\u3000\u3 Shengda Resources Co.Ltd(000603) 605 Proya Cosmetics Co.Ltd(603605) )
Key points
From January to February 2022, the operating revenue and net profit attributable to the parent company increased by about 30% and 35% respectively year-on-year. The company released the main operating data from January to February 2022: from January to February 2022, the company achieved a total operating revenue of about 630 million yuan, a year-on-year increase of about 30%, and a net profit attributable to the parent company of about 60 million yuan, a year-on-year increase of about 35%. The company’s sales momentum was good and achieved stable growth.
Main brand Proya Cosmetics Co.Ltd(603605) : the March 8th Festival greatly promoted the good news, and the Gmv of tmall official flag store increased by more than 200% year-on-year. During the March 8th festival in 2022, the sales of various brands of the company achieved rapid growth. Sub tiktok, the main brand Proya Cosmetics Co.Ltd(603605) Tmall official flagship store turnover (GMV) grew by more than 200%, and the shaking platform GMV grew by more than 100%. Meanwhile, according to the company’s war report, Proya Cosmetics Co.Ltd(603605) brand was honored with Tmall beauty industry TOP5, Tmall domestic product TOP1, Jingdong skin care TOP1. The main brand Proya Cosmetics Co.Ltd(603605) star products sell well and rank in the forefront of the category. The cumulative sales of the whole channel show that several star products, early C evening A combination (Ruby + double anti essence), double anti essence, ruby essence, source power essence, feather sense sunscreen cumulative sales volume exceed 78 thousand pieces, exceed 160 thousand, exceed 39 thousand, exceed 85 thousand, exceed 280 thousand.
In terms of marketing effect, the popularity of the main brand Proya Cosmetics Co.Ltd(603605) topic has exceeded 120 million times, and the brand exposure and reputation have achieved double growth. March 8th tiktok 18 hours, the official self broadcast is not broken, tiktok V TOP1. At the same time, through the strong planting of grass on the multi platform of thousands of talents, the cumulative interactive communication volume of the brand has reached 450 million times. Cosmetics brand Caitang: during the March 8th Festival, Omni channel Gmv increased by more than 400% year-on-year
During the March 8th Festival, Caitang omni-channel Gmv increased by more than 400% year-on-year and opened for sale for 40 minutes, breaking through the whole period of March 8th Festival last year. In Tmall platform, Cai Tang star single product sales rank in the forefront of many categories. The master repair sector has won the high gloss category TOP1, the master makeup front milk has been awarded the makeup category TOP4, the double specular high gloss and the high gloss category TOP3, the new Concealer disk is the concealer category TOP4. In the shaking platform, tiktok watched 600 thousand of the total volume and sales increased by 1800% year-on-year. On the day of March 4th, tiktok was the TOP2 of national products. On March 5, founder Tang Yi parachuted into the self broadcasting room and remained at the top of the cutting-edge beauty list from 20:00 to 23:59 that day.
The strategy of large single products has been steadily promoted, and the product power is expected to continue to rise
Since 2021, the strategic promotion of the company’s large single products has been gratifying. Ruby, Shuang Kang, Yuan Li and other series are based on the continuous expansion of the original single product and enhance their influence, and have successfully launched blue bottles and orange bottles in the form of ampoules. During the March 8th Festival Promotion, in addition to the bright sales data, the company’s March 8th Festival promotional film “lion awakening girl” achieved good publicity results, conformed to the demands and consumption opinions of contemporary female consumers, and demonstrated its operation ability. In the future, as the product power continues to rise, the cost scale effect is expected to be reflected and promote the increase of net interest rate. We maintained the company’s EPS of 2.93/3.68/4.57 yuan in 21-23 years, corresponding to 45 times and 37 times of PE in 22 and 23 years respectively, maintaining the “buy” rating.
Risk tip: weak terminal consumption; Channel expansion, marketing launch effect and new product launch effect are less than expected; The effect of small brand cultivation is less than expected; Improper grasp of industry trend changes; Improper cost control.
