\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Event comments
During the year, the company realized revenue of 4.947 billion (+ 87.93%), net profit attributable to parent company of 782 million (+ 21.13%), net profit attributable to non parent company of 663 million (+ 16.74%) and eps1.5% 63 yuan. Q4 achieved a revenue of 1.935 billion (+ 86.78%), a net profit attributable to the parent company of 270 million yuan (+ 9.13%), and a net profit not attributable to the parent company of 227 million yuan (+ 9.01%). Excluding the impact of share based payment, the net profit attributable to the parent company was 868 million (+ 34.33%).
The production capacity of raw material business continues to release, and it is expected that high-end sterile products will continue to expand the competitive advantage of the industry. During the period, the raw material business achieved a revenue of 905 million yuan (+ 28.62%), accounting for 18.29% of the main revenue and 72.19% of the gross profit margin. Among them, ha pharmaceutical grade, cosmetic grade, food grade and other raw materials achieved a revenue of 252 million / 391 million / 108 million / 154 million respectively. The medical terminal business has strong R & D ability of injection products, and continues to lead the market of scarce class III mechanical and optical products. The medical terminal business achieved a revenue of 700 million (+ 21.54%), accounting for 14.15% of the company’s total revenue and 82.05% of the gross profit margin. During the year, the company launched successive projects such as ironing needles, doll needles and royal twins. During the year, the cumulative sales exceeded 250000, and Runzhi is expected to become the first popular model of the company. The business of functional skin care products continued to grow high from a large base last year. During the period, the revenue was 3.32 billion yuan (+ 146.57%), the growth rate was higher than that of the same period of the previous year, and the gross profit margin was 78.98% (- 2.9pct), which was mainly due to the inclusion of transportation expenses in operating costs during the year, accounting for about 3.19%. The four major brands have passed the initial growth period of the brand and entered the stage of large-scale. For the first time, the annual revenue of a single brand has exceeded 1 billion, opening the growth ceiling. Three major brands of functional food business. In the future, we will continue to enrich the sales channels and the number of product SKUs.
During the period, the gross profit margin of the company decreased slightly by 3.34pct to 78.08%, and the overall expense rate increased by 7.43pct to 55.35%. Among them, the sales expense rate is 49.24% (+ 7.48pct), the management expense rate is 6.12% (- 0.02pct), the R & D expense rate is 5.75% (+ 0.39pct), and the financial expense rate is – 0.01% (- 0.03pct).
Investment suggestions: the company’s raw material business capacity is continuously released and continues to expand its market share; The functional skin care business continues to grow rapidly, and the iterative R & D process of products continues to accelerate; The popularization of medical and aesthetic consumption promoted the sales growth of three types of equipment products in the cinema. We expect the company’s EPS from 2022 to 2024 to be 2.32 \\ 3.02 \\ 4.29 respectively, corresponding to the company’s closing price of 112.54 yuan on March 10, and PE from 2022 to 2024 to be 48.5 \\ 37.3 \\ 26.2 respectively, maintaining the “overweight” rating. There are risks
Policy control risk; Product R & D registration is less than expected risk; Risk of product quality and safety problems.
