\u3000\u30 Zhongyan Technology Co.Ltd(003001) 46 By-Health Co.Ltd(300146) )
Event: in 2021, the company achieved an operating revenue of 7.431 billion yuan, a year-on-year increase of + 21.93%; The net profit attributable to the parent company was 1.754 billion yuan, a year-on-year increase of + 15.07%; Among them, 21q4 achieved an operating revenue of 1.403 billion yuan, a year-on-year increase of + 32.06%; The net profit attributable to the parent company was 91 million yuan, a year-on-year increase of + 58.64%, and the performance was in line with expectations.
The promotion of "life space" in China is smooth, and the company's market share ranks first in the industry. According to Euromonitor, the market share of the company's sales in 2021 was 10.3%, ranking first in the industry. (1) By brand: ① in 2021, the main brand " By-Health Co.Ltd(300146) " achieved a revenue of 4.445 billion yuan, yoy + 24.36%, mainly due to the growth of online channels and the consolidation of Maiyou. ② The joint care brand "jianliduo" achieved a revenue of 1.408 billion yuan, yoy + 7.46%. ③ "Life space" China achieved 184 million yuan of revenue, yoy + 36.33%; Overseas LSG achieved an operating revenue of 659 million yuan, yoy + 16.20% (136 million Australian dollars, a year-on-year increase of 14.18%). Among them, 21q4 ① the main brand achieved an income of 802 million yuan, yoy + 35.47%. ② The joint care brand "jianliduo" achieved a revenue of 252 million yuan, yoy + 10.04%. ③ The income of "life space" China is 19 million yuan, yoy + 1800%; Overseas LSG achieved operating revenue of 163 million yuan, yoy + 24.43%. At present, life space has covered 40% - 50% of the company's existing drugstore channels in China, and the revenue growth rate in drugstore channels in 21 years is about 60%.
(2) by channel: in 2021, ① offline channel revenue accounted for 64.29% of domestic revenue, yoy + 8.58%; Among them, the channel revenue of 21q4 drugstore increased by more than 40%. By the end of 2021, the company had 1070 / 102 domestic / overseas distributors, with a change of - 55 / + 7 respectively. ② Online channel revenue yoy + 45.88%. The revenue growth target of the company in 2022 is 20%. Offline, the company will innovate the terminal dynamic sales and service mode through thousand people nutrition day group and dealers; The online growth rate is expected to exceed the overall revenue growth of the company, and further improve the online operating profit margin while ensuring the online revenue growth.
The sales expense rate increased significantly, resulting in a decline in the net profit margin in 21 years: 1) the gross profit margin of the company's sales in 21 years was 66.06%, an increase of 3.25 PCTs year-on-year. 2) The company's sales expense ratio was 33.35% in 21 years, with a year-on-year increase of 3.51 PCTs, which was mainly caused by the increase of Guangzhou Maiyou consolidated statement, platform expenses and marketing promotion expenses. The company expects that the sales expense rate will remain at a high level in 2022. 3) In the 21st year, the company's management expense rate and R & D expense rate were 5.22% and 2.02% respectively, with a year-on-year ratio of -1.91 / -0.28pcts respectively. The decline in the management expense rate was mainly due to the decline in the overall salary of managers. 4) Overall, the net profit margin of the company's sales in 21 years was 23.77%, a year-on-year decrease of 1.57 PCTs.
Profit forecast, valuation and rating: we maintain the company's forecast of net profit attributable to the parent company from 2022 to 2023 at 2.253/2.771 billion yuan respectively, and introduce the forecast of net profit attributable to the parent company in 2024 at 3.183 billion yuan, equivalent to EPS of 1.33/1.63/1.87 yuan respectively from 2022 to 2024. The current share price corresponds to PE of 19x / 15x / 13X from 2022 to 2024, maintaining the rating of "overweight".
Risk tips: the slowdown of economic growth, increased pressure, goodwill impairment risk and food safety problems.
