\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Matters:
The company announced that the revenue in the first quarter of 2022 was 809 million yuan, an increase of 59.32% at the same time; The net profit attributable to the parent company was 146 million yuan, an increase of 85.74% at the same time; The non net profit attributable to the parent company was 124 million yuan, an increase of 61.82%.
Ping An View:
The revenue continued to increase, and the net interest rate increased significantly year-on-year: in the first quarter of 2022, the company achieved a revenue of 809 million yuan, an increase of 59.32% at the same time; The net profit attributable to the parent company was 146 million yuan, an increase of 85.74% at the same time; The non net profit attributable to the parent company was 124 million yuan, an increase of 61.82%. Q1 gross profit margin was 77.82%, stable year-on-year; The ratio of sales / management / R & D expenses is 48.02% / 7.58% / 3.83%, with a year-on-year increase of + 2.10 / - 0.41 / - 0.67pcts, and the expenses are well controlled; The net interest rate attributable to the parent company was 18.06%, with a year-on-year increase of 2.57 PCTs.
Winona's products, channels and marketing work together, and the brand continues to break the circle: 1) the product matrix is further enriched, and the categories of facial mask and essence are growing rapidly: Winona takes Shumin as the core, expands the multi-function skin care matrix, and the products continue to innovate. Q1 has launched the new Anti-aging Essence "Lightening bottle", whitening and spot Lightening Essence, etc., with good sales performance, driving the rapid growth of essence category. At the same time, the status of Shumin moisturizing special care cream and clear sunscreen is stable, and the special care cream has been the top selling tmall face cream for 15 consecutive days in March. 2) Significant results of online diversified operations and improvement of offline same store sales: on the online side, the company has carried out various marketing activities such as "new year goods Festival" and "38 goddess Festival" on public platforms such as tmall, jd.com and Tiktok to fully expose and expand new customers and effectively drive sales. Among them, tmall's growth rate is 50%, and jd.com and Tiktok's growth rate is higher than the company's average; For the private domain, the company further enriched the playing methods and launched "outing Festival" and other activities to promote users' retention and repurchase, and the channel growth rate reached 50% +. Offline, OTC channels increased by 160% +, mainly due to the growth of the same store and the increase in the number of outlets covered, and the number of outlets covered at the end of Q1 reached 29000; Watsons channel increased by 40-50% at the same time, mainly benefiting from the growth of the same store. 3) Sign a new spokesperson and actively carry out brand marketing: Q1 officially announced Zhang Junning, the spokesperson of the new sunscreen category, to further promote the breaking of the brand circle.
The incubation of new brands is progressing steadily, and the multi brand matrix can be expected: Winona baby's 22q1 revenue exceeds 21h1. In the future, with the gradual launch of new products, it is expected to accelerate its growth. Aoxmed, a new high-end anti-aging brand, is expected to be officially listed on Q3. In the initial stage, it will take high-end medical and beauty institutions in East and South China as the core channel to polish the brand reputation. In addition, the company plans to develop functional food, home beauty instrument, artificial intelligence assisted diagnosis and treatment system and other tracks to layout the great ecology of skin health.
Profit forecast and Valuation: the company has a medical research co creation gene, strong R & D strength and rich product reserves. The main brand continues to break the circle and maintain rapid growth based on high yield. At the same time, the incubation of new brands is advancing steadily, which is expected to build a second growth pole. Based on the company's performance in the first quarter, we fine tuned the relevant profit forecast. It is estimated that the company's revenue from 2022 to 2024 will be 5.582, 7.572 and 10.016 billion yuan (unchanged from the original forecast), and the net profit attributable to the parent company will be 1.200, 1.609 and 2.113 billion yuan (the previous value is 1.124, 1.527 and 2.022 billion yuan), corresponding to 69.3 times, 51.7 times and 39.4 times of the current share price PE respectively, maintaining the "recommended" rating.
Risk tips: 1) risk of intensified industry competition; 2) The promotion of new products is not as good as expected; 3) The development of cosmetics brand is not as good as expected; 4) Risk of tightening national policies.
