\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Core view
Event: the company released 2021 performance express
During the reporting period, the company achieved an operating revenue of 4.948 billion yuan, an increase of 87.93% over the same period; The net profit attributable to the owners of the parent company was 782 million yuan, an increase of 21.13% over the same period.
Steadily promote the layout of “four-wheel drive”, and functional skin care products boost the rapid development
1) functional skin care products: in 2021, the operating revenue was 3.319 billion yuan, with a year-on-year increase of 146.57%. The four major brands increased year-on-year, the repurchase rate of old customers increased, and large single products such as runbaiyan boosted the rapid growth of revenue.
2) raw materials: relying on the biological fermentation technology platform and industrialization advantages, the company’s revenue increased by 28.62% year-on-year. Among them, pharmaceutical grade and cosmetic grade raw materials increased steadily, while food grade raw materials and other raw materials increased significantly.
3) functional food: incubate the innovation and upgrading of brands “shuijiquan” and “black zero”. The company innovates the application scenarios of bioactives through independent innovation and cross-border cooperation, and cuts into the food track.
4) medical terminal: the total contract amount of the first quarter of the three quarter of the explosive product “imperial age twin needle” is over 90 million, accounting for more than 10% of the medical and American income. Seven large and medium-sized stations have been established, and the brand building and the symbiotic alliance of the channel have been steadily advancing, and the explosive system has achieved some results.
Consolidate basic capacity-building and release new production capacity one after another
1) in terms of R & D, focus on improving R & D capability. In the first three quarters, R & D expenses increased by 101% year-on-year to 192 million yuan, the expense rate increased by 0.40 PCTs year-on-year to 6.38%, and 89 new projects were under research.
2) production capacity: the raised investment project is basically completed and put into operation, and the production capacity is gradually released. The main construction of Tianjin plant was completed, the pilot transformation platform was basically completed, and the Hainan science and Technology Industrial Park was started.
3) organizational structure: strengthen the middle office strategy, strengthen the effective links between the front, middle and back offices, and improve the operation efficiency of the organization. Internally, take industry 4.0 as the starting point to realize intelligent management, and externally rely on data to realize scientific decision-making.
Profit forecast and suggestions
The company is a global leader in hyaluronic acid, focusing on R & D and innovation investment. In the first three quarters of the 21st century, R & D expenses doubled year-on-year. Under the “four-wheel drive” development strategy, the company’s raw materials and medical terminal business have achieved steady growth. The strategy of “large single product” and “strengthening the middle platform” promotes the rapid development of functional skin care products. At the same time, the company actively develops a new track of functional food. It is estimated that the net profit attributable to the parent company in 21-23 years will be RMB 782 million, RMB 1144 million and RMB 1471 million respectively, and the corresponding PE will be 75.2, 51.4 and 40.0 times respectively. “Overweight” rating is given for the first time.
Risk warning: the sales of new products are less than expected; The risk of intensified industry competition; The epidemic situation is repeated.
