Zhejiang Meida (002677): Fourth quarter revenue and net profit growth continued to develop on a sequential basis and vertical channel resources

Investment points In the fourth quarter, revenue was slightly adjusted. The growth rate of net profit was broken down into two companies’ operating income in 201814.

10,000 yuan, an increase of 36 in ten years.

49%; realize net profit attributable to shareholders of listed companies.

78 ppm, an increase of 23 in ten years.


In the fourth quarter, it achieved operating income4.

68ppm, an increase of 25 per year.

96%, net profit attributable to mothers1.

30 ppm, a ten-year increase4.

59%, the company ‘s fourth-quarter net profit growth gradually increased mainly due to the restructuring of major expenses. The restructuring was reflected in the fourth quarter, and the replacement was that the company’s investment income in 2018 increased and decreased.

At the same time, the company plans to distribute a cash dividend of 4 per 10 shares to all shareholders.

65 yuan (including tax), corresponding to a dividend yield of 3.


The integrated stove sub-industry maintained rapid growth. The company’s continuous growth of channel resources was affected by the real estate downturn for 18 years, and the kitchen appliance industry replaced it as a whole. However, as a segmented industry and new category of integrated stove in the kitchen appliance industry, it still maintained rapid growth.

According to data from Zhongyikang, the retail volume of integrated stoves in 2018 was 174.

80,000 units, an annual increase of 38%, and retail sales of 129.

2 ‰, an increase of 43 per year.


Through the rapid growth in recent years, integrated stoves have transitioned from the introduction period to the primary growth stage. The Zhejiang brand represented by the company has led the industry development, and the company’s integrated stove products have achieved revenue in 18 years.

6.6 billion (previously +36.

72%), income accounted for 83.


In terms of different channels, the company continued to expand its marketing network construction. In 2018, it has developed nearly 200 first-tier dealers and more than 400 terminal stores. At the end of December 18, the company has 1,300 first-tier dealers and marketing terminals2500.

In addition, the company reached strategic cooperation with the red star Macalline, actually home, Gome, Suning and other building materials KA channels, and the e-commerce has also achieved a nearly doubled rapid growth.

The company has developed channel resources in the past 18 years and has initially improved its channel layout.

The decrease in gross profit and net profit margin caused increased marketing and support for downstream companies. The company’s overall gross profit margin and net profit margin in 2018 were 51.

54% and 26.

95%, a decrease of 2 per year.

40 units and 2.

79 units.

In the fourth quarter, gross profit and net profit were 51.

97% and 27.

84%, a decrease of 2 per year.

24 digits and 5.

69 units.

The decrease in gross profit margin was mainly due to the combined impact of rising raw material costs and product structure.

The large decrease in net interest rate was mainly due to the company’s 18 years of active increase in sales expenses (including channel expenses, marketing expenses, advertising expenses, etc.) to expand sales scale and maintain a high city share).

61 up to 10.29%) and the company had almost no financial investor income in 2018.

In terms of financial indicators, the company’s accounts receivable and bills were zero at the end of 2018.

170,000 yuan, an increase of 94 in ten years.

51%, which is mainly due to the company’s increased support for dealers this year. While adopting the sales policy of first payment and then goods, while continuing to give 杭州桑拿网 certain credit lines to dealers with better reputation and potential for development,, The company increases its investment in KA, building materials, e-commerce, and engineering channels every year; the advance payment at the end of 2018 is 0.

31 ppm, an increase of 182 in ten years.

49%, mainly due to the company’s increased brand marketing efforts this year, and increased prepaid advertising costs.

Net operating cash flow of the company in 20184.

$ 4.2 billion in sustainable cash creation capabilities.

Earnings forecast and forecast In the field of kitchen appliances, the integrated cooking plate segment is transformed from the growth rate of traditional kitchen appliances.

The company firmly focuses on the strategic idea of “building integrated kitchens, healthy kitchens, and smart kitchen solutions with integrated stoves as the core”. The company has increased 1.1 millionConstruction is expected to begin trial production in the first half of 19, which will provide effective guarantee for the company’s rapid increase in sales.

We expect the company to achieve revenue from 2019-2021.

4 billion, 21.

300 million and 25.

3 billion, an annual increase of 24.

2%, 22.

2% and 18.

8%, expected to achieve net profit in 2019-2021.

56 billion, 5.

5.1 billion and 6.

54 billion, an annual increase of 20.

8%, 20.

7% and 18.

8%, corresponding to EPS0.

71 yuan, 0.

85 yuan, 1.

01 yuan, corresponding to the current expected estimate of 17.

9 times, 14.

9 times, 12.

5x, maintain “Buy” rating.

Risks suggest recession in the real estate market; increased competition in the industry; risk of rising raw material prices