\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Main points:
Events
The company released its annual report for 2021, with a revenue of 4.02 billion yuan, a year-on-year increase of 52.6%, a net profit attributable to the parent of 860 million yuan, a year-on-year increase of 58.8%, and a basic earnings per share of 2.1 yuan / share.
Consolidate the market position of main brands and continue to expand sub brands
In 2021, the company's skin care business revenue was 3.63 billion yuan, a year-on-year increase of 53.8%. The main brand "Winona" focuses on sensitive skin care and modification, and continues to maintain two super explosive products: "cream cream + sunscreen". According to the company's war report, in 2021, the sales volume of "double 11" Winona special cream in the whole network exceeded 400W bottles, and the Gmv of clear sunscreen in the whole network exceeded 100 million yuan. In addition, the market influence of sub brands such as "Winona baby" and "beauty answers" has been continuously improved.
Increase investment in emerging e-commerce resources online and focus on brand professional image offline
Tiktok continues to rely on Tmall, Jingdong, vip.com and other electronic business platform to sell, and continuously increase resources input to the new business platform, represented by the platform, and expand the brand user group through short video, content grass, shop self seeding and master cooperation. In 2021, the company achieved 3.3 billion yuan of online channel product sales, with a year-on-year increase of 51.9%. Professional channels were adopted offline, in-depth cooperation with OTC and other customers, while actively embracing the opportunities of Internet-based chain pharmacies and digital transformation of pharmacy members, and actively integrating into the new offline retail cooperation system and mode, so as to realize the sales of products in offline channels of 710 million yuan, with a year-on-year increase of 57.8%.
Improve profitability and continue to strengthen R & D innovation
The gross profit margin of the company in 2021 was 76.0%, which remained stable year-on-year. In 2021, the net interest rate was 21.5%, with a year-on-year increase of 0.8pct, and the profitability was improved. This is mainly because the company's cost control results show that in 2021, the company's sales expense rate was 41.8%, a year-on-year decrease of 0.2pct, and the management expense rate was 6.1%, a year-on-year decrease of 0.3pct. In terms of R & D, the R & D expense rate of the company was 2.8% in 2021, with a year-on-year increase of 0.4pct. With the mission of "building China's skin health ecology", the company has in-depth insight into consumer needs and continues to carry out product R & D and technological innovation. By the end of 2021, the total number of patents authorized by the company had reached 80, and the clinical research and effect observation of dermatology in 63 hospitals had been completed.
Investment advice
At present, China's sensitive skin care market has the characteristics of "large space + low penetration + high re purchase + heavy ingredients", which is in a high growth stage. After years of development, the company has become a leading enterprise in China's sensitive skin care track, and the brand influence and enterprise scale effect are beginning to be reflected. It is estimated that the company's EPS from 2022 to 2024 will be 2.9, 4.0 and 5.2 yuan / share respectively, corresponding to 54, 39 and 30 times of the current share price PE respectively, maintaining the "buy" rating.
Risk tips
Industry competition intensifies; Channel expansion is less than expected; The marketing effect is not as good as expected.
