\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 009 Hangzhou Coco Healthcare Products Co.Ltd(301009) )
Hangzhou Coco Healthcare Products Co.Ltd(301009) 423 release the performance report for the first quarter of 2021 and 2022.
The company achieved a revenue of 1.186 billion yuan in 2021, a year-on-year decrease of 27.44%. Among them, the revenue of 21q1 / Q2 / Q3 / Q4 was RMB 333 million / 298 million / 236 million / 320 million respectively, with a year-on-year change of + 6.06% / – 38.72% / – 45.54% / – 20.44%. In 2022q1, the company realized an operating revenue of 322 million, a year-on-year decrease of 3.34%.
In terms of products, in 2021, the company’s infant care products / adult incontinence products / Pet hygiene products / masks and other products achieved revenue of 612 million / 464 million / 88 million / 23 million yuan respectively, with a year-on-year change of – 34.8% / + 8.1% / + 13.9% / – 88.1%, accounting for 51.6% / 39.1% / 7.4% / 1.9% of revenue respectively.
In terms of sales model, the company’s own brand sales revenue in 2021 was 391 million yuan, a year-on-year decrease of 12.05%, excluding the impact of epidemic prevention materials, a year-on-year increase of 6.15%; ODM business sales revenue was 778 million, a year-on-year decrease of 33.81%, excluding the impact of epidemic prevention materials revenue, a year-on-year decrease of 28.01%.
In terms of regions, the operating revenue of the company in domestic / overseas regions was 604 million yuan / 582 million yuan respectively, a year-on-year decrease of 27.13% / 27.77%.
Gross profit margin: in 2021, the company’s gross profit margin was 18.64%, a year-on-year decrease of 9.19 PCTs; In 2022, Q1 gross profit margin was 12.07%, with a year-on-year decrease of 13.30pcts.
Expense side: in 2021, the company’s sales / management / R & D / financial expense rates were 7.64% / 3.13% / 4.15% / – 0.53% respectively, with a year-on-year change of 3.64 PCTs / 1.61 PCTs / 0.55 PCTs / – 1.90 PCTs. The ratio of sales / management / R & D / financial expenses of 2022q1 company was 6.90% / 2.04% / 3.53% / – 1.64% respectively, with a year-on-year change of 1.35pcts/0.38pcts/0.32pcts/ – 1.47pcts.
Net profit: in 2021, the net profit attributable to the parent company was 40 million yuan, a year-on-year decrease of 81.43%, and the net interest rate attributable to the parent company was 3.35%, a year-on-year decrease of 9.74 PCTs. In 2022q1, the net profit attributable to the parent company was 02 million yuan, a year-on-year decrease of 95.14%, and the net interest rate attributable to the parent company was 0.61%, a year-on-year decrease of 11.49 PCTs.
Cash flow: the net cash flow from the company’s operating activities in 2021 was 51 million yuan, compared with 396 million yuan in the same period last year. The net cash flow from operating activities of 2022q1 company was – 27 million yuan, compared with – 48 million yuan in the same period last year.
Profit forecast and Valuation: due to the impact of the epidemic on the birth population and the rising cost of raw materials, the value before the net profit attributable to the parent in 2022 / 2023 is 260 / 292 million. After adjustment, we comprehensively predict that the net profit attributable to the parent in 2022 / 2023 is 78 million / 153 million yuan, corresponding to 43x / 22xpe, maintaining the “buy” rating.
Risk tips: risk of international relations, birth rate lower than expected, risk of intensified competition
