\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event:
The company released the quarterly report of the first quarter of 2022.
Key points of the report:
Revenue and profit in the first quarter exceeded market expectations
In 22 years, Q1 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 85.74%, and a net profit deducted from non attributable to the parent company of 124 million yuan, a year-on-year increase of 61.82%. The profit and loss of the entrusted financial management company is mainly 2.56 million. The gross profit margin of the company remained stable at 77.8% in the first quarter. The sales / management / R & D expense ratio is 48.02% / 7.58% / 3.83%, respectively + 2.1 / - 0.4 / - 0.7 percentage points. The overall net profit margin increased by 2.57 percentage points to 18.06%. The growth of revenue and profit in the first quarter exceeded market expectations.
Channels such as Tiktok, OTC and jd.com grew rapidly, and the growth rate of facial mask and essence categories led
In the first quarter, the ace product Shumin moisturizing special care cream topped the list of tmall's top selling face cream in March for 15 consecutive days. The clear sunscreen milk won the most trusted sunscreen of Sohu fashion in 20212022. In addition to special care cream and sunscreen, facial mask, essence and other categories performed eye-catching. In terms of new products, heavy new products, such as light beauty bottle, transparent white spot essence and secondary throwing, are expected to drive Winona brand to take the lead in the anti-aging and whitening track. In terms of channels, OTC channels achieved rapid growth in the first quarter driven by the growth of same store revenue; On the online side, the growth rate of jd.com, Tiktok and other channels exceeded 50%.
Winona baby performed well and aoxmed seized the high-end market
In terms of new brands, Winona baby grew rapidly in the first quarter and contributed more revenue than in the first half of last year. After the upgrading and iteration of the whole line of products this year, it is expected to continue to break out in the following quarters. Aoxmed, a new high-end brand, is expected to be listed in the third quarter. At present, offline channels are well promoted.
Investment advice and profit forecast
The company is the leader of Chinese dermatology grade skin care products. The efficacy expansion and channel penetration will continue to promote the growth of the main brand. The sub brand Winona baby and high-end anti-aging new brands will contribute new highlights, and the multi brand matrix can be expected. It is estimated that the company will realize a revenue of 5.582/74.58/9.571 billion in 22-24 years, a net profit attributable to the parent of 1.198/15.94/2.044 billion, an EPS of 2.83/3.76/4.83 yuan, and a corresponding PE of 69 / 52 / 41x, maintaining the "buy" rating.
Risk tips
New brand promotion is not as expected; Industry competition intensifies;
