\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
On the afternoon of April 27, 2022, Yunnan Botanee Bio-Technology Group Co.Ltd(300957) released the first quarterly report of 2022.
Key investment points:
The performance growth in the first quarter exceeded expectations, and the operating cash flow was negative, mainly due to the delayed payment of purchase money. In 2022q1, the company achieved a revenue of 809 million yuan (year-on-year + 59.32%), a net profit attributable to the parent company of 146 million yuan (year-on-year + 85.74%, including financial income of 21.56 million yuan), deducting a net profit not attributable to the parent company of 124 million yuan (year-on-year + 61.82%), showing a bright growth in the first quarter. In 2022q1, the company realized an operating cash flow of – 167 million yuan (51 million yuan in the same period last year). Due to the improvement of the company’s bargaining power with suppliers, the payment of some goods purchased in 2021 was delayed to 2022q1.
The gross profit margin decreased slightly and the sales expense rate increased. In 2022q1, the company’s gross profit margin decreased slightly by 0.32 PCT to 77.82% year-on-year. The sales expense ratio increased by 2.10 PCT to 48.02% year on year, mainly due to the company’s continuous investment in brand image promotion and marketing personnel salary. In addition, in 22q1, due to the epidemic, the logistics in some areas was blocked, resulting in lower income than normal; The management expense ratio was -0.41 PCT to 7.58% year on year; The R & D expense ratio increased from -0.67 PCT to 3.83% year-on-year, but remained at a high level in the industry. Thanks to the substantial increase in investment income (22q1 investment income of 21.56 million yuan, accounting for 2.67% of revenue), the company’s net profit margin increased by 2.42 PCT to 17.99% year-on-year.
Continuously optimize and upgrade products and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) develop in a balanced way. In terms of products, the company launched the product after optimizing and upgrading the light beauty bottle, the light transparent white spot essence and the second throw. The sales of the classic product special care cream and sunscreen increased year-on-year. In terms of channels, the company has balanced online and offline development, diversified online operation of public and private domains, and carried out multiple festival activities on the online platform dominated by tmall; Actively expand OTC channels offline, and the number of outlets covered continues to increase.
Profit forecast and investment suggestion: as a leading enterprise of sensitive skin care, the company has actively promoted brand construction and new product marketing in recent years, and its business has continued to achieve brilliant growth. We expect that the company’s EPS from 2022 to 2024 will be 2.78/3.81/5.06 yuan / share respectively, and the PE corresponding to the closing price on April 27, 2022 will be 71 / 52 / 39 times respectively, maintaining the “buy” rating.
Risk factors: the product expansion is less than expected, and the competition intensifies the risk.
