\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Matters:
The company disclosed its 2021 annual report: in 2021, it achieved a revenue of 4.022 billion yuan, an increase of 52.57% at the same time; The net profit attributable to the parent company was 863 million yuan, an increase of 58.77% at the same time; It is proposed to pay a cash dividend of 6.00 yuan (including tax) for every 10 shares.
Ping An View:
The revenue and profit maintained a high growth, and the net interest rate increased: in 2021, the company’s revenue was 4.022 billion yuan, an increase of 52.57% at the same time; The net profit attributable to the parent company was 863 million yuan, an increase of 58.77% at the same time; It is proposed to distribute cash dividend of 6.00 yuan (including tax) for every 10 shares; The net operating cash flow was 1.153 billion yuan, an increase of 167.44%. The annual gross profit margin was 76.01%, basically stable year-on-year; The ratio of sales / management / R & D expenses is 41.79% / 6.10% / 2.81%, with a year-on-year change of -0.21 / -0.29/0.41pcts; The net interest rate attributable to the parent company was 21.45%, with a year-on-year increase of 0.84pcts. In a single quarter, the revenue of Q1-Q4 company was 507 / 9.04 / 7.01 / 1.910 billion yuan, an increase of 59% / 45% / 47% / 57%, and the net profit attributable to the parent company was 79 / 186 / 90 / 508 million yuan, an increase of 46% / 75% / 64% / 55%.
Winona product matrix continues to enrich, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) total growth: 1) product end, efficiency expansion + category innovation double penetration to promote sustained sales growth: “Shu Min” series leading position continues to be stable, “whitening”, “sun protection”, “anti aging” and other two levels of relay growth; “high moisturizing” new series to promote the growth of emulsion cream category, “double repair live essence”, “freeze-dried mask” show bright eye. Help brand spiral ring expansion. 2) At the channel end, online global expansion and offline OTC drive high growth. The annual income from online self operation / distribution and sales on a commission basis was 2.532767 billion yuan, an increase of 52.72% / 49.42% at the same time. In terms of platforms, the annual revenue of tmall / self built platforms was 1.818450 billion yuan, an increase of 45.56% / 29.46% at the same time, and continued to increase in volume; Jingdong’s growth rate is 30% +; Shake fast and the channel rises rapidly. The revenue from offline distribution and sales on a commission basis was 706 million yuan, an increase of 58.27% at the same time, of which the volume of OTC channels was relatively fast. They went out of Yunnan and entered Shandong, Shaanxi and other regions, and their coverage continued to improve; Watson’s channel is growing rapidly, and the same store revenue is expected to increase in 22 years.
Winona baby is emerging, and a new high-end anti-aging brand is expected to be launched: 1) Winona baby: the flagship store of brand tmall has become the dark horse of 2021, ranking the top 20 in the industry, and “double 11” has entered the top 10 in the subdivided category, with a year-on-year increase of more than 10 times. Among them, the large single product “Shurun nourishing cream” rushed into the top 3 single products in the subdivided industry to show strong product power. 2) Aoxmed: the new brand is positioned as high-end anti-aging and is expected to be launched in the first half of the year.
Profit forecast and Valuation: the company continues to focus on the development of effective skin care products, focusing on the research of Yunnan characteristic plants. At the same time, it has the co creation gene of medical research, strong R & D strength and rich product reserves. While the main brands continue to expand and maintain rapid growth, they actively incubate new brands and create a second growth curve. We predict the company’s revenue of 5.582 billion yuan (the previous value is 5.506 billion yuan), 7.572 billion yuan (the previous value is 7.098 billion yuan), 10.016 billion yuan (New), and the net profit attributable to the parent company of 1.124 billion yuan (the previous value is 1.149 billion yuan), 1.527 billion yuan (the previous value is 1.523 billion yuan) and 2.022 billion yuan (New), corresponding to 58.9, 43.3 and 32.7 times of the current share price PE respectively, maintaining the “recommended” rating.
Risk tips: 1) industry competition intensifies the risk. 2) The promotion of new products is not as risky as expected. 3) The development of cosmetics brand is not as good as expected. 4) Risk of tightening national policies.
