Single -quarter revenue drops!Integrated stove "Dark Horse" Martian decelerate?

In 2022, the integrated stove industry ushered in a number of traditional kitchen appliances companies and comprehensive home appliance companies. After years of brand and channel advantages established by these companies, these companies will undoubtedly bring pressure on integrated stove -class integrated enterprises such as Mars and other integrated stove companies such as Marsians and other integrated stoves such as Marsians and other integrated stoves.

"Investment Times" researcher Luo Yi

In 2021, the revenue exceeded Zhejiang Midea and became the Mars (300894.SZ), the largest income industry revenue in the integrated stove industry, recently released the performance report of the 2022 first half of the year. The report shows that the Mars continued to maintain the industry's revenue scale first, and the revenue achieved revenue of 1.023 billion yuan in the first half of the year, an increase of 10.99%year -on -year.

The bigger and seizure of the market share in scale is the business path adopted by the Mars who later. Judging from the financial report of the "Integrated Stove Four Little Dragons" in the first half of the year, Yitian Smart, currently ranked third in scale, is also following the path of the Mars. %.

However, the strategy of investing in market share with high sales expenses has also made the Mars' net profit margin below the listed company. In the first half of this year, the Martian realized net profit of 138 million yuan, a year -on -year decrease of 0.60%. The net profit margin continued to decline on the basis of the decline in the previous year, 13.38%, a decrease of 1.73 percentage points from the same period last year.

In terms of vertical comparison of the industry, Zhejiang Meida, Yitian Intelligent and Shuaifeng Electric's net profit margin in the first half of the year mostly declined, 27.67%, 18.22%and 22.66%, but the net profit margin of the Mars is still at the bottom.

In order to increase the market share and expand the scale of revenue, the sales and promotion costs of Mars in peers have been at a high level. In the first half of 2022, the company's sales expenses decreased by 3.71%year -on -year to 229 million yuan, but the sales ratio of the four companies were still at a high level.

Data show that the sales rate of the Mars in the first half of the year ranks first at 22.39%. The active expansion of Yitian Smart's sales fee in the first half of the year also exceeded 20%. The United States and University decreased by 6.28%to 8.62%.

From the perspective of the entire industry, after years of explosive growth, the integrated stove industry ushered in the "offensive" of multiple traditional kitchen appliances and comprehensive home appliances companies in 2022. These companies have undergone the brand and channel advantages of many years. It will undoubtedly put pressure on integrated stove vertical enterprises such as Mars.

In response to the aforementioned situation, the researcher of the "Investment Times" emailing communication outline to the company's relevant departments, as of the press release, has not received the company's reply.

Mars 2022 operating costs and sales expenses in the first half of the year

Data Source: Company Semi -annual Report

"Dark Horse" slow down

Affected by the epidemic, the real estate industry has continued to be sluggish, and the integrated stove industry, which has grown at high speed in recent years, has also encountered certain resistance. The "2022 Integrated Stove Industry Half -Men Report" released by Ovi Cloud.com shows that in the first half of 2022, the integrated stove industry achieved a retail sales of 12.4 billion yuan, an increase of 9.6%year -on -year; the retail volume achieved 1.36 million units, a year -on -year decrease of 0.8%.

This is the first year -on -year decline in retail volume since the increasing growth of integrated stoves in 2015. The macro environment has also had a significant impact on leading companies in the industry.

Mars, located in the industry's first echelon, recently issued a financial report in the first half of 2022. Data show that the company achieved revenue of 1.023 billion yuan in the first half of the year, an increase of 10.99%year -on -year. This revenue speed is second compared to the same industry. In the first half of the year, the revenue growth rates of Zhejiang Meida and Yitian Intelligent and Shuaifeng Electric Electric were -8.48%, 21.81%, and 9.53%, respectively.

However, compared with the growth rate of revenue before and after the listing of the Mars, the growth rate of revenue in the first half of this year seems to be even more unsatisfactory. According to the information, the Mars landed on the GEM on December 31, 2020. Compared with Yitian Intelligent, Shuaifeng Electric, which was listed in the same year, and the Zhejiang Midea of ​​the Shanghai Stock Exchange in 2012, the company started late.

As a latecomer, the Mars are more "radical" in operating strategies, and quickly do the scale of camp revenue with the sales investment and low profit margins beyond their peers. In the year when the integrated stove rose rapidly, the Mars has expanded rapidly with the advantages of brand and online channels, becoming the industry's "dark horse". From 2015 to 2017, the company's revenue compound growth rate reached 93%.

Before listing from 2018 to 2020, the growth rate of the Mars' revenue has begun to slow down year by year, with 36.48%, 38.77%, and 21.71%, respectively. In the first year after listing, Mars' revenue was shown in the quarter. In the first quarter of 2021, due to the low year -on -year base of the previous year, the Mars achieved a higher growth rate of 179.79%. In the next three quarters, the quarterly declined trend was 47.55%, 37.48%, and 18.29%, respectively.

In the first half of this year, the overall growth rate of Mars' revenue decreased to 10.99%, and the first quarterly revenue increased since its listing. Data show that in the first quarter of this year, the company's revenue growth rate rose to 29.22%on the basis of the fourth quarter of last year, but in the second quarter, the main income achieved 573 million yuan, a year -on -year decrease of 0.1%.

Data show that in the second quarter of this year, due to the influence of the epidemic and the downturn of consumption, all companies in the industry were greatly affected. In terms of operating strategy, Yitian Smart, which is like Mars humans, led the industry in the first half of the year to lead the industry, reaching 21.81%, but the revenue in the second quarter increased by only 3.95%year -on -year; %, Shuaifeng Electric rose slightly by 1.40%year -on -year. The net interest rate at the bottom of "Integrated Stove Four Dragons"

A research report of Guosheng Securities pointed out that the Martian layout of the Martian established in 2011 was relatively late. At that time, Zhejiang Meida had achieved a certain scale offline. "".

One side of the good Xuan Xuan in the financial report is the sales cost of peers. Data from the financial report over the years show that from 2017 to 2021, the sales costs of the Mars were 124 million yuan, 219 million yuan, 331 million yuan, 403 million yuan and 507 million yuan.

Taking 2021 as an example, the revenue of the Mars achieved a revenue of 2.319 billion yuan, and the sales expense ratio accounted for 21.86%of the revenue. During the same period, the sales cost of Zhejiang Meida was 243 million yuan, and the sales fee rate was 11.22%.

Judging from the period of stretching, the sales expenses of the Mars have been at a high level in their peers. Annual report data shows that from 2017 to 2020, the sales rates of Mars were 17.77%, 22.98%, 24.97%, and 24.97%, respectively. During the same period, the sales rate of Zhejiang Meida's sales was 9.81%, 11.03%, 15.24%, and 11.22%, and Etherea Smart was 14.53%, 16.28%, 15.94%, and 16.53%. And 12.81%.

Since 2018, the annual sales costs of Mars are higher than their net profit. Data show that from 2018 to 2021, the company's net profit achieved 163 million yuan, 92 million yuan, 239 million yuan, 275 million yuan, and 376 million yuan, respectively.

The annual sales costs have led to the decline in net profit margin of the Mars, and in recent years, it has fallen to a lower level of peers. Data show that from 2017 to 2021, the net profit margin of the Mars was 23.28%, 9.62%, 18.10%, 17.03%, and 16.21%, respectively. During the same period, Zhejiang Midea's net interest rates were all around 30%; Yitian Smart fluctuated between 10%and 20%; the net interest rate of Shuaifeng Electric also exceeded 23%.

Earlier this year, investors asked on the interactive platform, why the company's sales costs were so high, and believed that it devoured the company's net profit. The Mars responded to investors that the integrated stove industry is currently in the stage of rapid development, and the infiltration rate of the industry is relatively low. The company will adhere to the strategy of "high investment and high yield" and increase market share. In addition, the company also said that with the continuous improvement of the company's operating income, the sales costs will be rationally controlled to improve the effect of input and output.

In the first half of this year, with the slowdown in the growth rate of the industry and the company's revenue, the investment in sales costs was decreased. According to data from the semi -annual report, the company's sales costs decreased by 3.71%year -on -year to 229 million yuan, but the sales ratio of the four companies were still at a high level.

During the same period, the net profit margin of the Mars was "integrated with four dragons". The company's net interest rate in the first half of the year was 13.38%, a decrease of 1.73 percentage points from the same period last year. During the same period, the net interest rates of Zhejiang Meida, Yitian Intelligent and Shuaifeng Electric Electric Electric Electricity rates were 27.67%, 18.22%and 22.66%, respectively.

Mars' sales expenses and net profit amount from 2017 to 2021 (100 million yuan)

Data source: annual report over the years

Industry competition will intensify

The Martian may face greater challenges this year by increasing marketing efforts to develop marketing strategies. As we all know, as traditional kitchen appliances grow gradually entering the "ceiling", the high growth and high gross interest rate of integrated stoves are very dazzling in the kitchen appliance industry. Traditional mature kitchen appliances and comprehensive home appliance companies have paid attention to this field for many years, but these dormant companies seem to start their efforts for many years.

Huatai Securities Research Report shows that the good development momentum of integrated stoves has attracted the attention of traditional smoke stoves. According to the research report, since the advent of the integrated stove, the traditional smoke stove faucet and comprehensive home appliance companies such as the boss electrical appliances, Fang Tai Group, and Huandi have paid attention to it, but have not produced integrated stoves, but insisted on taking traditional smoke stoves. development route.

But this year, the boss electrical appliances and Fang Tai Group chose to participate in the same "person" -launched the integrated stove with the "boss" and "Fang Tai" brand. The research report revealed that at present, the boss electrical appliances will be promoted at the national level through the original provincial agent, while Fang Tai Group has chosen key cities such as Changsha and Chongqing to pilot.

According to the research report, the entry of the boss electrical appliances and Fangtai Group marks that the consumption cognition of integrated stoves is changing from quantitative changes to qualitative changes. Especially in third- and fourth -tier cities, after many years of cultivation, integrated stoves have become the first choice for domestic families.

Public information shows that the owner's 51%of the shares of Golden Emperor Electric Electric in 2018 entered the field of integrated stove.However, the relevant information shows that in order to improve the development of integrated stoves, in March of this year, the boss electrical appliances listed the "boss" integrated stove and went public in March this year.It is reported that after the launch of 6 products in March, the boss appliances launched 6 products in June.Data show that from 2018 to 2020, the income income of the boss's integrated cooker business was 97.2 million yuan, 212 million yuan, 259 million yuan, and 326 million yuan in 2021.In the first half of this year, the revenue of the boss electrical integrated stove achieved 145 million yuan, an increase of 1.2%year -on -year.

In addition, the integrated stove business from 2019 to 2021 realized 7.44 million yuan, 17.66 million yuan, and 53.277 million yuan, respectively.In the first half of this year, the company's integrated stove achieved a year -on -year increase of 36.5%, reaching 34.55 million yuan.

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