\u3000\u3 Shengda Resources Co.Ltd(000603) 605 Proya Cosmetics Co.Ltd(603605) )
Matters:
The company announced that in 2021, the revenue will reach 4.633 billion yuan, an increase of 23.47% at the same time; The net profit attributable to the parent company was 576 million yuan, an increase of 21.03% at the same time; It is proposed to distribute a cash dividend of 0.86 yuan per share (including tax); Each share is increased by 0.4 shares with capital reserve. In 2022, Q1 achieved a revenue of 1.254 billion yuan, an increase of 38.53% at the same time; The net profit attributable to the parent company was 158 million yuan, an increase of 44.16%.
Ping An View:
Revenue and profit maintained rapid growth, and Q1 net interest rate increased year-on-year: in 2021, the company's revenue was 4.633 billion yuan, an increase of 23.47% at the same time; The net profit attributable to the parent company was 576 million yuan, an increase of 21.03% at the same time, maintaining a rapid growth. In a single quarter, the revenue of q1-4 company was 905 / 10.12 / 10.95 / 1.621 billion yuan, an increase of 49% / 30% / 21% / 11%, and the net profit attributable to the parent company was 110 / 1.16/138212 million yuan, an increase of 41% / 15% / 30% / 11%. The annual gross profit margin was 66.46%, up 2.91 PCTs at the same time, mainly due to the increase in the proportion of large single product revenue with high gross profit margin and the increase in the proportion of online direct sales and self broadcasting; The sales expense rate was 42.98%, with a year-on-year increase of + 3.08 PCTs, mainly due to new brand incubation, brand remodeling and increased image promotion fees, of which the image promotion rate was 36.12%, with an increase of 3.44 PCTs; The rate of administrative expenses decreased by 0.32pcts to 5.12%; The R & D expense ratio decreased by 0.27pcts to 1.65% at the same time, mainly due to the increase of R & D Co creation (from expense expenditure to equity investment); The net interest rate was 12.02%, basically unchanged year-on-year. 22q1 company's revenue was 1.254 billion yuan, an increase of 38.53% at the same time; The net profit attributable to the parent company was 158 million yuan, an increase of 44.16% at the same time. The increase of gross profit margin and the turnaround of small brands promoted the increase of net profit margin.
The main brand Proya Cosmetics Co.Ltd(603605) continued to grow in large quantities, and the color makeup brand Caitang grew rapidly: in 2021, the revenue of Proya Cosmetics Co.Ltd(603605) / Caitang / other private brands / cross-border agent brands was 38.29/246409/136 million yuan, a year-on-year increase of + 28.25% / 103.48% / - 5.96% / - 34.04%, accounting for 83% / 5% / 9% / 3%. The company focuses on its own brand business and the cross-border agency business continues to shrink. Among them, the main brand continues to deepen the large single product strategy, expand the whole online platform, supplemented by innovative marketing and crowd breaking, so as to continuously improve the brand image and potential energy. In 2021, the company upgraded the brand new Ruby essence, double anti essence, new source of power repair essence, bowling blue bottle and other new large single products. The annual total of large single products was about 60% of the platform of Tmall, and the rate of repeat purchase increased to 30%+, and the average customer price increased to 200 yuan +. While ensuring the steady growth of Tmall's base market, the company has taken advantage of short video and live broadcast outlets to strengthen self broadcasting and build a high-quality profit model, and tiktok platform has high quality. Proya Cosmetics Co.Ltd(603605) brand Tmall, jitter and Jingdong online accounted for 45%+/15%+/10%+ respectively tiktok. In terms of the overall market share of Q1 + brand, the overall market share of Q1 + brand has continued to grow by 22.1% in 2021. At the same time, the company actively adjusted and incubated yuefuti, Kerui skin, off & relax and other brands to meet the diversified needs of consumers. In 22q1, yuefuti increased by 100% and off & relax achieved rapid growth.
Online channels grew rapidly, and offline channels were under pressure due to active adjustment and the impact of the epidemic: in 2021, the company's online revenue was 3.924 billion yuan, an increase of 49.54%, accounting for 85%. Among them, the tiktok revenue was 2 billion 803 million yuan, an increase of 76.16%, accounting for 61%, and Tmall, jowin and Jingdong were all promoting a high growth rate. Online distribution revenue was 1.121 billion yuan, an increase of 8.56%. The annual offline revenue was 696 million yuan, a year-on-year decrease of 38.03%. Among them, the offline daily chemical income was 503 million yuan, down 40.52% and the offline others decreased 30.50% to 194 million yuan. In the past 21 years, the company optimized and adjusted the offline CS and supermarkets outlets, newly entered the CS Dalian store, focused on the department store system, took the initiative to remove inventory and adjust the product structure, superimposed the epidemic situation and affected the offline passenger flow, which was under pressure as a whole.
Profit forecast and Valuation: Based on the company's performance in 2021 and the operation in the first quarter of 2022, we predict that the company's revenue from 2022 to 2024 will be 5.988 billion yuan (the former value is 5.806 billion yuan), 7.547 billion yuan (the former value is 6.998 billion yuan), 9.361 billion yuan (New), and the net profit attributable to the parent company will be 746 million yuan (the former value is 757 million yuan), 943 million yuan (956 million yuan) and 1.178 billion yuan (New), corresponding to 48.9 times, 38.7 times and 30.9x. The company's main brand continues to upgrade, the development momentum of large single products is good, the online sales continue to grow, the multi brand matrix is gradually formed, and the "recommended" rating is maintained.
Risk tips: 1) risk of intensified industry competition; 2) The promotion of new products is not as good as expected; 3) The development of cosmetics brand is not as good as expected; 4) Risk of tightening national policies.
