\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event:
Yunnan Botanee Bio-Technology Group Co.Ltd(300957) released the annual report of 2021, which achieved annual revenue of 4.022 billion yuan / + 52.57% and net profit attributable to parent company of 863 million yuan / + 58.77%. Q4 alone achieved a revenue of 1.91 billion yuan / + 56.66%, and a net profit attributable to the parent company of 508 million yuan / + 54.67%.
Key investment points:
The profitability of the whole year has increased rapidly year-on-year. In 2021, the company achieved a revenue of 4.02 billion yuan / + 52.57%, and a net profit attributable to the parent company of 863 million yuan / + 58.77%. From the perspective of profitability and expenses: 1) the gross profit margin in 2021 reached 76% / -0.24pct, of which the gross profit margin of single Q4 was 75.03% / -0.54pct; 2) In 2021, the ratio of sales / management / R & D / financial expenses reached 41.8% / 6.1% / 2.8% / – 0.3% respectively, with a year-on-year increase and decrease of 0.2 / 0.3 / – 0.4 / 0.2pct respectively. Looking at Q4 alone, it was 36.8% / 5.3% / 2.3% / – 0.1% respectively, with a year-on-year increase of 0.6 / 1.0 / 1.0 / – 0.1pct respectively. In 2021, the net interest rate attributable to the parent company reached 21.48% / + 0.86pct.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) double high growth, and the offline gross profit margin has increased. From the perspective of different channels, the main revenue of 2021 online / offline was RMB 3.3 billion / 710 million respectively, with a year-on-year increase of 51.9% / 57.8% respectively, of which 2021h2 online / offline revenue was RMB 2.2 billion / 410 million respectively, with a year-on-year increase of 57.3% / 39.5% respectively. 1) In terms of online channels, the annual revenue of self operation / distribution & consignment was 2.53/770 billion yuan, with a year-on-year increase of 49.4% / 52.7%. 2021h2 self operated / distribution & commission sales achieved revenue of 1.76/430 billion yuan respectively, with a year-on-year increase of 62% / 40%. The core channel driving the high growth of 2021h2 self-supporting is still the self-supporting of third-party platforms. The self-supporting of 2021h2 third-party platforms / self built platforms achieved a revenue of 1.44/320 billion yuan, a year-on-year increase of 73% / 27%. From the perspective of gross profit margin, the gross profit margin on line 2021 is 74.4% / down 0.8pct; 2) In terms of offline channels, the gross profit margin in 2021 will reach 84% / + 1.6pct, which is expected to be mainly due to the optimization of product structure.
The cosmetics business has achieved both volume and price increases, waiting for the brand matrix to be built. In 2021, the company’s cosmetics business achieved 3.63 billion yuan / + 54%, of which the sales volume / price increased by 55% / 9% year-on-year respectively. According to the data of oteo’s whole network in 2021, Winona: 1) the annual retail sales of sunscreen increased by 124% year-on-year, accounting for 2.87% of the whole network; 2) the annual retail sales of masks increased by 331% compared to the same period last year, accounting for 2% of the total net share. At present, the matrix of the main brand products is quite rich, and the special status of the cream brand remains unchanged, the sunscreen and facial mask are bright, and the essence is ready for release. According to Euromonitor’s statistics, Winona’s market share of Dermatology grade skin care products in China is close to the sum of the second and third. In addition to the main brand, the flagship store of Winona baby brand tmall was officially put into operation in 2021, i.e. it entered the top 20 of the year. The double 11 achieved an explosive growth of more than 10 times year-on-year. The popular “Shurun nourishing cream” series is the top 3 of the popular products in the subdivided industries, waiting for the brand matrix to be built..
Profit forecast and investment rating: it is estimated that the revenue in 202224 will be 5.61/75.0/9.73 billion yuan, with a year-on-year increase of 39.4% / 33.7% / 29.8% respectively. The net profit attributable to the parent company was RMB 1.15/15.2/2 billion, with a year-on-year increase of 33.6% / 32.1% / 31.57%, maintaining the rating of “overweight”.
Risk tips: 1) substantial increase in flow cost; 2) Overseas brands cut prices to seize market share; 3) Product quality problems; 4) Stricter supervision leads to the new products being less than expected; 5) The rapid rise of cutting-edge brands intensifies competition; 6) If relevant materials and data are inconsistent with Yunnan Botanee Bio-Technology Group Co.Ltd(300957) announcement, the announcement of the company shall prevail.
