\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event overview. The company released its annual report for 2021. In 2021, it realized an operating revenue of 4.022 billion yuan / yoy + 52.57%, a net profit of 860 million yuan / yoy + 58.77% attributable to the parent company, and deducted a net profit of 813 million yuan / yoy + 51.26% not attributable to the parent company. Among them, Q4 achieved revenue of 1.909 billion yuan / yoy + 56.66% in a single quarter and net profit attributable to the parent company of 508 million yuan / yoy + 54.67%.
Online + offline synchronous development, category upgrading drives the increase of unit price. Tiktok: 1) online: continuously rely on Tmall, vip.com and other traditional e-commerce platforms, and increase resources input to the emerging platforms represented by the platform of shaking platform, expand user groups through content grass planting / shop self broadcasting and cooperation among people, and realize annual income of 3 billion 299 million yuan /yoy+52.16%, accounting for 82.04%/yoy-0.34pcts of master revenue. The online channel has 2 billion 532 million yuan /yoy+52.72% in self operated mode, accounting for 63.19% of revenue. The income from distribution and commission sales was 760 million yuan / yoy + 49.42%, accounting for 19.15% of the income. 2) Offline: by the end of 2021, more than 4000 Watson stores had been settled, covering more than 2 million OTCs. In the whole year, the sales revenue of offline products was 707 million yuan / yoy + 57.76%, including 1.6268 million yuan / yoy-34.52%, and the distribution / commission sales revenue was 706 million yuan / + 58.27%, accounting for 17.62% of the main revenue. The income from offline channel services and other services was 14.634 million yuan. Sub category: according to the magic mirror data, Winona essence and mask class continued to improve, thereby improving the unit price of sales, the annual skin care category income 3 billion 628 million yuan /yoy+53.75%, the average selling price is 49.80 yuan /yoy+8.8%; The income of medical devices is 325 million yuan / yoy + 67.12%, and the average selling price remains stable at 98.60 yuan; The income of cosmetics is 53.07 million yuan / yoy + 67.12%, and the average selling price is 44.48 yuan / yoy + 16.74%.
Continued high-quality profitability, continued to increase R & D investment, and long-term high growth can be expected. The annual gross profit margin of sales was 76.01%, which remained stable. The gross profit margin of online sales was 74.37% / yoy-0.82pct, and that of offline sales was 83.96% / yoy + 1.56pct; The annual net profit margin of sales is 21.48% / yoy + 0.86pct. Expense rate: the expense rate during the whole year is 50.45% / yoy-0.31pct,. Among them, the sales expense ratio is 41.79% / yoy-0.21pct, which is due to the combination of strong operation and strong brand. The management expense ratio is 6.10% / yoy-0.29pct, the R & D expense ratio is 2.99% / yoy + 0.38pct, the R & D expense is 113 million yuan / yoy + 78.47%, 23 new patents and 236 R & D personnel / + 126.92%.
The market share ranks first in dermatology, and high-end anti-aging brands take over to open a new growth curve. In 2021, Winona ranked first in the China market of skin grade skin care products, which increased by 2pct over the same period last year. The performance in the market segments was excellent. The toner market rank increased from seventh to fourth, and the mask Market rank rose from eighth to seventh. Looking forward to 2022, the company will consolidate Shumin's leading position and actively expand other efficacy categories such as "whitening", "sunscreen" and "anti-aging". At the same time, according to the annual report, aoxmed, a high-end skin care brand, will officially appear and is expected to quickly reap market Dividends with its professional product strength.
Investment suggestion: the card position effect, skin care, medical and American double prosperity track, the integration of industry, University and research, product power + channel power + operation capacity, and the comprehensive ability is strong. It is estimated that the net profit attributable to the parent company from 2022 to 2023 will be 1.124/15.35/2.058 billion yuan, EPS will be 2.65/3.62/4.86 yuan, and the corresponding PE will be 59 / 43 / 32x, maintaining the "recommended" rating.
Risk tip: brand incubation is less than expected and industry competition intensifies
