Yangtze River Business Daily reporter Pan Ruidong
The overall market for small household appliances is declining, and Xiaoxiong Electric (002959. SZ) bucked the trend to achieve two consecutive increases.
On the evening of April 8, Xiaoxiong Electric released its 2023 annual report, showing that in 2023, the company will achieve operating income of 4.712 billion yuan, a year-on-year increase of 14.43%, and a net profit attributable to the parent company of 445 million yuan, a year-on-year increase of 15.24%.
The Yangtze River Business Daily reporter noticed that after the decline in revenue and net profit in 2021, this is the second consecutive year that Xiaoxiong Electric has achieved a double increase in performance, and both revenue and net profit attributable to the parent company have hit a new high since its listing in 2019.
Since 2021, the demand of the small household appliance industry has weakened, and the performance of Joyoung shares in the same industry has fallen three times in a row.
"Going to sea" has become a big way out for the small household appliance industry. In 2023, the company's foreign revenue will reach 370 million yuan, a year-on-year increase of 105.66%, and the proportion of revenue will increase from 4.36% in 2022 to 7.84%. However, the global stage competition is testing the core competitiveness of Xiaoxiong Electric.
Revenue and net profit increased against the trend
Xiaoxiong Electric's achievements are not easy to come by.
According to public information, Xiaoxiong Electric was established in March 2006 and is a "creative small household appliance + Internet" enterprise that uses Internet big data for R&D, design, production and sales of creative small household appliances, and deeply integrates product sales channels with the Internet, and landed on the Shenzhen Stock Exchange on August 23, 2019.
In the two years before and after listing, Xiaoxiong Electric's performance has grown rapidly. Among them, from 2019 to 2020, the company's operating income was 2.688 billion yuan and 3.66 billion yuan respectively, a year-on-year increase of 31.7% and 36.16%, and the net profit attributable to the parent company was 268 million yuan and 428 million yuan, a year-on-year increase of 44.57% and 59.64%.
In 2021, the overall demand of the small household appliance industry is low, and Xiaoxiong Electric ushered in the first and only performance decline after listing. According to the data, in 2021, the company's operating income and net profit attributable to the parent company will be 3.606 billion yuan and 283 million yuan respectively, a year-on-year decrease of 1.46% and 33.81%.
Joyoung shares in the same industry will also decline in 2021, and they have continued to decline since then. From 2022 to 2023, Joyoung's net profit attributable to the parent company will decrease by 28.98% and 26.58% year-on-year respectively, exceeding that in 2021.
It is understood that the downward trend of the entire small household appliance industry is still continuing. According to AVC's 2023 omni-channel push data, the overall retail sales of small kitchen appliances were 54.93 billion yuan, down 9.6% year-on-year, and the retail volume was 265.43 million units, down 1.8% year-on-year.
However, Xiaoxiong Electric has achieved contrarian growth. In 2022, the company's operating income and net profit attributable to the parent company will be 4.118 billion yuan and 386 million yuan respectively, a year-on-year increase of 14.18% and 36.31%.
On April 8, Xiaoxiong Electric released its 2023 annual report, during the reporting period, the company achieved operating income of 4.712 billion yuan, a year-on-year increase of 14.43%, and net profit attributable to the parent company of 445 million yuan, a year-on-year increase of 15.24%.
The Yangtze River Business Daily reporter noticed that the reason why Xiaoxiong Electric was able to achieve contrarian growth was due to the innovation of emerging categories, including personal care, mother and child and other small household appliances increased significantly, at the same time, from the perspective of sales area, the company continued to expand overseas business, and foreign revenue grew rapidly.
The gross profit margin was 36.61%, a new high in the market
From the perspective of market demand, the export performance of the small household appliance industry is improving. According to data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, the export volume of small kitchen appliances in 2023 will increase by 14.3% year-on-year.
Benefiting from the growth of overseas market demand, the foreign sales of Xiaoxiong Electric have become a bright sector. According to the 2023 annual report, the company's foreign revenue was 370 million yuan, a year-on-year increase of 105.66%, and the proportion of revenue increased from 4.36% in 2022 to 7.84%, an increase of 3.48 percentage points.
The domestic market is still the basic plate of Xiaoxiong Electric. In 2023, Xiaoxiong Electric's domestic revenue will be 4.342 billion yuan, a year-on-year change of 10.27%, and the proportion of revenue will decrease from 95.64% in 2022 to 92.16%, which is still more than ninety percent.
From the perspective of sales channels, Xiaoxiong Electric's online channels contributed more than eighty percent of its revenue, and at the same time launched the "Golden Seed Plan" to open offline O2O brand stores, and the revenue of offline channels increased significantly. According to the data, in 2023, the company's online revenue will be 3.866 billion yuan, a year-on-year increase of 9.88%, and the proportion of revenue will decrease from 85.45% to 82.05%, and offline revenue will increase from 599 million yuan in 2022 to 846 million yuan, an increase of 41.18%.
It is worth noting that Xiaoxiong Electric continues to innovate in new categories, and the company has a rich product category, with more than 80 product categories and more than 900 models.
The Yangtze River Business Daily reporter found that in the 2023 financial report, Xiaoxiong Electric's other small household appliances performed well, becoming the fastest growing business category in 2023, with revenue surging 67.54% from 326 million yuan in 2022 to 546 million yuan, accounting for 7.91% of the company's total revenue from 7.91% to 11.58%. Other small appliances include personal care, mother and baby, and kitchen utensils. Other small household appliances also surpassed the bulk businesses such as electric and electric heating with a gross profit margin of 41.13%.
On the whole, Xiaoxiong Electric's gross profit margin has hit a new high since its listing.
Flush data shows that from 2019 to 2022, the company's gross profit margin will be 34.26%, 32.43%, 32.78%, and 36.45% respectively. In 2023, this indicator reaches 36.61%.
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