\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 40 Syoung Group Co.Ltd(300740) )
Performance review
On April 27th, the company announced that its revenue in the 21st year was 5.01 billion yuan, with a simultaneous increase of 34.86%, and the net profit attributable to the parent was 236 million yuan, with a simultaneous increase of 68.54%. After deducting the impact of share based payment, the net profit was 259 million yuan, with a simultaneous increase of 81.12%, reaching the equity incentive target (252 million yuan, with a growth rate of no less than 80% compared with the net profit of 20 years).
1q21-1q22 revenue increased by 58% / 45% / 29% / 24% / 28%, net profit attributable to parent increased by 1040% / 89% / 49% / 32% / 36%, net interest rate was 3.7% (+ 3.2pct) / 4.5% (+ 1PCT) / 4.8% (+ 0.7pct) / 5.3% (+ 0.3pct) / 4.0% (+ 0.2pct).
Business analysis
The category structure was further optimized, and water cream contributed mainly to the growth. In 21 years, the revenue of sticking facial mask / non sticking facial mask / water cream was RMB 895 million / 526 million / 3.239 billion, a year-on-year decrease of 5.71%/ a decrease of 11.36%/ an increase of 69.33%, accounting for 17.87% (-7.69pct) /10.50% (-5.48pct) /64.64% (+13.16pct), and the gross profit margin was 58.38% (+3.77pct) /73.12% (-0.5pct) /42.71% (+0.59pct).
Its own brand has been renewed and upgraded, and its agency business has been steadily expanded. 1) Private brand: yunifang focuses on building product system, expanding all channels, and launching micro 800 hyaluronic acid repair and secondary throwing essence solution; Large drops of water are positioned to stay up late for skincare sub circuit, and large drops of water stay up late for facial mask and 3-point acne removing essence are quickly measured; Little confusion repositioned young muscle science nursing. 2) Agent brands: introduce Cellex-C and mesticoden brands; Cooperation with Johnson & Johnson has entered a sound development track and its performance has increased steadily; Zelens increased by 255%.
Benefiting from the upgrading of products / brands, the gross profit margin and net profit margin continued to improve in 21 years. Gross profit margin of 21 years is 52.07% (+ 2.86pct); The expense rate is 46.40% (+ 2.22pct), of which the sales expense rate is 40.5% (+ 1.79pct), the management expense rate is 3.86% (+ 0.58pct), mainly due to the increase of personnel scale and equity incentive expenses, the R & D expense rate is 1.32% (+ 0.04pct), and the net interest rate is 4.72% (+ 0.94pct). 22q1 gross profit margin is 54.26% (+ 2.32pct), expense rate is 50.08% (+ 2.14pct), net profit margin is 3.98% (+ 0.24pct) and remains stable. Inventory turnover accelerated, with 107 days / 138 days of inventory turnover in 21 years / 22q1 and - 30 days / 22 days year-on-year.
Investment advice
The company's own brand and agency business continues to grow in volume. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 384 / 587 / 765 million, and the CAGR in the next three years will be 41%, corresponding to pe12 / 8 / 6 times in 22-24 years, maintaining the "buy" rating.
Risk tips
New brand / channel expansion / marketing launch is less than expected; The development of agency business is less than expected.
