\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
The company disclosed that in the first quarter report of 2022, the revenue was 810 million yuan, yoy + 59.32%, the net profit attributable to the parent was 146 million yuan, yoy + 85.74%, deducting 124 million yuan of non attributable net profit, yoy + 61.82%, and the performance exceeded the market expectation.
Revenue: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) synchronous high growth, bright growth in new categories
The average growth rate of private channels and third-party channels is about 60% year-on-year; The offline growth rate is expected to be about 60% year-on-year, of which OTC is expected to grow by more than 150% and Watson's high growth is mainly from the growth of the same store. It is expected that the OTC terminal will be about 29000 by the end of the quarter.
Sub brand: the main brand Winona has increased steadily, and the new brand baby + anti-aging aoxmed has been listed. Since baby opened up online channels, it has continued to increase in volume. It is predicted that Q1 will double and increase. Aoxmed is expected to cover about 400500 medical and American channels this year, which is highly expected.
Sub series: it is estimated that Shumin series accounts for 40%, sunscreen series accounts for 20%, and Q1 is bright; The growth of light transparent white series and red repair series is expected to be higher than the average of the company.
Category: it is expected that the growth rate of the two single products of special cream / sunscreen will keep pace with that of the company; The growth rate of new category facial mask / essence is leading (the online proportion is expected to reach 15%+).? Profit: stable gross profit and increased net profit
The gross profit margin was 77.8%, yoy-0.32pct was flat year-on-year, and the net profit margin was 18%, yoy + 2.57pct, which increased significantly, mainly due to the significant increase in investment income.
Among the expense rates, the sales expense rate is 48%, yoy + 2.1pct, the management expense rate is 7.6%, yoy-0.4pct, the R & D expense rate is 3.8%, yoy-0.66pct, and the overall expense control is reasonable.
Investment suggestion: buy rating
As the leader of functional skin care, the company has professional R & D, channel and marketing resources with high barriers brought by the background of pharmaceutical enterprises. The efficacy of main brands and single products continue to innovate. The ceiling of the industry is still far away. Sub brands and new anti-aging brands are expected to contribute to the increment. It is optimistic about the development prospect of functional skin care group in the future. It is predicted that the net profit attributable to the parent company from 2022 to 2024 will be 1.207 billion yuan, 1.609 billion yuan and 2.106 billion yuan (the previous value is 1.183 billion yuan, 1.576 billion yuan and 2.044 billion yuan, which is mainly adjusted for the sub channel income according to the performance of Q1). At present, it corresponds to pe69, 52 and 40x from 2022 to 2024, maintaining the "buy" rating.
Risk warning: the market space is less than expected, the progress of product approval and promotion is less than expected, and the industry competition is intensified
