Revenue in 2021 increased by 36% over the same period last year, and net profit increased by 93% over the same period last year: the company announced that KuaiBao achieved an income of 612 million yuan in 2021, + 36.39% year-on-year, 36 million yuan in net profit, + 93.47% in the same period last year, and 26 million yuan in net profit after deducting non-profit. Year-on-year + 119.95%, basic earnings per share 0.0539 yuan. Among them, the company's 2021Q4 realized revenue of 200 million yuan per quarter, + 35.29% year-on-year, net profit of 22 million yuan, + 177.80%, and non-net profit of 20 million yuan, + 272.16%.
The main reasons for the rapid growth of the company's performance include three aspects: first, the business of the company's gelatin products has developed steadily, the market demand has improved, and the company has actively developed high value-added products, and its sales volume and sales revenue have further increased compared with the same period last year. Second, benefit from the company's "collagen +"
With the continuous in-depth promotion of the series of products, the application field of collagen has been expanded, the sales channel has been continuously improved, the investment of resources has continued to increase, the brand awareness has been further enhanced, and the business of collagen series terminal products has developed steadily; third, the company acquires Yiqing organisms through a merger which is not under the same control and thickens its income. In addition, the contribution of the company's non-recurrent profit and loss to net profit in 2021 is expected to be 9.6159 million yuan, an increase of 3.023 million yuan over the same period last year, mainly including refinancing government incentive funds received, high-tech enterprise recognition incentive funds, government subsidy funds affected by the epidemic, and deferred income amortization to current profits and losses.
The net profit of 2022Q1 is 0.2-26 million yuan, an increase of 332.09% RMB461.71% over the same period last year: the company also forecasts that 2022Q1 will achieve a net profit of RMB0.2-26 million, which is + 332.09% RMB461.71% over the same period last year, and the net profit after deducting non-profit is RMB 0.185-24 million, which is + 710.55% MUI 951.52% over the same period last year. Since Guoen holding Dongbao Biology, the company's strategy has been further improved and effectively promoted. The company is committed to providing users with high-quality "collagen +" series products and services, and fully combines the company's product advantages and market advantages to carry out core work such as upgrading, optimization and adjustment of collagen series products. continue to promote the rapid layout in the field of "medicine, health, food, beauty", achieve further extension to the lower reaches of the industrial chain, and take an important step to better expand the main business and enhance the added value.
Collagen series products continue to launch, C-terminal layout is becoming more and more perfect: the company's collagen product brand "Yuansu" has been gradually adjusted. Tmall's official flagship store has put on the shelves new products such as "fresh Bovine Bone Collagen Peptide Peptide Powder", "Collagen Sodium Hyaluronate Vitamin C Powder", "Collagen Peptide Blueberry Juice Beverage" and other new products. As the promotion efforts of the company continue to increase, it is expected to gradually increase the volume in the future.
Investment suggestion: the company is committed to building a world-class modern collagen biotechnology enterprise, around "collagen +", the future will focus on the layout of medicine, health, food, cosmetics four major directions, to maintain green, healthy and sustainable development. The company will pay close attention to the main line of "collagen biological core raw materials and service suppliers", focusing on the research and development, production and sales of high value-added products; through technological innovation, foreign cooperation and other measures to accelerate product serialization, actively promote the upgrading and transformation of enterprises, and build a national leading brand. With the rapid development of the collagen industry and the continuous introduction of new products, the company's revenue is expected to achieve sustained growth. We predict that the EPS of the company from 2022 to 2023 will be 0.11 yuan and 0.14 yuan respectively, corresponding to 51x and 41x PE respectively, maintaining the investment rating of "increasing holdings".
Risk tips: the risk of purchasing major raw materials, the risk of further expansion of production capacity leading to product sales, the expansion of business scale may bring management risks, and the risk of mismatch between input and return may exist in the process of market expansion of retail series products. raw material price fluctuation risk, COVID-19 epidemic related risk, Yiqing biological acquisition or integration does not meet expectations.