Baolingbao Biology Co.Ltd(002286) (002286)
Event: the company issued an announcement and the subsidiary signed a cooperation implementation agreement with the health China observation magazine in charge of the National Health Commission.
Join hands with health China observation magazine to actively layout the big health industry
The two sides will build all-round strategic cooperation in the field of general health by relying on the resources, technical advantages and development potential of their respective business fields. Specifically, the signing of this agreement will promote the company's C-end product development efficiency and market promotion in the field of functional sugar. Relying on the "Health Food Research Institute of Health China Research Center" jointly built by the two sides, the company improves the R & D integration ability of the company in the fields of functional sugar raw materials and functional health food formula, so as to build end products in the field of health food; Through extensive participation in media activities, the company deepened Baolingbao Biology Co.Ltd(002286) 's big health corporate image, pressed the acceleration key for the company's terminal product sales and the establishment of its own brand, helped the company complete the transformation from a b-end raw material production enterprise to a big health C-end enterprise, and improved the company's profitability and business sustainable development.
The first grant of the equity incentive plan was completed, and the high goal fully demonstrated the development confidence
The company's equity incentive plan is strong, covers a wide range, and deeply binds a number of core executives. At the same time, equity incentive assesses the revenue and net profit at the company level: the assessment target value of operating revenue is RMB 2.60/37.5/4.5 billion in 2021-2023; The assessment target value of net profit is 150 / 260 / 340 million yuan. According to the company's revenue and profit target, the compound growth rate of revenue and net profit from 2021 to 2023 will reach 31.6% and 50.6%, demonstrating the company's confidence in future development. The company's first incentive to most middle and senior managers and core technicians is expected to stimulate the company's development potential. The management is expected to pay more attention to the company's business development through shareholding, and the long-term significance is more far-reaching.
The company has outstanding competitive advantages and is expected to fully benefit from the general trend of sugar reduction
As the leader of the functional sugar industry, we believe that the company's core advantages stem from three aspects: 1) R & D and innovation advantages: the company has independent intellectual property rights of key technologies of functional sugar, participated in the formulation of more than 20 industrial standards and 1 international standard, and mastered the voice of the industry. 2) Advantages of the whole industry chain: the company is the only manufacturer and service provider of all kinds of functional sugar products in the Chinese market, and can provide customers with rich comprehensive solutions. 3) Brand and market advantages: over the years, the company has continuously strengthened its key customer marketing and scheme marketing capabilities, and implemented scheme docking and collaborative innovation with customers. We believe that the company grasps the general trend of sugar reduction and is expected to achieve sustained growth with the continuous release of the company's production capacity.
Profit forecast and investment suggestions
It is estimated that from 2021 to 2023, the net profit attributable to the parent company will be RMB 188 / 271 / 356 million, 277% / 44% / 31% year-on-year, EPS will be RMB 0.51/0.73/0.97 respectively, and the corresponding PE will be 27 / 19 / 14 times respectively. As a leading enterprise of functional sugar, the company has benefited from the general trend of sugar reduction for a long time. Considering the continuous high growth of performance, the company gives 30 times PE in 22 years, the target price is 22 yuan, and maintains the "buy" rating.
Risk tip: the risk of price drop due to the release of a large amount of production capacity; The risk that the company's capacity expansion progress is less than expected; Risk of rising raw material prices
