\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company released the first quarter report of 2022, and the performance exceeded expectations. In 2022q1, the revenue was 809 million yuan / yoy + 59.32%. The promotion volume of the main brand Winona "38" increased, and the net profit attributable to the parent was 146 million yuan / yoy + 85.74%. The performance exceeded the expectation. The non recurring profit and loss composed of entrusted wealth management income and government subsidies was 22 million yuan. After deducting non profits, the net profit attributable to the parent was 124 million yuan / yoy + 61.82%, which was similar to the revenue growth.
The profitability decreased slightly compared with the same period last year. 1) Gross profit margin: the gross profit margin in 2022q1 was 77.82%, a slight decrease of 0.33pcts compared with the same period last year. The company increased the investment in "38" activities and disturbed the gross profit margin level; 2) Expense ratio: the sales expense ratio is 48.02% / + 2.10pcts. The main brand Winona "38" promotion activities have high investment to improve brand exposure. In the medium and long term, the brand image construction and promotion of Winona, Winona baby and aoxmed need continuous investment, and the sales expense ratio is expected to remain at a high level; Administrative expenses and R & D expenses increased by 51.17% and 35.71% respectively, the rate of administrative expenses was 7.58% / -0.41pcts, the rate of R & D expenses was 3.83% / -0.67pcts, and the scale of revenue increased the diluted rate. 3) Net interest rate: the net interest rate attributable to the parent company in 2022q1 is 18.06% / + 2.57pcts. After deducting the impact of non recurring profits and losses, the net interest rate of the company is 15.39% / + 0.24pcts.
Winona has a stable market position and is poised to grow in the initial stage of sub brand construction. 1) Winona: on the basis of consolidating the Shumin series, she actively expanded the efficacy categories of whitening, sunscreen, anti-aging, etc. in early March, the official announced that Zhang Junning would continue to create sunscreen products as the spokesperson for the sunscreen category. In terms of whitening and anti-aging, she successively launched the transparent white spot essence, the transparent white spot essence, and the light bottle to meet the efficacy demands of sensitive muscles. In addition, according to the solution consulting data, during the 38 event, Winona ranked No. 4 in Tiktok beauty and skin care brand, and the official flagship store ranked No. 8 in tmall beauty and skin care. The large single product Shumin moisturizing special care cream has outstanding competitive advantages. It is expected that the brand will continue to maintain its leading position in the industry in the future. 2) Winona baby: in the past 21 years, Winona baby has quickly become a cutting-edge and high growth brand in the industry. The popular single product and phased targeted care features of Shurun nourishing cream have been recognized by the market. Tiktok channel has performed well. This year, we will focus on improving the product matrix and promote Wuxi Online Offline Communication Information Technology Co.Ltd(300959) Wuxi Online Offline Communication Information Technology Co.Ltd(300959) synchronously. It is expected that the brand will continue to expand its circle. 3) Aoxmed: a high-end new anti-aging brand. At present, three products have been put on record. First, the offline medical beauty channel is laid out, and then the online volume is increased when it is mature, waiting for its launch performance.
Continue to strengthen R & D and innovation, and the projects under research involve many fields such as cosmetics, machinery and food. The company continued to increase R & D investment, focused on the research of Yunnan characteristic plants at the raw material end, and developed and stored a variety of Yunnan Botanee Bio-Technology Group Co.Ltd(300957) exclusive active substances; In addition to functional skin care products, the product side has also arranged the fields of functional food and medical devices, and has created hyaluronic acid repair biofilm, hyaluronic acid repair patch dressing and other products. In the future, relying on internal R & D center and external cooperation, the R & D side will continue to launch enabling products to meet the increasingly refined and diversified market demand.
Investment suggestion: the rise of the component party promotes the high growth of functional skin care products, Yunnan Botanee Bio-Technology Group Co.Ltd(300957) continues to consolidate its leading position in the channel and product side, derives from the main brand Winona, forms a multi brand matrix, and realizes the sharing and empowerment of China and Taiwan. The net profit of "x 2.2 billion / year" is expected to be 692.2 billion and x 1.6 billion / year respectively, and the corresponding net profit of "x 2.7 billion / year" is expected to be 692.2 billion and x 1.6 billion / year respectively.
Risk tip: the decline risk of industry prosperity; The risk of intensified industry competition; Brand concentration risk; The incubation of new brands is less than the expected risk; Risk of reduction of major shareholders.
