\u3000\u3000 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (300957)
Events
The company released the performance forecast for 2021, and it is expected to realize the net profit attributable to the parent company of 820 ~ 890 million yuan, a year-on-year increase of + 50.87% ~ 63.75%; The net profit deducted from non parent company was 770 ~ 840 million yuan, with a year-on-year increase of + 50.2% ~ 63.85%.
Product power is deeply rooted in the hearts of the people, and the product matrix is constantly improved
The company’s Winona word-of-mouth Shumin moisturizing cream is rich in active extracts of purslane and thorn fruit, which are characteristic plants in Yunnan. Its repair ability is recognized by academic and dermatologists. The unique ability to repair sensitive muscles improves the stickiness of customers. At the same time, the frequent occurrence of skin problems such as “mask face” in the post epidemic era also drives the growth of product sales. In 2021, the sales volume of the whole network exceeded 400W bottles. The company continues to expand the company’s product matrix, Winona brand new launch of double repair live essence and other heavy new products, layout sensitive muscle resistance to the old track; Winona baby double eleven Gmv entered the top 10 of tmall baby skin care category.
Develop a shaking platform online and set up department stores offline
Tiktok expands vip.com, jitter, and Kwai to platform for online multi platform layout. During the double eleven period, the company ranked first in the beautiful voice and makeup itself, and the first day of store tiktok GMV broke millions, and the sales volume doubled. In December 2021, the first national department store opened in Hangzhou West Lake Yintai. The offline counter provides professional skin testing, which helps to strengthen consumers’ experience of products, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) realize linkage and further consolidate the brand influence.
Investment advice
At present, China’s sensitive skin care market has the characteristics of “large space + low penetration + high re purchase + heavy ingredients”, which is in a high growth stage. After years of development, the company has become a leading enterprise in China’s sensitive skin care track, and the brand influence and enterprise scale effect are beginning to be reflected. It is estimated that the company’s EPS from 2021 to 2023 will be 1.96, 2.76 and 3.68 yuan / share respectively, and the corresponding PE of the current stock price will be 86, 61 and 46 times respectively, maintaining the “buy” rating.
Risk tips
Industry competition intensifies; Channel expansion is less than expected; The marketing effect is less than expected.
