\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 57 Yunnan Botanee Bio-Technology Group Co.Ltd(300957) )
Event:
Yunnan Botanee Bio-Technology Group Co.Ltd(300957) released the first quarterly report of 2022. In 2022q1, the revenue was 809 million yuan / + 59.32%, the net profit attributable to the parent was 146 million yuan / + 85.74%, and the net profit deducted from non attributable to the parent was 124 million yuan / + 61.82%. The performance was brilliant, exceeding the market expectation.
Key investment points:
Revenue growth continued to improve month on month, with performance growth exceeding expectations. In 2022q1, the company achieved a revenue of 809 million yuan / + 59.32%, and the growth rate has continued to increase month on month since 2021q2. From the perspective of gross profit margin and expenses: 1) the gross profit margin in 2022q1 is 77.8% / – 0.4%, basically stable, mainly due to the adjustment of product categories and channel structure; 2) At the expense rate side, the expense rates of sales / management / R & D / Finance in 2022q1 were 48% / 7.6% / 3.8% / – 0.4% respectively, with a year-on-year increase of 2.1% / – 0.4% / – 0.7% / – 0.3% respectively. In 2022q1, the company realized the net profit attributable to the parent company of 146 million yuan / + 85.7%, of which the entrusted financial management income / government subsidy / fair value change in Q1 was 2156 / 616 / 1.87 million yuan, and the net profit not attributable to the parent company was deducted by 124 million yuan / + 61.82%.
Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel double high growth, sun protection, essence, etc. perform brilliantly. From the perspective of channels, we expect the company to achieve both online and offline high growth: 1) in terms of online channels, tmall still performs well as the company’s main battlefield, Tiktok achieves rapid growth, and JD also grows faster than the whole; 2) In terms of offline channels, OTC channels and Watsons and other channels have achieved rapid growth, mainly from the contribution of the same store. By category, according to the magic mirror data, sunscreen / facial essence in 2022q1 accounted for 15.5%/11.1% respectively, 6/4pct higher than that in 2021, showing a bright performance.
The impact of the epidemic is limited, waiting for the promotion of 525 / 618. The epidemic situation in Shanghai in April had a certain impact on the company’s warehouse in Shanghai and the OEM in the Yangtze River Delta. However, April itself is the off-season for cosmetics. At present, all factories are gradually returning to work, and the overall impact is limited. The company at the goods preparation end makes emergency adjustment to show the company’s rapid response ability, such as the emergency start-up of Huzhou in Jiaheng and the urgent order output of sisier. By 2022q1, the company’s inventory had reached 487 million yuan / an increase of 4.8% over the whole year of 2021, with sufficient stock and waiting for the promotion of offline 525 / online 618.
Profit forecast and investment rating predict that the company will achieve a revenue of 5.89/80.4/10.61 billion yuan, with a year-on-year increase of 46.3% / 36.6% / 31.9% respectively. The net profit attributable to the parent company is expected to be 1.21/16.5/2.2 billion yuan, with a year-on-year increase of 40.2% / 36.5% / 33.2% respectively, maintaining the “overweight” rating.
Risk Tips 1) the flow cost has increased significantly; 2) Overseas brands cut prices to seize market share; 3) Product quality problems; 4) Stricter supervision leads to the new products being less than expected; 5) The rapid rise of cutting-edge brands intensifies competition; 6) If relevant materials and data are inconsistent with Yunnan Botanee Bio-Technology Group Co.Ltd(300957) announcement, the announcement of the company shall prevail.
