\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company's revenue in 2021 was 4.02 billion yuan (+ 52.6%), and the net profit attributable to the parent company was 860 million yuan (+ 58.8%)
The company released an annual report: in 2021, it achieved a revenue of 4.02 billion yuan (+ 52.6%), a net profit attributable to the parent company of 860 million yuan (+ 58.8%), and a high growth in revenue and performance. Considering that the company, as the leader in the field of sensitive muscle, continues to confirm the logic of large single products, upgrade brands, extend channels and categories, and continue to expand in the field of skin health; We raised the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.170 (+ 0.27) / 1.560 (+ 0.10) / 2.039 billion, the corresponding EPS will be RMB 2.76 (+ 0.06) / 3.68 (+ 0.02) / 4.81, and the corresponding PE of the current stock price will be 56.6/42.4/32.5 times, maintaining the "buy" rating.
Maintain high growth of online channels and expand OTC channels such as Watson offline; Increase R & D and consolidate barriers
The company achieved revenue of 1.91 billion yuan in 2021q4, with a year-on-year increase of + 59% / + 45% / 47% / + 57% in 2021q1-q4 respectively; The net profit attributable to the parent company was 508 million yuan in 2021q4, with a year-on-year increase of + 46% / + 75% / + 64% / + 55% in 2021q1-q4. The company maintained rapid growth in the peak season of the fourth quarter. In terms of sub channels, the company's online channels as a whole were + 51.9% year-on-year, and the operating revenue of self operated / distribution and commission sales was 2.53 billion yuan (+ 52.7%) / 770 million yuan (+ 49.4%) respectively. Among the third-party platforms, Alibaba realized 1.81 billion yuan (+ 45.6%) and other platforms realized 1.03 billion yuan (+ 79.4%); The company's offline channels as a whole increased by 57.8% year-on-year, including 710 million yuan (+ 58.3%) of distribution and consignment sales. By the end of 2021, the company had settled in more than 4000 Watson stores, and OTC channels had covered more than 20000. In terms of profitability, the company's gross profit margin in 2021 was 76.0%, basically unchanged year-on-year. On the expense side, the company's expense rate during 2021 was 50.5%, basically unchanged year-on-year, of which the R & D expense rate was 2.81% (year-on-year + 0.41pct). The company continued R & D to consolidate competitive barriers.
The company is a leader in the field of sensitive muscle, with the increase of Winona's share and the expansion of skin health
In terms of brand, the company has improved its multi brand matrix. In 2022, it will focus on building a high-end anti-aging brand aoxmed and expand the territory of skin health; Tiktok, the Wuxi Online Offline Communication Information Technology Co.Ltd(300959) development of the whole company, the steady growth of traditional electricity supplier channels, the volume of new platforms such as shaking hands and fast hands, the new Kwai Kong Experience Center under the line and the first brand image store of Hangzhou Yintai. As the leader of sensitive muscle race, the main brand Winona ranked first in the skin grade skin care market in 2021, and its share increased by about 2pct compared with that of the previous year.
Risk tip: the expansion of new brands is not as expected; Channel expansion is less than expected; Industry competition intensifies.
