外销系去年同期低基数增长较快，内销小幅提升，公司整体营收韧性增长。公司2024 年Q1 营业收入同比增长8.38%，去年同期较低基数基础上有所回升。外销方面系去年同期基数较低增速较快，根据公司前期公告，2023 年全年公司与SEB 日常关联交易金额达59.32 亿元，预计2024 年这一数值达到62 亿元，SEB 集团及其关联方系公司海外最大OEM 采购客户，公司在 2024 年将继续依托其在全球的营销网络进行产品销售，促进公司外销收入的稳步增加；内销在市场竞争激烈大环境下同比小幅增长，公司在厨小电品类中线上线下龙头地位依然稳固，根据奥维云网监测数据，从2024 年Q1 线上销额表现来看， 公司在电炖锅、电饭煲、煎烤机等品类中销额排名第一， 占比分别达到28.1%/29.5%/29.2%，在电磁炉、电水壶、电压力锅、电蒸锅、豆浆机、搅拌机等品类中销额排名前二；从2024 年Q1 线下销额表现来看，公司在电炖锅、电饭煲、电水壶、电压力锅、电蒸锅、煎烤机等品类中销额排名第一， 占比分别达到47.1%/38.9%/35.2%/43.3%/32.4%/36.1%。Description of the event
The company disclosed its quarterly report: In the first quarter of 2024, the company achieved operating income of 5.378 billion yuan, an increase of 8.38% over the previous year, achieved net profit of 470 million yuan, an increase of 7.23% over the previous year, and achieved net profit of 461 million yuan without return to mother, an increase of 8.06% over the previous year.
Incident comments
Export sales grew rapidly at a low base during the same period last year, domestic sales increased slightly, and the company's overall revenue resilience grew. The company's Q1 revenue in 2024 increased 8.38% year over year, recovering from the lower base for the same period last year. In terms of export sales, the daily related transactions between the company and SEB reached 5.932 billion yuan in the same period last year. According to the company's earlier announcement, the amount of daily related transactions between the company and SEB reached 5.932 billion yuan in 2024. SEB Group and its affiliated companies are the largest overseas OEM purchasers. The company will continue to rely on its global marketing network to sell products in 2024, promoting a steady increase in the company's export sales revenue; domestic sales grew slightly year-on-year in the fierce market competition environment. The company's leading online and offline position in the kitchen appliances category Still stable. According to Aowei Cloud Network monitoring data, judging from online sales performance in Q1 in 2024, the company ranked first in sales in categories such as electric cookers, rice cookers, and frying pans, accounting for 28.1%/29.5%/29.2% respectively, ranking in the top two sales in categories such as induction cookers, electric kettles, electric pressure cookers, electric steamers, soy milk makers, mixers, etc.; judging from the Q1 offline sales performance in 2024, the company ranked first in sales in electric cookers, rice cookers, electric kettles, electric pressure cookers, electric steamers, frying pans, etc. Among other categories, sales ranked first, accounting for 47.1, respectively %/ 38.9%/35.2%/43.3%/32.4%/36.1%
Export sales grew rapidly, gross margin declined slightly, expenses fell during the period, and profits achieved steady growth. The company's gross margin in Q1 2024 reached 24.42%, down 0.80pct year on year, mainly due to the rapid growth in export sales and the gross margin performance falling short of domestic sales; on the cost side, expenses remained normal during the period, and sales, management and R&D expenses changed 7.29%, -3.16%, and 13.25% year over year, respectively. Due to the increase in revenue scale, the total cost ratio decreased by 0.26 percentage points during the period. At the same time, financial expenses decreased by 0.17 pct year on year, mainly due to fluctuations in the RMB to US dollar exchange rate during the period Foreign exchange earnings were generated, while losses occurred in the same period last year. Combining the above factors, the company's net profit for Q1 in 2024 increased 7.23% year on year, and net attributable interest rate fell slightly by 0.09pct to 8.73% year on year. The overall performance was relatively steady.
The operating quality is excellent, and the long-term steady operating background has not changed: the company's net cash flow from Q1 operating activities reached 1,043 billion yuan in 2024, an increase of 38.51% over the previous year. It was mainly due to the increase in cash received from sales of goods and labor services during the reporting period, which was significantly higher than the current net profit returned to mother, which led to a 30.20% increase in the company's monetary capital at the end of the 2024 Q1 period compared to the beginning of the period. In addition, the company's notes payable and accounts payable increased 17.86% year on year. As regards the ability to occupy upstream payments in the industrial chain, overall, the company's operating quality is excellent, and the undertone of long-term steady operation has not changed.
Investment advice: The company actively promotes product innovation and channel optimization layout to maintain leading market share. Considering the recovery in the company's export market and strengthening the management of cost investment efficiency, it is expected that while the company will maintain steady growth in scale, profit efficiency will be further optimized. The company's net profit to mother for 2024-2026 is estimated to be 23.72, 25.80, and 2,807 billion yuan, respectively, corresponding to PE valuations of 19.93, 18.33, and 16.84 times, maintaining a “buy” rating.
Risk warning
1. Risk of fluctuations in consumer consumption during the economic recovery phase; 2. Risk of declining share and profit efficiency due to increased competition in the industry.
