24Q1 电商渠道收入承压，博锐品牌增长确定性高。分品牌看，1）飞科品牌： 24Q1天猫/ 京东/ 抖音线零售额分别为1.5/1.3/1.7 亿元（ 占三者之和分别为34%/29%/37%），同比-32%/-35%/-34%，主要系节日扰动因素（情人节落在春节）+低端产品收入下滑；2）博锐品牌：24Q1 天猫/京东/抖音线零售额分别为0.2/0.2/0.1 亿元（占三者之和分别为39%/33%/30%），同比+85%/+20%/+75%，“博锐”品牌持续承接“飞科”品牌部分性价比市场的战略功能，整体销售额保持较高增速。Incidents:
Feike Electric announced its report for the first quarter of 2024. 24Q1 achieved revenue of 1.2 billion yuan, YOY -15%; net profit to mother of 200 million yuan, YOY -44%; net profit after deducting non-return to mother of 200 million yuan, YOY -41%.
Comment:
24Q1 e-commerce channel revenue is under pressure, and vPro brand growth is certain. By brand, 1) Feike brand: retail sales of 24Q1 Tmall/ JD/ Douyin line were 1.5/1.3/170 million yuan respectively (34%/29%/37% of the three, respectively), -32%/-35%/-34%, mainly due to holiday disruptors (Valentine's Day falls during the Spring Festival) + revenue decline from low-end products; 2) Vrui brand: 24Q1 Tmall, JD/ 10 billion yuan, respectively (accounting for 33%/33% of the three)/, YoY +85%/+20% /+75%. The “vPro” brand continues to assume some of the strategic functions of the “Feike” brand in the cost-effective market, and overall sales have maintained a high growth rate.
24Q1 gross margin increased year over year, and sales expenses ratio increased year over year. The 24Q1 company's gross margin was 57.1%, YOY+1.0pct. The gross margin increased, and the high promotion and high gross margin strategy progressed steadily. In terms of the period expense ratio, the 24Q1 company's overall period expense ratio was +9.7 pct. Among them, the sales/management/R&D/finance expenses ratio was 33.6%/1.6%/-0.2%, +8.9/+1.1/-0.1/-0.1 pct. The year-on-year increase in sales expenses was mainly due to intense online traffic competition and vPro brand investment. 24Q1 The company's net profit margin was 15.3%, YOY-8.0pct.
Profit forecasting, valuation and rating: Feike is a leader in the small home appliance industry. With “R&D innovation” and “brand operation” as its core competitiveness, brand upgrading and channel transformation have achieved remarkable results. The company has broad room for growth and is optimistic about the new product cycle. Considering the tighter competitive environment, the company's net profit due to the 2024-26 period was lowered to 10.5/11.6/1.32 billion yuan (down 9%/12%/13% from the previous forecast, respectively), and the corresponding PE was 19/17/15 times, respectively, maintaining the “buy” rating.
Risk warning: Product concentration is high, new product expansion uncertainty, macroeconomic fluctuations.
