\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Performance review
On March 22, the company announced that its revenue in the 21st year was 4.022 billion yuan, with an increase of 50.57%, deducting 813 million yuan of non parent net profit, with an increase of 58.59%, and 863 million yuan of parent net profit (the median value of performance forecast), with an increase of 58.77%, which was in line with expectations. It is proposed to pay a cash dividend of 6 yuan for every 10 shares. Quarter by quarter, the quarterly revenue of 21q1 ~ 4 was 59.32% / 45.14% / 47.29% / 56.66%, and the net profit attributable to the parent increased by 45.83% / 75.13% / 64.29% / 54.67% respectively. 22q1's performance is expected to increase by 40% at the same time.
Business analysis
In the past 21 years Wuxi Online Offline Communication Information Technology Co.Ltd(300959) both increased rapidly: 1) online sales increased by 51.9% in the same period in the past 21 years, accounting for 82.0%, including 52.7% for self operation and 49.4% for distribution; Amoy market under pressure company is still increasing by 46%, battering sound layout first year revenue 3+ billion yuan, fast volume, 22 years 1~2 month increased 300%, tiktok is expected to increase. 2) Offline sales increased by 57.8% in the same period of 21 years, mainly due to 1h21 low base + same store growth at the counter + OTC and Watson's expansion. By the end of 21, it had entered 4000 + Watson stores and 10000 otc2 + stores.
Main brands expand "whitening + anti-aging", multi brands incubate synchronously and pay attention to the extension progress. 1) the main brand 21 years of sun protection + freeze-drying mask sold well, Shu Min essence and high moisturizing ranks in the forefront of Tmall store sales. Arbutin mask, whitening, double repair essence and other new products to further expand the "whitening + anti aging" field. 2) Baby's 22-year target revenue is 100 million yuan and the net interest rate is close to 20% (10-20% in 21 years). 3) In May 22, it is planned to list the noble lady anti-aging brand AOX, focusing on the head chain medical and beauty institutions in the first and second tier cities, and launch skin care products + a small amount of oral beauty products. 4) At the end of the year, a new brand of dietary supplements was launched, focusing on Chinese herbal extracts with Yunnan characteristics, which is still under planning. In addition to independent incubation, the company also plans to acquire high-quality brands by extension.
The net interest rate rose steadily and the operating indicators were stable. Gross profit margin of 21 years is 76.01% (-0.25pct), of which Q475 01% (-0.57pct), maintaining stability under great promotion. The period cost rate is 50.45% (-0.31pct). The net interest rate is 21.45% (+ 0.84cpt), of which q426 58%（-0.34PCT）。 In 21 years, the inventory turnover days are 134 days (+ 3 days), and the accounts receivable turnover days are 19 days (- 1 day).
Investment advice
The company has strong product / Channel / marketing / R & D capabilities. Looking forward to the next 22 years, OTC and Watson will continue to expand, driving the rapid growth offline, which is expected to be higher than online. The company achieved good performance in 21 years, raised the profit forecast for 22-23 years by 7% / 9%, and the EPS for 22-24 years was 2.81/3.79/4.88 yuan, corresponding to 56 times of pe22 years, maintaining the "buy" rating.
Risk tips
160 million restricted shares and 325 million shares were listed and circulated; New brand incubation / product / channel expansion is not as expected.
