\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Core conclusion
Event: the company achieved an operating revenue of 4.948 billion yuan in 2021, a year-on-year increase of + 87.93%; The net profit attributable to the parent company was 782 million yuan, a year-on-year increase of + 21.13%. Among them, Q4 achieved an operating revenue of 1.936 billion yuan, a year-on-year increase of + 86.77%; The net profit attributable to the parent company was 227 million yuan, a year-on-year increase of + 9.01%.
High revenue growth, functional skin care multi brand matrix highlights. In 2021, the company achieved a revenue of 4.948 billion yuan, a year-on-year increase of + 87.93%, of which the revenue of functional skin care products was 3.319 billion yuan, a significant year-on-year increase of 146.57%, driving the high growth of overall revenue, the formation of multi brand matrix, and the contribution of runbaiyan single brand to revenue of 1.229 billion yuan. In addition, the revenue of raw materials was 905 million yuan, a year-on-year increase of + 28.62%. The cosmetics grade ha market expanded well, contributing 43.24% of the revenue of raw materials; Medical terminal revenue was 700 million yuan, up +21.54% compared with the previous year, and the total sales of the new product “Yu Ling twins” were 250 thousand. The revenue of other businesses was 23 million yuan, a year-on-year increase of + 272.50%, including two single products of functional food black zero, with an annual Gmv of more than one million.
High barriers, stable gross profit, increased strategic investment and deep excavation of moat. The gross profit margin of the company was 78.06%, with a year-on-year increase of -3.34pcts, mainly due to the adjustment of the shipping fee in 21 years to the operating cost accounting, excluding the impact of freight and equity incentive expenses, the comprehensive gross profit margin was basically the same as that of the previous year. The sales expense rate / R & D expense rate / management expense rate were 49.24% / 5.75% / 6.12% respectively, with a year-on-year increase of + 7.48pcts / – 0.02pcts / + 0.39pcts. The company increased its strategic investment in brand construction and R & D, and the expenses increased.
The whole industrial chain has significant advantages, and four-wheel drive opens up growth space. With the development of the company’s “logic → release of raw materials → biological technology”, it is expected to further consolidate the company’s advantages in the field of “Ha → release of raw materials → biological technology”; The functional skin care brand matrix in the terminal products is formed, and the cost is expected to be optimized under the advantage of scale; The pipeline planning of medical beauty products is clear, “Runzhi” is expected to become the head brand of medical beauty; The consumption scene of functional food is expected to be further opened.
Investment suggestion: it is estimated that the company’s EPS from 2022 to 2024 will be 2.25/3.02/3.86 yuan respectively, corresponding to 50.8/37.9/29.7 times of the latest PE respectively, maintaining the “buy” rating.
Risk warning: industry competition intensifies; The epidemic situation has repeatedly affected the export of raw materials; Marketing is not as expected.
