\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event: the company released the annual report of 2021. In 2021, the revenue was 4.022 billion yuan, a year-on-year increase of + 52.57%, and the net profit attributable to the parent company was 863 million yuan, a year-on-year increase of + 58.77%; Deducting the net profit not attributable to the parent company was 813 million yuan, a year-on-year increase of + 58.59%, and the income and performance were in the median value of the performance forecast. The company plans to distribute cash dividends of RMB 6.00 (including tax) to all shareholders for every 10 shares.
R & D investment increased rapidly, the profitability improved, and the operating cash flow increased significantly. In 2021, the company's sales / management / R & D / financial expense ratio was 41.8% / 6.1% / 2.8% / - 0.3% respectively, with a year-on-year change of -0.2pct / - 0.3pct / + 0.4pct / - 0.3pct respectively. In 2021, the company's expenses were well controlled, and the R & D expenses increased by 78.5% at the same time. The R & D personnel increased from 104 at the end of 2020 to 236 at the end of 2021. In 2021, the company's gross profit margin / net sales profit margin were 76.01% / 21.48% respectively, with a year-on-year change of -0.2pct / + 0.9pct respectively, and the profitability was improved. In 2021, the net operating cash flow of the company reached 1.153 billion yuan, an increase of 167.4% at the same time.
Winona share continues to improve, Winona Baby upgrade product scale is expected to improve: (1) Winona: according to European Rui statistics, in 2021, skin care class skin care share ranked first, the share increased by 2pct over the same period, the skin care products in the skin market, mask products ranked fourth and seventh respectively. In 2022, while consolidating the position of "Shumin" series, we will actively expand whitening, sunscreen, anti-aging and other categories. (2) Other brands: Winona baby will further subdivide its products according to age this year. Its core products have clinical endorsement. It is expected that the revenue scale is expected to accelerate after the improvement of product fineness; The new anti-aging brand is expected to be launched in the first half of this year, priced at more than 1000 yuan. According to the record data, it contains Cordyceps sinensis extract, plant ingredients, etc.
Both online and offline channels are growing rapidly, and online will continue to expand on multiple platforms. Offline channels will accelerate the expansion of OTC channels and open some direct image stores: in 2021, online / offline channels will achieve revenue of RMB 3.30/710 billion respectively, with an increase of 51.9% / 57.8% respectively, and the proportion of main businesses will be 82% / 18% respectively. Specifically, the revenue of online self support / online distribution / offline self support / offline distribution was RMB 25.3/7.7/0.02/710 million respectively, with a year-on-year change of + 53% / 49% / - 35% / + 58% respectively. In 2022, tiktok will continue to develop Tmall, jowl and Jingdong on line, and actively cooperate with OTC chain outside Yunnan. It is also expected to open 5-10 image stores in the core business circle of one city and second tier cities.
Profit forecast and investment rating: the company is a leader in skin care at the dermatological level, with a solid professional brand image, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) all channels are expanded smoothly, and the Ma Tai effect of the new regulations is expected to continue to play. Considering that the company's 2021q4 performance has exceeded the expected growth and the incubation of new brands has been smooth, we adjusted the net profit attributable to the parent company from 1.181/1.620 billion yuan to 1.187/1.633 billion yuan in 20222023. It is estimated that the net profit attributable to the parent company in 2024 will be 2.235 billion yuan, and the net profit attributable to the parent company in 20222024 will increase by 37.6% / 37.5% / 36.8% respectively. The current market value corresponding to PE is 56, 41 and 30 times respectively, maintaining the "buy" rating Risk tips: the epidemic affects consumption, industry competition intensifies, and the promotion of new products is less than expected
