\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
Announcement of the company: Bloomage Biotechnology Corporation Limited(688363) 2022q1 operating revenue 1.255 billion yuan / + 61.57%; The net profit attributable to the parent company is 200 million yuan / + 31.07%; EPS0. 42 yuan / + 31.25%.
The cost rate decreased significantly month on month, and the profit margin improved month on month. 22q1 gross profit margin is 77.13% / -1.57pcts, which is speculated to be due to the inclusion of transportation expenses in costs under the new accounting standards. During the period of 22q1, the cost rate decreased significantly month on month (57.53%) and decreased by 6.00pcts. The sales expense rate of 22q1 was 45.12% / mom -8.56pcts, which is speculated to be mainly due to the effective cost control in the promotion of functional skin care products. The management rate was 6.25% / mom + 1.01pcts, and the R & D rate was 6.49% / mom + 1.73pcts. Under the background of cost saving rate, the net interest rate increased month on month. The net interest rate of 22q1 company was 15.75% / -3.84pcs, month on month + 4.30pcts.
The channel of shaking tiktok is changing, and functional cosmetics are driving the growth of revenue. Tiktok tiktok and other new platform marketing force, the high growth trend continues, according to the voice system data show that the muscle live brand volume increased, is expected to catch up with the hundred hundred Yan and the trend of the “Qu”. The volume of four functional skin care products is still the main growth engine; Tianjin new factory put into operation to promote the growth of raw material business; The medical device sector is affected by the epidemic, the offline consumption scene is limited, and the speculation or growth is under pressure. Looking forward to the Q2 and the second half of the current era, we expect that as the epidemic improves and the company further tiktok and other new channels, the company’s revenue is expected to further improve, and the cost control will maintain the current trend. The profit release is expected to further match the company’s revenue growth.
Investment suggestion: buy – a investment rating. The company holds the technical advantages of core raw materials, establishes the whole industry chain business system by relying on the two technical platforms of microbial fermentation and cross-linking and six R & D platforms, and gains market reputation by relying on excellent product strength, so the core competitiveness is difficult to copy and surpass. Soft tissue filler products and Runzhi series jointly create a product matrix, develop collagen end products and lay out new Shuiguang products. Continue to deepen the differentiated positioning of the four major brands of functional skin care products. It is estimated that the performance growth rate from 2022 to 2024 will be 32.7% / 38.6% / 38.7%. Continue to focus on recommendation!
Risk tip: covid-19 epidemic continues to deteriorate, industry competition intensifies, and the effect of new products on the market is less than expected.
