\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Core conclusion
Event: in 2021, the company realized an operating revenue of 4.022 billion yuan, a year-on-year increase of 52.57%, and a net profit attributable to the parent company of 863 million yuan, a year-on-year increase of 58.77%, of which Q4 realized an operating revenue of 1.91 billion yuan, a year-on-year increase of 57.89%, and a net profit attributable to the parent company of 508 million yuan, a year-on-year increase of 54.67%.
The revenue and net profit increased, and the product channel was further expanded. In 2021, the company realized an operating revenue of 4.022 billion yuan, a year-on-year increase of + 52.57%. Sub category, 2021 skin care products / medical devices / make-up revenue respectively 36.29/3.26/0.53 billion yuan, YoY+53.75%/+67.12%/-18.76%, of which skin care products accounted for more than 90% of the revenue, the average price of 49.80 yuan, YoY+8.80%, the competitiveness of products continues to enhance, the first battle of Winona baby became famous, won the double 11 category industry category TOP10, and the company also tried to launch “whitening + anti aging” new products, the construction of multi efficacy skin care matrix; In terms of channels, online channels maintained a high growth in 2021, with yoy + 51.94%. The new offline retail system was carried out smoothly, and the OTC region continued to expand. Offline channels achieved revenue of 708 million yuan, yoy + 57.76%.
Continue to increase R & D investment and maintain sufficient cash flow. In 2021, the company’s gross profit margin / net profit margin was 76.01% / 21.48%, with a year-on-year ratio of -0.24pcts / + 0.86pcts, and the sales expense ratio / management expense ratio was 41.79% / 6.10% respectively, with a year-on-year ratio of -0.21pcts / – 0.29pcts. In the whole year of 21, the company’s R & D expenses increased significantly by 78.47% to 113 million yuan, and the R & D rate increased by + 0.41pcts to 2.81% year-on-year. The net operating cash flow was 1.153 billion yuan, a significant increase of 167.44% year-on-year, and the cash flow remained abundant.
The product influence is deeply rooted in the hearts of the people, and the brand development can be expected in the future. The company specializes in the efficacy skin care track, radiates several sub categories such as Winona baby, aoxmed anti-aging and functional food, and cuts into the artificial intelligence skin diagnosis project, launches the “weiyimei” medical beauty platform, lays the foundation for public domain expansion + private domain drainage and precipitation, and the product influence goes deep into people’s hearts. In the future, it will continue to expand its territory and the brand development can be expected.
Investment suggestion: it is estimated that the company’s EPS from 2022 to 2024 will be 2.85/3.84/4.98 yuan respectively, corresponding to 61.6/45.7/35.2 times of the latest PE respectively, maintaining the “buy” rating.
Risk warning: industry competition intensifies; Brand expansion is less than expected; New product sales are less than expected
