Event: on April 28, 2023, Shuaifeng Electric Appliances released its quarterly report of 2023.
The revenue side of 2023Q1 has declined, while the performance side has maintained growth. 1) revenue side: the total revenue of 2023Q1 Company is 175 million yuan (- 8.52%), which decreases slightly, or is affected by the off-season of industry sales, macroeconomic fluctuations and other factors. 2) performance side: the return net profit of 2023Q1 company is 40 million yuan (+ 6.33%), and the non-return net profit is 34 million yuan (+ 7.42%), all of which achieve growth, or it is due to the company reducing the cost and increasing efficiency and controlling the overall period expenses.
2023Q1 gross net profit rate double rise, sales efforts continue to increase. 1) Gross profit margin: 2023Q1 gross profit margin is 47.70% (+ 3.36pct). The increase in gross profit margin may be due to the optimization of the company's product structure. 2) net interest rate: the net interest rate of 2023Q1 is 22.87% (+ 3.19pct), and the increase of net interest rate is slightly less than that of gross margin. 3) expense rate: the 2023Q1 sales / management / R & D / financial expense rate is 15.996.55 + 3.65/-1.13/-4.30/+0.14pct, respectively, which is due to channel expansion.
Investment advice: on the industry side, the economic recovery after the epidemic is superimposed with consumption upgrading, consumers' acceptance of integrated cooker products is increasing, and the market penetration of integrated cooker is expected to further increase. At the company end, strengthen the business model of the combination of online and offline, a variety of channels to dredge product sales, the company's competitiveness is expected to be further strengthened, helping the performance to pick up. We estimate that the return net profit of the company from 2023 to 2025 will be 2.42 million yuan, respectively, and the corresponding EPS will be 1.31 million yuan, and the corresponding PE will be 1.53 billion yuan, and the current share price will be 12.83 pounds 10.98 trillion times. Maintain the recommended rating.
Risk tips: intensified market competition, declining consumer demand at home and abroad, price fluctuations of major raw materials, exchange rate fluctuations, and so on.