\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event:
The company issued the 2021 annual report.
Key points of the report:
The business performance was brilliant, and the income and profit increased both
In 2021, the annual operating revenue reached 4.022 billion, with a year-on-year increase of 52.57%, of which Q1-Q4 company achieved operating revenue of 507 / 9.04 / 7.01 / 1.91 billion respectively, with a year-on-year increase of 59.32% / 45.14% / 47.29% / 56.55%; The gross profit margin was 76.01%, which remained stable year-on-year; Sales expense rate / management expense rate / R & D expense rate / financial expense rate 41.79% / 6.10% / 2.81% / – 0.25%; The net profit attributable to the parent company was 863 million yuan, with a year-on-year increase of 58.77%, and the net profit margin attributable to the parent company was 21.45%, with a year-on-year increase of 0.84 percentage points, and the profitability continued to improve.
The expansion of main brand products and channels has accelerated, and the sub brand has begun to show its edge
1) product side: the main brand consolidates “cream cream + sunscreen” two super super products. 21 years on the basis of special cream, the “high Moisturizing Series” is added. At the same time, “freeze-drying mask” series of products successfully “circle” and in double eleven big promotion period to get a brilliant performance. In the future, the company will continue to make breakthroughs in efficacy expansion and category innovation, and try new products such as “whitening” and “anti-aging”. Winona baby will further carry out product upgrading iterations this year. 2) Channel side: in 2021, the company’s online channels increased by 52% and offline channels increased by 58%,. Among them, online direct sales increased by 53%, online distribution and commission sales increased by 49%, and the sales revenue from Alibaba platform reached 1.818 billion yuan, a year-on-year increase of 46%; The company’s wechat applet + official website sales revenue was 450 million yuan, a year-on-year increase of 30%. The company continues to maintain its leading edge on Tmall side, the main brand has 21 years’ double eleven glory tiktok beauty care TOP6, TOP1, and the channel of jitter has been gradually contributing to the important increment. “Winonababy” tmall flagship store was officially put into operation in 2021 and entered the top 10 category. Offline, the company’s OTC, Watson and other channels grew rapidly. In terms of OTC channels, the company launched strategic cooperation with regional chain drugstore leaders in Shandong and Shaanxi, focusing on the growth of same store sales while expanding terminal coverage.
Investment advice and profit forecast
The company is the leader of Chinese dermatology grade skin care products. The efficacy expansion and channel penetration will continue to promote the growth of the main brand. The sub brand Winona baby and high-end anti-aging new brands will contribute new highlights, and the multi brand matrix can be expected. It is estimated that the company will realize a revenue of 5.582/74.58/9.571 billion in 22-24 years, a net profit attributable to the parent company of 1.198/15.94/2.044 billion, an EPS of 2.83/3.76/4.83 yuan, and a corresponding PE of 55 / 42 / 32x, maintaining the “buy” rating.
Risk tips
The prosperity of the industry has declined; Industry competition intensifies; Risk of relative concentration of brands and channels
