The prices of vitamin An and D3 have increased since the beginning of the year, and the quotation of coenzyme Q10 has continued to rise and maintain a high level. According to Baichuan Yingfu data, the current market price of vitamin An is 365 yuan / kg, up 3% from the beginning of the year, it is currently off-season, downstream demand is low, but after the year a number of chemical raw material prices rise, manufacturers maintain the intention to maintain the price of the VA market, generally speaking, the market price of vitamin D3 is 133 yuan / kg, up 21% from the beginning of the year. According to grass-roots research data, coenzyme Q10 quotation has been further raised and maintained at a high level, and the company's market share is expected to exceed 60% worldwide and will continue to benefit.
NMN products have led the way in sales among similar products since they were launched in July last year, and recently launched a series of new products. According to Jindawei, the company's NMN products have been far ahead of similar products in a short period of time since they were listed in China through cross-border e-commerce. According to the ranking of Business staff Market (2020.11.1-2020.12.31), Jindawei NMN ranks first in overseas sales of Tmall International Beauty. Recently, the company has launched three new products of the NMN series, namely, the youth version of NMN3000, the light and luxury version of NMN6000 and the premium version of NMN12000,3.26 at the lowest daily price of 389,
549, 899, and the company's first NMN product is the enhanced version of NMN9600, the price is 1299. So far, the company's NMN series has a total of 4 products, which belong to different prices, giving consumers more choice, which is conducive to better open the market.
Investment suggestion: Jindawei is one of the major global vitamin A suppliers, coenzyme Q10 market share is expected to be more than 60%, health products have the whole industry chain, the strategy is optimistic about the development of NMN, the company will continue the dual main business model of "manufacturing + brand operation" in the future. It is estimated that from 2020 to 2022, the EPS of the company will be 1.65,2.07,2.60 yuan, and the corresponding PE will be 23.4,18.5,14.8 times respectively, maintaining a "highly recommended" rating.
Risk hints: market expansion is less than expected, downstream demand is lower than expected, product prices fall sharply, raw material prices fluctuate sharply, the risk of environmental protection, the risk of production safety, and the impact of domestic industry regulatory policies on the company's operation. NMN products account for a very low proportion of the company's sales and do not have a significant impact on the company's current performance. The effectiveness of the company's NMN products has not been evaluated by FDA and is not used to diagnose, treat, cure or prevent any disease.