\u3000\u3 Guocheng Mining Co.Ltd(000688) 363 Bloomage Biotechnology Corporation Limited(688363) )
The company released the first quarterly report of 2022, and achieved a revenue of 1.255 billion yuan in 2022q1, yoy + 61.57%; The net profit attributable to the parent company is RMB 200 million, yoy + 31.07%, and the net interest rate attributable to the parent company is 15.92%, with a decrease of 3.7pct; The net profit attributable to the parent company after deduction is 183 million yuan, yoy + 31.21%, and the net profit attributable to the parent company after deduction is 14.57%, with a decrease of 3.37 PCT.
On the revenue side, functional skin care products grew higher than expected & net profit rate increased: ① functional skin care products terminal, the company plans to work with Dr. Shang hai to set up a private equity fund with pandi capital to deeply explore the ecological layout of skin science brands and look forward to the long-term vitality & Growth of functional skin care products.
② on the raw material side, it acquired 51% equity of Yierkang biology in the first quarter and entered collagen products, which is expected to expand industrial application in the future.
On the cost & expense side, the gross profit margin in 2022q1 reached 77.13%, with a decrease of 1.56pct; During the period, the expense rate was 57.62%, increased by 3.94 PCT at the same time, of which the sales expense rate was 45.12%, increased by 1.55 PCT at the same time, and the control effect of terminal expense of functional skin care products was obvious; The R & D cost was 81.48 million yuan, yoy + 109.24%, mainly due to the increase of R & D projects, resulting in the increase of R & D direct investment and outsourcing R & D cost. The R & D cost rate was 6.49%, with an increase of 1.48 PCT; The management fee rate was 6.25%, with an increase of 0.81 PCT; The financial expense rate is – 0.25%.
In terms of cash flow, the net cash flow from operating activities of 2022q1 company was – 217 million yuan, which was mainly due to the payment of some accounts payable and employee compensation payable at the end of 21, as well as the increase of expenses paid in the current period due to the increase of sales revenue; The net cash flow from investment activities is 182 million yuan; As of 2022q1, the monetary capital was 1.794 billion yuan, yoy + 37.74%.
The company adheres to the long-term principle and uses its R & D strength to consolidate the barriers to competition and moat. This financial report is the result of the company’s efforts to improve the cost investment. In the future, the company will continue to focus on Biotechnology & bioactive materials, based on the leader of hyaluronic acid raw materials, continue to extend other bioactive substances, and build a comprehensive system from raw materials to medical end products, functional skin care products The whole industry chain business system of functional food and the “four-wheel drive” mode open up new strategic growth space. It is estimated that the net profit of 22 / 23 is RMB 1.05/1.38 billion, corresponding to pe53 / 41x, maintaining the “buy” rating.
Risk warning: new technology substitution risk; Product registration risk; Industry competition intensifies risks
