\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
The company disclosed the performance forecast for 2021. It is estimated that the revenue in the 21st year will be 4.948 billion yuan, yoy + 87.93%, and the net profit attributable to the parent company will be 782 million yuan, yoy + 21.13%, slightly exceeding the market expectation. After deducting the non return, the net profit attributable to the parent company will be 663 million yuan, yoy + 16.74%; 21q4 operating income is 1.936 billion yuan, yoy + 86.77%, net profit attributable to parent is 227 million yuan, yoy + 9.01%, net profit attributable to parent after deduction is 217 million yuan, yoy + 11.44%. The net interest rate attributable to the parent company in 2021 is expected to be about 15.81%. If the equity incentive fee is added back, the net interest rate attributable to the parent company is 18.14%. 2021 is the first year that the Tianjin plant was put into operation and began to depreciate. The company attaches great importance to the basic capacity construction necessary for long-term growth, including large strategic investment in R & D investment, building the plant’s forward-looking layout capacity, optimizing the organizational structure, building industry 4.0 and building a large operation system. Therefore, the growth rate of revenue in 21 years is higher than that of profit in the same period.
Steadily promote the business layout of “four-wheel drive”:
(1) personal consumer goods department: the company expects the revenue to increase by about 146.57% in the same period in 21 years. We expect runbaiyan to break through the one billion mark, kuadi to maintain a year-on-year high growth, Sili is highly favored by consumers, other brands continue to invest, and sales increase steadily. The four major brands continue to diversify, broaden channels and improve self broadcasting capacity, and the re purchase contribution of old users has increased. At present, the national brand building has been quite effective. Through the in-depth promotion of scientific and technological power to support product power, the ability of product innovation has been continuously demonstrated. All brands have formed a large single product matrix, the brand power has been significantly improved, and further improved, driving the increase of revenue and gross profit margin;
(2) raw materials: the company expects that the revenue will increase by about 28.62% in the same period in 21 years, with a significant increase over last year. Among them, pharmaceutical grade and cosmetic grade raw materials will grow steadily. We expect that the year-on-year growth rate in 21 years will be about 30%, and food grade raw materials and other raw materials will increase significantly;
(3) medical terminal: we expect that the revenue will increase by about 20-30% in the same period in 21 years, and the medical beauty business is in the stage of strategic adjustment and strategic upgrading. We are committed to building a famous brand of medical beauty in three years;
(4) functional food: we have made a good start in 2021, continuously improve product categories, strengthen the supply chain and enhance the competitiveness of the company’s functional food business.
The company will focus on Hainan, build a Biotechnology Industrial Park in Haikou national high tech Zone, establish Sili’s China headquarters and international business center, and introduce production lines. At present, Sili’s products kinetic energy 516 and 532, as the third category of medical devices, have been approved by Hainan Food and Drug Administration for clinical urgently needed medical devices, accelerating their entry into China’s compliant Shuiguang market.
Investment suggestion: the company is committed to biotechnology & bioactive materials. Based on the leader of hyaluronic acid raw materials, the company continues to extend functional sugars, amino acids and other bioactive substances. With the two technical platforms of microbial fermentation and cross-linking and six R & D platforms, the company has established bioactive materials from raw materials to medical end products, functional skin care products The whole industry chain business system of functional food, with the mission of beautiful, healthy and happy life experience, subverts traditional consumer goods and forms a continuous iteration. It is estimated that the net profit of 21-23 years will be RMB 780 / 11.7 / 1.52 billion, maintaining the “buy” rating.
Risk warning: new technology substitution risk; Product registration risk; The risk of intensified industry competition; The performance express is the preliminary accounting result, and the final data shall be subject to the annual report
