\u3000\u3 Shengda Resources Co.Ltd(000603) 605 Proya Cosmetics Co.Ltd(603605) )
Performance description: in 2021, the company achieved revenue of 4.633 billion yuan / yoy + 23.47%, net profit attributable to the parent company of 576 million yuan / yoy + 21.03%, non net profit attributable to the parent company of 568 million yuan / yoy + 20.89%, non economic profit and loss of 8.03 million yuan mainly from government subsidies of 15.45 million yuan, net operating cash flow of 830 million yuan, yoy + 150.24%. Among them, single Q4 achieved a revenue of 1.621 billion yuan / yoy + 10.92%, a net profit attributable to the parent company of 212 million yuan, yoy + 2.12%, and a net operating cash flow of 339 million yuan / yoy + 171.20%. Thanks to the high growth of online direct sales, 2022q1 achieved a revenue of 1.254 billion yuan / yoy + 38.53%, a net profit attributable to the parent company of 158 million yuan / yoy + 44.16%, and a net operating cash flow of 342 million yuan / yoy + 521.66%.
Online channels continued to increase, and the performance of makeup categories was beautiful. 1) By channel: online channels continue to increase, while offline channels are trapped by repeated outbreaks. (1) online channels: the revenue reached 3 billion 924 million yuan /yoy+49.54% in 2021, and the proportion of total revenue increased from 14.92pct to 84.93%, of which the tiktok 15%+, Jingdong 10%+ and Tmall 45%+, each channel accounted for more than one. ② Offline channels: in 2021, the revenue will reach 696 million yuan / yoy-38.03%, accounting for 14.92 PCT to 15.07% of the total revenue. 2) In terms of brands, the main brand Proya Cosmetics Co.Ltd(603605) has grown steadily, and the cosmetics brand Caitang has performed well. Tiktok ( Proya Cosmetics Co.Ltd(603605) 2021) realized the revenue of 3 billion 829 million yuan /yoy+28.25% in the year of Proya Cosmetics Co.Ltd(603605) 2021, which increased by 3.21pct to 82.87%. In 2021, the company launched the 2 version of ruby and double resistance essence, and pushed the “source”, “bowling blue bottle” and “feather sense sunscreen” respectively. The annual total income of large single products accounted for 25%+, of which the largest single item of Tmall channel accounted for 60%+, and the channel of jitter channels opened a large account in Q1, and the largest single product Q1 accounted for 10%+. Q2 is expected to rise sharply; ② Caitang: in 2021, the revenue will reach 246 million yuan / yoy + 103.48%, accounting for 2.10 PCT to 5.33%. 2022q1 new brands have turned losses into profits, including Caitang, yuefuti and youzilai. 3) By category: skin care based, make-up force. ① Skin care: in 2021, the revenue will reach 3.978 billion yuan / yoy + 22.70%, accounting for a decrease of 0.4pct to 86.10%; ② Cosmetics: in 2021, the revenue will reach 618 million yuan / yoy + 32.97%, accounting for an increase of 0.97 PCT to 13.38%.
The gross profit margin increased significantly, and the sales expense rate increased in the short term under brand incubation and remodeling. 2021: the gross profit margin increased by 2.91pct to 66.46%, mainly due to ① the increase in the proportion of online revenue, ② the increase in the gross profit margin of large single product structure, and ③ the increase in the proportion of self broadcast; The net interest rate decreased slightly by 0.02pct to 12.02%. The sales expense ratio increased by 3.05pct to 42.98% year-on-year, mainly due to the increased promotion expenses of new brand incubation and brand remodeling. The rate of administrative expenses decreased by 0.32 PCT to 5.12%, and the rate of R & D expenses decreased by 0.27 PCT to 1.65%, mainly because some R & D investment was carried out in the form of equity investment. In addition, with the Institute of Microbiology of the Chinese Academy of Sciences, Zhejiang University of technology, BASF China, Ashland China, DSM Shanghai and XIBANYA lipotrues 50. Shenzhen zhongkexinyang and other front-end research institutions and raw material suppliers maintain R & D cooperation. 2022q1: the gross profit margin continued to increase by 3.16pct to 67.57%, and the net profit margin increased by 1.7pct to 13.50%. The sales expense ratio increased by 0.65 PCT to 42.37%, the management expense ratio decreased by 0.62 PCT to 5.16%, and the R & D expense ratio increased by 0.44 PCT to 2.39%.
The cash flow situation has improved significantly and the operating capacity is basically stable. The significant improvement in net operating cash flow was mainly due to the enhancement of sales collection capacity and the year-on-year decrease in payment for goods. In terms of operating capacity, the turnover rate of accounts receivable increased from 6.35 times to 21.88 times, mainly due to the growth of revenue and the sharp decline of accounts receivable at the end of the year; The inventory turnover rate decreased by 0.11 times to 3.39 times.
Investment suggestion: the company is expected to realize a net profit attributable to the parent company of 710 / 876 / 1054 million yuan in 22-24 years, with a growth rate of 23.2% / 23.4% / 20.3%. Corresponding to pe51 / 42 / 35x in 22-24 years, maintain the “recommended” rating.
Risk tip: industry competition intensifies the risk, the launch of new products is less than expected, and the risk of supply chain interruption.
