\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company released its annual report for 2021. The annual net profit attributable to the parent company was 863 million yuan, an increase of 59% at the same time. Winona continues to expand the circle, Winona baby continues to make efforts, and new anti-aging products are expected to bring new growth and maintain the buy rating.
Key points supporting rating
In 2021, the main brand continued to expand its product matrix and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) made concerted efforts to drive the company's revenue and performance up continuously. In 2021, the company's revenue was 4.022 billion yuan (+ 52.57%), and the net profit attributable to the parent was 863 million yuan (+ 58.77%), of which Q4 revenue was 1.91 billion yuan (+ 56.66%) and the net profit attributable to the parent was 508 million yuan (+ 54.67%). 1) Sub channels: in 2021, the total revenue of online channels was 3.3 billion yuan (+ 51.94%), including 2.532 billion yuan (+ 52.72%), and 767 million yuan (+ 49.42%) from distribution and commission sales. The main brand of "double eleven" won the top6 of tmall beauty and skin care; The growth rate of JD platform's main brands exceeded 30% in 21 years, and the double eleven beauty brand ranked seventh. The total revenue of offline channels is 708 million yuan (+ 57.76%), and the company's in-depth cooperation with OTC customers has moved from Yunnan to Shandong, Shaanxi and other places. 2) sub products, the main brand Shu min series and sunscreen series have been sold well throughout the year: the company has continued to maintain the market status of the special cream, and a number of Shu min products have been recognized by consumers (including Shu Min essence, Shu Min moisturizing mask and freeze-dried mask). Qingtou sunscreen series also continued to grow explosively. Constantly breaking the circle to expand product matrix: including the introduction of focus on whitening + anti-aging new products, double repair live essence.
The company's expenses are well controlled and its profitability is basically stable. In 2021, the gross profit margin was 76.01% (-0.25pct), the net profit margin was 21.45% (+ 0.84pct), the gross profit margin was 75% (-0.57pct) and the net profit margin was 26.58% (-0.34pct) in Q4, and the profitability was relatively stable as a whole. In terms of expenses, the sales rate / management rate / R & D rate were 41.79% / 6.10% / 2.81% respectively, with a year-on-year increase of -0.21pct / - 0.29pct / + 0.41pct; Q4 sales rate / management rate / R & D rate are 36.81% / 5.33% / 2.34% respectively, with a year-on-year increase of + 0.62pct / + 1.04pct / + 1.03pct, and good cost control.
The main brand continues to break the circle + sub brands, and is optimistic about the future growth of the company. In the future, the main brands will continue to cultivate sensitive muscle groups, explore and promote new products, and constantly improve the ecology of sensitive muscle products; The sub brand Winona baby has expanded from offline to online, and it is expected to achieve continuous improvement under dual channels. The new brand positioning has strong anti-aging effect. Based on its own product strength, it is expected to benefit from the industry demand and contribute to the company's new growth curve.
Valuation
It is estimated that the company's revenue from 2022 to 2024 will be RMB 5.4337074/8.781 billion respectively, and the net profit attributable to the parent company will be RMB 1.189/15.53/1.98 billion, corresponding to 56 / 43 / 33 times of PE respectively. Maintain a buy rating.
Main risks of rating
The expansion of new products is less than expected; The transformation of private domain traffic is blocked; Offline channel cooperation is blocked.
