\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
The annual report issued by the company: 1) in 2021, the company’s main revenue was 4.948 billion yuan / + 87.93%, the net profit attributable to the parent was 782 million yuan / + 21.13%, and the non net profit deducted was 663 million yuan / + 16.74%; 2) In 2021q4, the company’s main revenue is 1.936 billion yuan / + 86.77%, the net profit attributable to the parent company is 227 million yuan / + 9.01%, and the non net profit deducted is 703 million yuan / + 11.44%.
The sales business continues to expand, and R & D strengthens the barriers to competition. 1) Gross profit margin: the gross profit margin in 2021 was 78.06% / – 3.3pct, which was mainly caused by the company adjusting the freight to the operating cost accounting according to the accounting standards. If the impact of freight and equity incentive expenses was excluded, the comprehensive gross profit margin was basically the same as that of the previous year, and the gross profit margin in Q4 was 78.49% / – 3.7pct; 2) Expense rate: in 2021, the sales expense rate was 49.24% / + 7.5pct, mainly to meet the needs of the company’s sales business expansion. The management expense rate was 6.12%, and the financial expense rate was – 0.01%, which was basically the same as last year. The R & D expense rate was 5.75% / + 0.4pct, mainly because the number of R & D projects increased by 94.31%; Q4 single quarter sales expense is 53.68% / + 9.89pct, management expense ratio is 5.24% / – 1.23pct, financial expense ratio is -0.17% / – 1.26pct, and R & D expense ratio is 4.76% / 0.36pct; 3) Net interest rate: the net interest rate in 2021 is 15.80% / – 8.7pct, and the net interest rate in Q4 is 11.73% / 8.4pct.
Increase strategic investment, “four-wheel drive” opens up new growth space. 1) Raw material business: revenue of 905 million yuan / + 28.62% in 2021, opening the first year of hyaluronic acid foodization, strengthening overseas layout, Tianjin plant enters the commissioning stage, and it is expected to add 300 tons of capacity in the future; 2) Medical terminal business: revenue of 700 million yuan / + 21.54% in 2021, continuously promoting the growth of orthopaedic and ophthalmic business; In terms of medical beauty business, the whole category of deep ploughing uric acid has been approved for 22 years in the study of two single phase products, focusing on micro crosslinking, launching the “Royal age twin needle” explosion project, comprehensively promoting the entry of water and light products into “the three era of medicine”, and completing the key technological breakthroughs in the research of collagen materials. 3) Functional skin care products business: in 21 years, the revenue was 3.320 billion yuan / + 146.57%, and the revenue of runbaiyan / kwadi / mibeier / BM muscle activity increased by 117% / 150% / 111% / 286% year-on-year. For the first time, the annual revenue of a single brand exceeded 1 billion yuan. The differences of the four brands gradually reflected, and all created core popular products, including runbaiyan’s water moisturizing series, kwadi’s secondary throwing series, BM muscle activity’s brown rice series Mivel’s powder water and blue bandage mask; 4) Functional food business: launched three major brands of “shuijiquan”, “black zero” and “unthinkable corner”, and many new products are in the research and development stage.
Investment suggestion: buy – a investment rating. The company holds the technical advantages of core raw materials, establishes the whole industry chain business system by relying on the two technical platforms of microbial fermentation and cross-linking and six R & D platforms, and gains market reputation by relying on excellent product strength, so the core competitiveness is difficult to copy and surpass. In the future, it is planned to build aseptic HA production line, soft tissue filler products and Runzhi series to jointly create a matrix of medical and beauty products, develop collagen terminal products, layout new Shuiguang products, and continue to deepen the differentiated positioning of the four major brands of functional skin care products. It is estimated that the performance growth rate from 2022 to 2024 will be 32.7% / 38.6% / 38.7%. Continue to focus on recommendation!
Risk tip: covid-19 epidemic continues to deteriorate, industry competition intensifies, and the effect of new products on the market is less than expected
