\u3000\u3000 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (300957)
Event:
The company issued a performance forecast for 2021. In 2021, the company realized the net profit attributable to the parent company of RMB 820-890 million / year-on-year increase of 50.87% – 63.75%, and deducted the net profit not attributable to the parent company of RMB 770-840 million / year-on-year increase of 50.20% – 63.85%. Looking at Q4 alone, it is estimated that the net profit attributable to the parent company will be 465-535 million yuan / year-on-year increase of 41.6% – 62.9%.
Key investment points:
The performance maintained strong growth and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) made achievements. In 2021, the company realized the net profit attributable to the parent company of RMB 820-890 million / year-on-year increase of 50.9% – 63.8%, and the net profit attributable to the parent company of Q4 alone was RMB 470-540 million / year-on-year increase of 41.6% – 62.9%. It is expected that the revenue side of the whole year will also maintain strong growth. According to different channels, the growth rate of offline revenue is expected to be faster than that of online revenue in 2021: 1) on the online side, Winona has been listed in the top 10 of tmall beauty and skin care category for 4 consecutive years, maintaining the first record of domestic products; 2) Offline, we continuously expanded OTC channels, and Winona officially opened at the counter of West Lake Yintai department store at the end of 2021.
The sub brand baby continues to be refined, and the new brand is ready to go. In 2021, Winona baby is expected to achieve rapid growth and further refine its products. It is expected to become the leader of China’s mother and baby track in the next 3-5 years, and a new anti-aging brand is also ready to go.
The new products of main brands are worth looking forward to, and the offline channels can be continuously expanded. It is expected that the main brand Winona online Red repair series will work hard in 2022. The red repair series can help deal with the problem of old redness, which is expected to be further recognized by consumers after polishing in 2021. Offline, the barrier series and other products are expected to make efforts, and the growth rate of offline channels is expected to remain at a rapid level in 2022.
Profit forecast and investment rating: it is expected to achieve revenue of 4 / 56 / 7.5 billion yuan in 2021 / 2022 / 2023, with a year-on-year increase of 52.7% / 38.9% / 34.1%. The net profit attributable to the parent company was RMB 860 / 11.9 / 1.58 billion, with a year-on-year increase of 58.5% / 37.6% / 32.8%. As the leader of China’s skin care products, the company has a deep brand accumulation, the main brand Wuxi Online Offline Communication Information Technology Co.Ltd(300959) is growing steadily, and the sub brand is ready to go. It is rated as “overweight” for the first time.
Risk tips: 1) substantial increase in flow cost; 2) Overseas brands cut prices to seize market share; 3) Product quality problems; 4) Stricter supervision leads to the new products being less than expected; 5) The rapid rise of cutting-edge brands intensifies competition; 6) If the relevant information and data are inconsistent with the Yunnan Botanee Bio-Technology Group Co.Ltd(300957) announcement, the contents of the company’s announcement shall prevail.
