\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event: Yunnan Botanee Bio-Technology Group Co.Ltd(300957) released the annual report of 2021, and the company achieved an operating revenue of 4.022 billion yuan, a year-on-year increase of + 52.57%; The net profit attributable to the parent company was 863 million yuan, a year-on-year increase of + 58.77%.
The coordinated development of all channels drives the high growth of sales, and the development of new channels helps the continuous and large-scale sales. The annual revenue of online channels was 3.299 billion yuan, a year-on-year increase of + 52.16%, of which Ali's revenue was 1.82 billion yuan, a year-on-year increase of + 45.6%, and JD Winona's year-on-year increase of + 30% was an important supplement. Tiktok Kwai master and other new social networking platform layout, through short video, shop self broadcast, and other cooperation matrix and other marketing matrix to reach more consumers, and build private traffic, the number of members of more than ten million, so the channel channel revenue accounted for a decrease of 2.3pct. To 45.36%. Offline channels achieved a revenue of 708 million yuan, a year-on-year increase of + 57.76%. By the end of 21, the company had covered more than 20000 OTC channels and stationed more than 4000 Watson stores. The company's in-depth cooperation mode with OTC went out of Yunnan, started strategic cooperation projects with regional chain leaders such as Shandong and Shaanxi, and actively integrated into the new offline retail cooperation system and mode. The company's coordinated development of all channels, the continuous contribution of traditional channels to stable revenue, and the development of new channels is expected to drive the continuous and large-scale sales growth.
Product strength and brand strength have been continuously verified by the market, and the matrix of new categories and new brands has been improved, waiting for flowers to bloom. The revenue of skin care products was + 53.8% year-on-year, which was the core driving force driving the growth of the company's revenue. Among them, the revenue of Winona brand accounted for more than 98%, and it ranked first in the Chinese market of skin care products at the dermatological level, with a significant leading advantage. The market status of classic products such as "special cream" and "clear sun cream" has been consolidated. New product categories such as "high Moisturizing Series" and "freeze-drying mask" have brought bright sales performance together. Winona has become the only national product brand of the eleven Tmall cosmetics and skin care TOP10, and its brand market position has continued to consolidate. Category development, Winona released the first sensitive muscle exclusive anti old and new products "double repair live essence" series of products, and Rong Tian cat small black box sensitive muscle resistance to the old essence NO.1, and at the same time under the effect of expansion and category innovation under the dual penetration, try to launch the focus on "beautiful white + anti aging" new products. In terms of rich incubation of new brands, "Winona baby" has achieved an explosive growth of more than ten times year-on-year. Aoxmed, a new high-end anti-aging brand, will be officially released in 22 years. The company continues to build a multi efficacy skin care matrix from the sun to the whitening and anti aging. Under the strong technology support, the company is expected to create a new growth curve and bring new growth points.
Leading scientific research technology enables product development and digital construction to improve operation capacity. The company continued to focus on the research of characteristic plants in Yunnan, with a year-on-year R & D cost of + 78.47% in 21 years. It successfully developed a variety of exclusive active substances and realized industrial application in some new varieties. Its leading scientific research strength provided a fundamental guarantee for the development of new products, the improvement of brand strength and the incubation of new brands. The gross profit margin of the company in 21 years was 76.01%, and the sales expense rate and R & D expense rate were 41.79% and 8.92% respectively, with a year-on-year decrease of 0.2 and 0.3pct respectively, The net profit attributable to the parent company was + 58.8% year-on-year, basically in line with the growth rate of revenue, and the profitability was stable as a whole. With the help of digital construction, the company continues to improve the flexibility of the supply chain, refine the management process, and create an accurate and controllable supply chain, which is expected to further improve its operation ability and profitability.
Profit forecast: the efficacy skin care track continues to be booming. The company has strong competitiveness in products, brands, technologies and channels, which have been verified by the market. It will fully enjoy the growth dividend of the industry. The incubation of new categories and new brands under the support of strong technology will bring new performance growth points. It is estimated that the company's net profit attributable to the parent company from 22 to 24 years will be RMB 1.196, RMB 1.601 and RMB 2.097 billion, and EPS will be RMB 282, RMB 3.78 and RMB 4.95. The corresponding PE of 21-23 years is 60, 45 and 34 times, maintaining the "strongly recommended" rating.
Risk tip: the incubation effect of new brands is less than expected, new industry regulations and policies change, and market competition intensifies.
