业绩表现靓丽，营收利润双增长。2023 年公司实现营业收入31.03亿元/同比+16.50%，归母净利润2.06 亿元/同比+625.17%，扣非归母净利润2.54 亿元/同比+78.61%。在国内外经济整体回升，科技创新及数字经济的发展不断推动经济转型升级的背景下，公司在国外市场保持与大客户的稳定合作关系，积极拓展海外新客户。持续深耕国内市场，践行“新睡眠”理念，推广“舒福德”品牌，业绩表现靓丽。Incidents:
On April 18, Qisheng Technology released its 2023 annual report: in 2023, the company achieved operating income of 3.103 billion yuan/year on year +16.50%, net profit to mother of 206 million yuan/year on year +625.17%, after deducting net profit of 254 million yuan/year on year. 2023Q4 achieved operating income of 717 million yuan/year on year +29.99%, net profit due to mother of 19 million yuan/year on year +113.77%, net profit of non-attributable net profit of 37 million yuan/year on year +152.52%.
Investment highlights:
The performance was impressive, and both revenue and profit increased. In 2023, the company achieved operating income of 3.103 billion yuan/year on year +16.50%, net profit attributable to mother of 206 million yuan/year on year +625.17%, net profit not attributable to mother of 255 million yuan/year on year +78.61%. In the context of the overall recovery of domestic and foreign economies, technological innovation and the development of the digital economy continuously driving economic transformation and upgrading, the company maintains stable cooperative relationships with major customers in foreign markets and actively expands new overseas customers. Continuing to deeply cultivate the domestic market, implement the “New Sleep” concept, and promote the “Schuford” brand, with impressive performance.
Smart electric beds contribute the main share of revenue, and market development is beginning to bear fruit. In 2023, the company achieved revenue of 2,523 billion yuan/YoY +13.54%, mattress revenue of 234 million yuan/YoY +23.41%, accessories and other realized revenue of 239 million yuan/YoY +79.67%, smart electric beds/mattress/accessories and others achieved gross profit margin of 35.70%/46.61%/43.27%, +5.05/8.61/16.71 pct. Smart electric beds accounted for 81.31% of revenue in 2023, and are still the largest category contributing to the company's revenue.
Strengthen the construction of domestic smart bed stores and maintain an advantageous position overseas. In 2023, the company's overseas revenue was 2,771 million yuan/ +15.48% year over year, domestic revenue was 225 million yuan/ +55.07% year over year, and overseas/ domestic regions achieved gross profit margin of 35.75%/54.51%, +5.49/+11.52pct year on year. The smart bed circuit in the domestic market continues to expand, and the “Schuford” brand effect is gradually showing. In 2023, the construction of “Schuford” brand stores broke down. A total of 109 stores were opened nationwide for consumers to experience and buy the company's sleep products. Foreign markets insist on cooperating with large mattress suppliers. As the main smart electric bed supplier for Tempel Serian and Shuda Simmons, the company maintains long-term cooperative relationships, and has a stable dominant position in North America.
Cost-side improvements, and profitability increased significantly. In 2023, the company achieved gross profit margin of 36.68% /year on year +5.07pct, and achieved a net profit margin of 6.57% /year on year +5.70pct. Benefiting from cost-side factors such as product structure optimization, exchange rates, and declining sea freight rates, gross margin increased year-on-year.
We are actively expanding the domestic market, and costs have increased during this period. The company's expense ratio for the 2023 period was 26.48%/+1.21pct year on year. Among them, sales expenses rate/ management expense rate/ financial expense rate/ R&D expenses ratio were 12.91%/9.80%/-0.99%/4.77%, respectively, and -1.88/+0.79/+3.53/-1.23pct, respectively. The company actively explores and optimizes marketing channels, enhances brand volume in all aspects through authoritative media, celebrity endorsements, new media, etc., and focuses on building the “Schuford” brand awareness and influence, and cost investment has increased.
Profit forecast and investment rating: As a smart electric bed faucet, the company will benefit from the increase in the penetration rate of electric beds in the long term. Relying on the steady development of existing major customers and continuing to develop new customers, overseas sales are expected to continue to rise, domestic sales will accelerate the online and offline layout of its own brands, and is optimistic about long-term growth. Based on the intensification of competition in the domestic market, consumption downsizing, and the challenges of weakening demand and increasing market pressure, we adjusted the company's profit forecast for 2024-2026. It is estimated to achieve operating income of 34.87/39.15/4.352 billion yuan, and net profit to mother of 258/2.90/326 million yuan, corresponding to the PE valuation 16/15/13x. The company's development and brand building are progressing steadily, and continuous improvement can be expected, and maintain the “increase” rating.
Risk warning: Deterioration in the market competition pattern, fluctuating raw material prices, fluctuating exchange rates, overseas market risks, falling short of expectations in opening stores, fluctuating shipping costs.
