\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company disclosed in the annual report of 2021 that the revenue in the 21st year was 4.022 billion yuan, yoy + 52.57%, and the net profit attributable to the parent was 863 million yuan, which was higher than the median value of 855 million yuan in the performance forecast, yoy + 58.77%, slightly exceeding the market expectation, deducting the net profit not attributable to the parent of 813 million yuan, yoy + 58.59%; Among them, the operating income of 21q4 is 1.91 billion yuan, yoy + 57.89%, the net profit attributable to the parent is 508 million yuan, yoy + 54.67%, and the net profit not attributable to the parent is 480 million yuan, yoy + 51.43%.
Revenue side: 1) from the perspective of different channels, ① in 2021, the online revenue was 3.3 billion yuan, yoy + 51.94%, accounting for 82.33% of the main business revenue, with a decrease of 0.54 PCT, of which the revenue of self built platform (wechat applet) was 450 million yuan, YoY + 29.46%, accounting for 11.24% of the main business revenue; ② The offline revenue was 708 million yuan, yoy + 57.76%, accounting for 17.67% of the main business income. The company adheres to taking offline channels as the basis, online channels as the leading, and applies Internet thinking to successfully connect offline and online, realizing the mutual penetration of offline and online and in-depth coverage of consumer groups. 2) Quarter by quarter, the revenue from 2021q1 to 2021q4 was 507 / 9.04 / 7.01 / 1.91 billion yuan respectively, yoy + 59.32% / + 45.14% / + 44.4% / + 57.89% respectively. 3) according to the brand, the main brand Winona focused on consolidating the "Shu Min essence" as the core to seize the opportunity of high speed growth of the market, and launched the series of "freeze-drying mask" products, which had the main effect of relieving and repairing functions, to successfully "circle", and build multiple efficacy skin care matrix to help the brand spiral expansion ring.
On the cost side, the gross profit margin in 21 years reached 76.01%, with a decrease of 0.25 PCT; The gross profit margin of 2021q4 is 75.01%, reduced by 0.38pct, and the gross sales difference is reduced by 0.71pct.
On the cost side, the cost rate during the 21-year period is 50.45%, with a decrease of 0.31 PCT; Among them, the sales expense rate was 41.79%, with a decrease of 0.21 PCT; The management expense ratio was 6.1%, with a decrease of 0.29 PCT, mainly due to the increase of scale effect; The R & D expense rate was 2.81%, with an increase of 0.41 PCT; The financial expense rate is - 0.25%. Quarter by quarter, the expense rate during 2021q4 was 44.39%, an increase of 2.28pct; The sales expense rate was 36.81%, with an increase of 0.33pct; The management expense rate was 5.33%, with an increase of 1.01 PCT; The R & D expense rate was 2.34%, with an increase of 1.02pct. The company attaches great importance to R & D, continues to focus on the research related to Yunnan characteristic plants, carries out systematic R & D system construction, independently / jointly successfully develops a variety of Yunnan Botanee Bio-Technology Group Co.Ltd(300957) exclusive active substances, and successfully develops and markets more than 40 new products in 2021. By the end of 2021, there were 236 R & D personnel, accounting for about 10% of the total number of employees.
On the profit side, in 2021, the company's net interest rate attributable to the parent company was 21.45%, with an increase of 0.84pct, and the net interest rate attributable to the parent company after deduction was 20.21%, with an increase of 0.77pct; Among them, the net interest rate attributable to the parent company of 21q4 was 26.58%, down 0.55pct at the same time, and the net interest rate attributable to the parent company after deducting non was 25.12%, down 1.07pct at the same time.
Investment suggestion: Winona, the company's main brand, ranks first in the Chinese market of Dermatology grade skin care products, with a market share of about 2 percentage points higher than that in 2020. The leading edge continues to expand, build a multi-function skin care matrix and help the brand spiral expansion; The brand influence and market position of sub brands have been gradually improved, and the brand matrix strategy of "focusing on the main brand and expanding sub brands" has been continuously deepened. Based on dermatology theory, the company has in-depth insight into consumer needs, continuously improves product matrix, promotes multi brand strategy, and takes "building China's skin health ecology" as its mission to anchor the future of the cosmetics market. It is estimated that the net profit of 22-24 years will be RMB 1.17/15.5/2 billion, maintaining the "buy" rating.
Risk warning: industry competition intensifies the risk; The risk that the marketing model cannot adapt to market changes; Risk of relative concentration of sales platform and brand; Risk of rapid growth of customer acquisition cost
