\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 88 Winner Medical Co.Ltd(300888) )
22q1’s revenue was 2.32 billion, an increase of 2.4% at the same time, and excluding incentive expenses, it was attributable to the parent company, an increase of 66.6% month on month
In 2021, the revenue was 8.037 billion yuan, a decrease of 35.87%, mainly due to the significant decrease in orders for medical protection products, an increase of 164.82% over 2019, with the effective prevention and control of covid-19 epidemic, large-scale vaccination, the substantial increase in the production capacity of medical protection products in the market and the intensification of competition. Among them, the revenue and growth rate of 21q1-4 were 2.269 billion (+ 52.97%), 1.791 billion (- 33.58%), 1.76 billion (- 67.06%) and 2.217 billion (- 26.35%) respectively.
In 2021, the net profit attributable to the parent company was 1.239 billion yuan, a decrease of 67.48%, an increase of 126.86% over 2019, mainly due to the decline in the sales volume and price of global medical protection products, the rise in global ocean freight and the price of raw and auxiliary materials, and the increase in sales expenses. At the same time, the employee stock incentive plan was launched at the end of 2020. In 2021, a share based payment fee of 681203 million yuan was accrued, excluding the impact of share based payment fee on the net profit, The net profit attributable to the parent company was 1.309 billion yuan. Among them, the net profit attributable to the parent company and the growth rate of 21q1-4 were 481 million (+ 50.74%), 280 million (- 60.69%), 343 million (- 83.8%) and 135 million (- 79.51%) respectively.
The net profit attributable to the parent company in 22q1 was 357 million yuan, a decrease of 25.69%, which was mainly due to the delivery of some high price orders signed in 2020h2 for export in 2021q1, raising the gross and net profit margin of 21q1, with a high base.
By industry, 1) medical consumables business: the revenue in 2021 was 3.922 billion yuan (48.80% of the total), decreased by 56.03% and increased by 160.69% compared with 2019, including 677 million yuan (8.42% of the total), increased by 37.05% and increased by 20 times compared with 2019. The revenue of Amazon platform was 142 million yuan.
In 2022q1, the business income of medical consumables was 1.407 billion yuan (accounting for 60.59% of the total), with a decrease of 1.71%, of which the income of high-end wound dressing products increased by 64.59%, mainly due to the company’s increased investment in R & D and market promotion. In April 2022, the company acquired 55% equity of Longtai medical, and 22q3 is expected to be included in the consolidated statements. It is expected that the sales and market share of high-end wound dressing products will be further improved in the future.
2) health consumer goods business: the revenue in 2021 was 4.054 billion yuan (accounting for 50.44% of the total), an increase of 15.27%, mainly due to the expansion of sales channels and the growth of new product sales. In terms of products, the income of cotton soft towels was 963 million yuan (accounting for 11.98%), an increase of 1.99% at the same time; The income of sanitary napkins was 548 million yuan (6.82% of the total), an increase of 31.69%, mainly due to the upgrading of products and the expansion of sales channels; The income from baby and child products was 362 million yuan (4.51% of the total), an increase of 30.16% at the same time, the income from baby and child clothing was 509 million yuan (6.34% of the total), an increase of 38.77% at the same time, and the income from adult clothing was 680 million yuan (8.46% of the total), an increase of 51.92% at the same time.
In terms of channels, the revenue from e-commerce channels was 2.541 billion yuan (accounting for 31.62%), an increase of 8.69% at the same time, of which the revenue of Amoy, JD and vipshop were 1.395 billion yuan, 430 million yuan and 77 million yuan respectively; The revenue of offline stores was 1.235 billion yuan (15.37% of the total), an increase of 29.34%, mainly due to the number of new stores and the year-on-year sales growth of the same store; The channel revenue of supermarkets was 203 million yuan (accounting for 2.53% of the total), an increase of 51.18%, mainly due to the expansion of the number of supermarkets and new products.
In 2022q1, the business income of health consumer goods was 890 million yuan (accounting for 38.33% of the total), an increase of 8.76% at the same time.
In 2021, the gross profit margin decreased by 9.67 PCT to 49.88%, 1.77 PCT lower than that in 2019; The net interest rate attributable to the parent company decreased by 14.98 PCT to 15.42%, an increase of 3.48 PCT over 2019.
Maintain profit forecast and buy rating. The company keenly captures the market potential of China’s high-quality consumer goods under the background of consumption upgrading, and takes the lead in putting forward the innovative product concept of replacing chemical fiber with cotton and keeping away from chemical stimulation Winner Medical Co.Ltd(300888) c end products lead the market in growth rate; In the short term, the repeated epidemic has had an impact on the company’s offline store sales, but it is relatively controllable. In the medium and long term, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) comprehensive layout, and the repurchase rate and conversion rate of various channels have gradually increased, providing a source of driving force for performance growth,
We expect that the company’s EPS in 22-24 years will be 3.80 yuan, 4.57 yuan and 4.20 yuan / share respectively, and the PE will be 15.44 yuan, 12.82 yuan and 13.94 yuan respectively.
Risk warning: the cost of raw materials is rising; The growth rate of store efficiency slowed down; Weak end consumption, repeated covid-19 epidemic and other risks.
