Cinda Securities gives Times Easy Buy rating: Q1 epidemic affects offline sales of equity incentives to anchor long-term growth – yqqlm

CindasecuritiesPosted on April 24thResearch reportsay, givetimes easier(688793.SH, latest price: 55.14 yuan) Buy rating.The reasons for the rating mainly include: 1) The epidemic has affected offline sales, and the company’s growth rate has slowed down; 2) The company has increased investment in R&D resources and iteratively adjusted the product structure for new products; 3) The company has achieved gross profit in 2021 and Q4 respectively.interest rate56.73/50.00% due to changes in accounting standards, gross for the full year and Q4interest rateYear-on-year -0.51/-6.5pct respectively, the company achieved a gross profit margin of 53.92% in 22Q1, a year-on-year -2.78pct; 4) Although the company has carried out throttling and cost control in 21 years, the company’s 21 yearsnet profitThe Q4 net profit margin was 6.97%, a year-on-year -5.54pct. In 22Q1, the epidemic led to lower-than-expected offline revenue and accelerated investment in sales and R&D expenses, and the company suffered a small loss; 5) Book cash increased significantly, Inventory turnover efficiency decreased. Risk warning: The epidemic has affected offline channel sales, new product launches were less than expected, raw material cost prices remained high, and overseas market development was less than expected.

AI comments:times easier2 copies in the past monthbrokerageThe research report is concerned, buy 2, and the average target price is 71.77 yuan, which is 16.63 yuan higher than the latest price of 55.14 yuan, and the average target price increases by 30.16%.

(Article source: Daily Economic News)

Article source: Daily Economic News

Responsible editor: 436

Original title: Cinda Securities gives Beiyiyi Buy rating: Q1 epidemic affects offline sales, and equity incentives anchor long-term growth