\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Event:
The company disclosed in the annual report of 2021 that the revenue of 21 years was 4.948 billion yuan, yoy + 87.93%, the net profit attributable to the parent was 782 million yuan, yoy + 21.13%, and the net profit attributable to the parent after deduction was 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%. Excluding the impact of share based payment, the net profit attributable to the parent company in 21 years is 868 million yuan, yoy + 34.33%.
Comments:
In terms of revenue, by business, functional skin care products terminal: the revenue in 2021 was 3.32 billion yuan, yoy + 146.57% continued to increase, accounting for 67.08%, up 16 PCT year-on-year. The technical routes and brand positioning of the four major brands have been further differentiated, and large single products and advantageous categories have been formed. The development task has been upgraded to the refined operation stage of improving revenue quality, improving operation efficiency, digging target users, optimizing market channels and deepening brand foundation while upgrading to scale growth. The company accelerated offline local, gradually diversified channels, carried out global marketing, and achieved initial results in sales expense control. Functional food terminals: a good start will be made in 2021, with a 0-1 breakthrough in product, channel and brand dimensions. Medical terminal: the revenue in 2021 is 700 million yuan, yoy + 21.54%. Raw materials: the revenue in 2021 was 905 million yuan, yoy + 28.62%, accounting for 18.29%.
On the profit side, the net interest rate attributable to the parent company in 2021 was 15.81%, down 8.72 PCT at the same time. At the same time, the company attaches great importance to the basic capacity construction necessary for long-term growth, and the strategic investment is large; The net interest rate attributable to the parent company in 2021q4 was 11.73%, down 8.37pct. In 2021, the net interest rate attributable to the parent company after deducting non profits was 13.41%, with a decrease of 8.18pct, of which 2021q4 was 11.19%, with a decrease of 7.56pct.
Investment suggestions:
The company adheres to the long-term principle, attaches great importance to the strategic investment required for long-term sustainable development, establishes a strong middle platform for each business division, improves the organizational operation efficiency, and tamps the competitive barrier and moat with R & D strength. 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. Relying on the two technical platforms of microbial fermentation and cross-linking and six R & D platforms, the company establishes the whole industry chain business system from raw materials to medical end products, functional skin care products and functional foods, The “four-wheel drive” model opens up new strategic growth space, subverts traditional consumer goods, forms continuous iteration, and is committed to bringing healthy, beautiful and happy life experience to mankind. It is estimated that the net profit of 22 / 23 will be 1.11/14 billion yuan, which is rated as “buy”.
Risk tips: new technology substitution risk, product registration risk, and increased industry competition risk
