下游零售商持续补库，公司收入实现逐季恢复。分产品：23年公司干湿两用吸尘器/空压机/工业风扇/配件及其他营收分别为6.6/4.4/0.3/1.0亿元，同比分别+2.7%/-2.5%/-73.8%/+16.7%。吸尘器和空压机收入逐季恢复明显，工业风扇收入下滑主要系部分客户的订单减少。分模式：23年公司品牌授权/ODM/OBM/OEM营收分别为5.2/6.2/0.4/0.3亿元，同比-16.1%/+9.4%/-28.2%/-13.3%。公司近日收到全球知名家居建材用品零售商The Home Depot（家得宝）对公司小型空压机系列产品（HUSKY品牌）的采购承诺函，承诺采购订单金额约为2000万美元，计算约合1.45亿元人民币，占公司23年度经审计营业收入的11.91%。我们认为公司渠道及制造壁垒深厚，随下游零售商持续补库，公司新订单、新品类贡献下，24年收入增长有望提速。Brief performance review
On April 16, 2024, the company disclosed its 23-year results, achieving revenue of 1.22 billion yuan in 23, -5.3% year on year; realized net profit of 180 million yuan, +8.4% year on year; realized net profit of 160 million yuan without return to mother, +18.5% year on year. Among them, Q4 achieved revenue of 380 million yuan, +51.1% year over year; realized net profit of 50 million yuan, +86.9% year over year; realized net profit of 50 million yuan without return to mother, +265.3% year over year.
Management analysis
Downstream retailers continued to replenish stocks, and the company's revenue recovered quarterly. By product: In '23, the company's revenue for wet and dry vacuum cleaners/air compressors/industrial fans/accessories and other revenue was 6.6/4.4/0.3/10 billion yuan, respectively, +2.7%/-2.5%/-73.8%/+16.7% year-on-year. Revenue from vacuum cleaners and air compressors has clearly recovered from quarter to quarter, and the decline in industrial fan revenue is mainly due to a decrease in orders from some customers. Sub-model: In '23, the company's brand licensing/ODM/OBM/OEM revenue was 5.2/6.2/0.4/0.3 billion yuan, respectively, -16.1%/+9.4%/-28.2%/-13.3% year-on-year. The company recently received a letter of commitment from The Home Depot (Home Depot), a world-renowned home building materials retailer, for the company's small air compressor series products (HUSKY brand). The promised purchase order amount is about 20 million US dollars, calculated to be about 145 million yuan, accounting for 11.91% of the company's audited revenue in fiscal year 23. We believe that the company's channel and manufacturing barriers are deep. As downstream retailers continue to replenish stocks, the company's revenue growth is expected to accelerate in 24 years with the contribution of new orders and categories.
The exchange rate favors the increase in gross margins of exporting companies, and the level of profit is further optimized. The gross margin of the 23/23Q4 company was 35.8% /+5.9pct, 38.1%/-13.6pct. By product, wet and dry vacuum cleaners/air compressors/industrial fans/accessories and other gross profit margins were 39.4%/27.6%/40.3%/47.4%, compared with +6.3%/+4.3%/+11.4%/+4.9%. The obvious increase in gross margin was mainly due to the launch of new products and favorable exchange rates. The company's sales/management/finance/R&D expense ratio in '23 was 11.9%/4.3%/-3.2%/5.5%, compared to +1.3 pct/+1.4pct. The reduction in financial expenses was mainly due to increased interest income on US dollar term deposits, and the increase in R&D and sales expenses rates was mainly due to new product development and sales promotion, and overall cost control was good; under the combined influence, the company's net interest rates in '23 and 23Q4 were 14.4% /+1.8pct, 13.2% /+2.5pct respectively, further improving profitability.
Profit Forecasts, Valuations, and Ratings
The company is expected to achieve net profit of 2.3/29/360 million yuan in 2024-2026, +33.0%/+24.1%/+26.0% year-on-year. The PE corresponding to the company's current price is 16.0/12.9/10.3x, maintaining a “buy” rating.
Risk warning
Risk of exchange rate fluctuations, main business recovery and new business growth falling short of expectations.
