2021-10-31Boc International Securities Co., Ltd. Zhang Yiwen conducted a study on Yitian Intelligent and released a research report "2021 Third Quarter Performance Review: Rapid Growth in Performance, Steady Improvement in Operating Efficiency", this report gives a buy rating to Yitian Intelligent, and the current stock price is 61.8 yuan.
Yitian Intelligent (300911)
In the first three quarters of 2021, the company achieved operating income of 809 million yuan, YOY +68.61%, net profit attributable to the mother of 156 million yuan, YOY +62.80%; 21Q3 achieved operating income of 308 million yuan, YOY +40.68%, and achieved net profit attributable to the mother of 0.64 billion yuan, YOY +105.12%, and the performance growth rate exceeded expectations.
Points to support the rating
The double improvement of product channels has helped the steady growth of revenue. According to the data of Aowei Cloud Network, the online/offline retail sales of 3Q21 integrated stove yoy+29.97%/+63.80%, the company's revenue growth rate is higher than the industry average. The share of online/offline sales of Yitian integrated stove was 11.31%/5.06% respectively, an increase of 4.64pct/2.47pct year-on-year, respectively. In terms of channels, the company continues to promote the construction of three-dimensional sales omni-channels, expand and optimize the distribution channel team, actively develop engineering channels and home improvement, KA and other channels, strengthen e-commerce team building and talent training, and actively carry out new retail business. In terms of products, in 2021, the company launched the "unmanned kitchen" epoch-making technology - intelligent cooking butler S9 new products, while improving the existing technology, and actively develop intelligent and functionally diversified kitchens.
The product structure is optimized and the operating efficiency is improved, and the profitability is steadily enhanced. 3Q21 gross profit margin of 45.14%, +1.09pct; net profit margin of 20.77%, year-on-year +2.30pct. In the case of rising raw material prices, the company upgraded its product structure to drive the company's gross profit margin upward. In terms of expenses, 21Q3 sales expense rate of 15.83%, year-on-year +2.94pct, mainly to increase advertising and promotion investment; management expense rate of 3.35%, year-on-year -0.96pct, the company in the performance management of the implementation of a full post assessment and points management pilot, through intelligent manufacturing to enhance per capita production capacity and per capita efficiency, management reform cost reduction and efficiency increase significantly, profitability steadily improved.
Valuation
The company's product structure continues to be optimized, and the channel synergy effect is further strengthened, which helps the performance to grow rapidly and steadily; at the same time, considering the impact of rising raw material prices on the company's profitability, it is expected that the company's EPS in 2021-2023 will be 2.03 yuan / 2.66 yuan / 3.41 yuan, corresponding to a price-earnings ratio of 31.2 times / 23.8 times / 18.6 times, maintaining a buy rating.
The main risks faced by the rating
Risks affected by fluctuations in the real estate industry; risks of intensified market competition; risks of fluctuations in raw material prices, etc.
A total of 18 institutions have given ratings in the last 90 days, 12 buy ratings and 6 overweight ratings; the average target price of institutions in the past 90 days has been 74.16; the Valuation Analysis Tool of Securities Star shows that the good company rating of Yitian Intelligent (300911) is 4 stars, the good price rating is 1.5 stars, and the valuation comprehensive rating is 3 stars.