\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Core view
Yunnan Botanee Bio-Technology Group Co.Ltd(300957) released the 2021 annual report. The company achieved an operating revenue of 4.02 billion yuan, a year-on-year increase of 53%, and a net profit attributable to the parent company of 860 million yuan, a year-on-year increase of 59%, of which Q4 achieved a revenue of 1.91 billion yuan, a year-on-year increase of 57%, and a net profit of 508 million yuan, a year-on-year increase of 55%.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) synchronous high growth, skin care products and medical devices grew rapidly. From the perspective of different channels, 1. The online revenue reached 3.3 billion, accounting for 82% of the revenue, with a year-on-year increase of 52%, of which the online self operated revenue increased by 53% and the online revenue was about 77%; 2. The offline revenue reached 710 million, with a year-on-year increase of 58%. The high offline growth mainly benefited from the company's accelerated layout of OTC, Watson and other channels in 2021. In terms of products, skin care products, cosmetics and medical devices achieved revenue of 3.63 billion, 53 million and 330 million respectively, with a year-on-year increase of 54%, - 19% and 67% respectively.
Increase the R & D expense rate, strengthen the R & D of raw materials and lay out functional foods. In 2021, the gross profit margin was 76%, with a year-on-year decrease of 0.2 PCTs. In terms of cost rate, the cost rates of sales, management and R & D were 41.8%, 6.1% and 2.8% respectively, with a year-on-year increase of - 0.2, - 0.3 and + 0.4 PCTs. By the end of 2021, the number of R & D personnel was 236, with a year-on-year increase of 127%, accounting for 9.9% and a year-on-year increase of 4.5 PCTs. The company continued to strengthen its investment in R & D, especially in the R & D layout of raw materials. Yunnan Botanee Bio-Technology Group Co.Ltd(300957) Research Institute carried out independent / joint successful R & D of a variety of exclusive active substances. In addition, the company also proposed the R & D layout of functional food for the first time to provide consumers with effective oral beauty food solutions.
Winona's main brand potential continues to improve. In 2021, Winona's main brand revenue accounted for more than 98%. At present, Winona ranks first in the Chinese market of dermatological skin care products, and its market share has increased by about 2 percentage points year-on-year. The company has continued to perform well in the field of skin care products segmentation. The company's Toner (skin care) products market ranking increased from seventh to fourth, and the mask product market rank increased from eighth to seventh.
Looking forward to 2022, on the basis of consolidating the main brand "Shumin" series, the company will continue to make breakthroughs in multiple categories and brands. Specifically: 1) category: it will further strengthen the subdivided categories such as whitening, sunscreen and anti-aging to realize brand extension; 2) Brand: aoxmed, a high-end anti-aging brand, is expected to be listed in 22q2. Winona baby is expected to promote product sorting and positioning upgrading, and look forward to subsequent growth. We are optimistic about the certainty of annual performance growth, as well as the company's long-term layout and sustainable growth in skin health ecology.
Profit forecast and investment suggestions
According to the annual report, we raised the forecast of revenue, gross profit margin and selling expense ratio from 2022 to 2023, and predicted that the company's earnings per share from 2022 to 2024 were 2.81, 3.86 and 5.12 yuan respectively (compared with 2.81 and 3.95 yuan in 20222023), and maintained the rating of "overweight" according to the DCF valuation target price of 200.43 yuan.
Risk tip: the cost of getting customers is higher than expected, the industry competition is intensified, and the dependence on single brand and online channels is high
