin compared with the same period last year + 1.8pctbot; 2) due to the reduction of share payment fees, Q2 management expense rate year-on-year-2.3pctwitter3) Q2 R & D expense rate year-on-year-1.3pct.
Looking to the follow-up, we believe that the company is expected to continue to launch high-end new products, profitability is expected to maintain a high level.
Shuaifeng optimizes and adjusts channels: according to the company announcement, offline distribution channels, Shuaifeng added and optimized more than 100 dealers in 2023H1, nearly 1300 dealers and 2200 sales terminals at the end of June; in terms of home improvement channels, the company assists dealers in expanding home improvement companies, 2023H1 has more than 1200 local home improvement cooperation outlets; in terms of sinking channels, the company actively promotes cooperation with Tmall excellent products and enters the sinking shop. We believe that Shuaifeng implements a positive channel policy to seize the market, which can be expected in the future.
Investment suggestion: Shuaifeng Electric Appliance is a domestic integrated stove advantage brand, the product structure is gradually optimized, the company is also expanding new categories. We estimate that the EPS of Shuaifeng in 2023 to 2024 will be 1.30 RMB 1.44 yuan, the 6-month target price will be 19.50 yuan, corresponding to 15 times PE in 2023, maintaining the buy-An investment rating.
Risk hint: raw material prices have risen sharply, and the competition pattern has worsened.