\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The net profit of Q1 in 22 years was + 85.47% year-on-year, and the core brand Winona continued to make efforts. In Q1 of 2022, the company achieved a revenue of 809 million yuan, a year-on-year increase of 59.32%, a net profit attributable to the parent company of 146 million yuan, a year-on-year increase of 85.47%, and a deduction of 124 million yuan of non net profit, a year-on-year increase of 61.82%. Under the pressure of the current consumption environment, it has achieved accelerated high growth against the trend, and its performance is very beautiful.
Sub channels: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) synchronous high growth and continuous product upgrading. 1) By channel, the growth rate of online channels is expected to be 50% +, of which the traditional e-commerce platform as the basic market is still beautiful. Tmall is expected to increase by 50% +, and the private domain is expected to increase by 50% +; In addition, emerging channels such as Tiktok and Kwai are expected to accelerate their volume, so as to achieve a higher growth rate; The growth rate of offline channels is expected to be higher than the overall growth, which mainly benefits from the more than doubling growth of OTC chain pharmacy channels, and its beautiful performance under the expansion of the number of terminal stores and the continuous strengthening of its own product potential. 2) On the product side, on the basis of the steady performance of the two star single sunscreen and special care cream, the growth rate of the company’s essence category and whitening series products exceeded the overall level. In addition, the sales performance of the freeze-dried facial mask reached 3000W.
Profitable operation: the net profit margin was + 2.42pct year-on-year, and the profitability continued to improve. The gross profit margin of Q1 of the company in 22 years was 77.82%, with a year-on-year increase of -0.33pct, which remained relatively stable; In terms of expense rate, the sales rate of Q1 in 22 years was 48.02%, with a year-on-year increase of 2.10pct, mainly due to the increased investment in brand image promotion and publicity expenses and marketing personnel salary expenses; The management rate and R & D expense rate are relatively stable. In terms of operating capacity, the company’s inventory turnover days in Q1 in 22 years were 238 days, an increase of 25 days year-on-year; The turnover days of accounts receivable were 28 days, a year-on-year decrease of 2 days and remained relatively stable. In terms of cash flow, the company’s net outflow of operating cash flow in Q1 in 22 years was 167 million yuan, a year-on-year increase of – 429.12%, mainly due to the phased impact of the company’s changes in the payment and settlement cycle of suppliers.
Risk tip: the launch effect of new brands is not increased, the launch of new products is less than expected, and the expansion of OTC is less than expected
Investment suggestion: as a domestic beauty care leader, closely focusing on the efficacy of skin care, the company has established a solid brand barrier through years of deep cultivation, and the brand popularity and customer loyalty of the core brand “Winona” have been continuously improved. With the continuous promotion and upgrading of products under the support of R & D and the accelerated expansion of the whole channel platform, the company is expected to further consolidate its leading position in effective skin care; At the same time, the company accelerated the multi brand and multi category layout to help long-term and stable development. We maintain the forecast and expect the net profit attributable to the parent company to be RMB 1.190/16.12/2.179 billion, with a year-on-year growth rate of 37.95% / 35.37% / 35.19%; EPS is 2.81/3.80/5.14 yuan, and the current corresponding PE is 70 / 52 / 38x. Maintain the “buy” rating.
