$Fuerjia (SZ301371)$ The annual report and the first quarterly report are finally out, and the overall performance looks to be in line with expectations, and CICC has also issued an outperform rating. In fact, according to my previous speculation, some of the contents of this financial report exceeded expectations, but the focus is not necessarily visible in the numbers.
1. In 2023, the revenue will be 1.934 billion yuan, a year-on-year increase of 9.29%, including 1.083 billion for cosmetics and 850 million for medical devices. The net profit attributable to the parent company is 749 million, the cash flow is OK, and there are many cash assets. Two news: First, there is nothing wrong with the fundamentals, even if the market really wants to fight a tough battle, it has confidence, and it is not afraid of thunderstorms, and stability is the most important thing for investment. Second, the performance of the two businesses is very good, indicating that the playing style is stable, and the follow-up is how to change the growth.
2. Look at the product, there are five large single products of more than 100 million, white film and black film are ballast stones, adding up to 800 million up, so good that I didn't say anything, and the remaining three acne cleansing and skin repair patches, centella asiatica soothing repair patches, niacinamide whitening and spot repair masks, the demand is quite drooping, and the efficacy of skin care is more in line with the mentality of young ladies, cosmetics are now increasing by almost 200 million a year, see how to operate next, is there a chance to make it more explosive.
3. The repurchase rate of the brokerage analysis is good, indicating that the product recognition is still first-class, and the marginal effect should be strong when expanding the category. Duan Yongping said that differentiation is not the difference in product appearance or other directions, but just enough to achieve the needs of many users but the lack of high-quality supply in the market.
4. The business balance is okay, one is the gross profit margin, the cosmetics competition is greater than the year, but the gross profit margin of both sectors is more than 80%, and if it can be maintained, there is a bottom for profit and profit. On another channel, the company's key line rose by 7 percentage points, in line with expectations.
5. Online is pulled by marketing expenses, increasing by three percent, and now the cost of this channel and traffic is quite normal, so the net profit is actually a little down, but the magnitude is not large, and Bethany next door is directly reduced by almost three percent, which can be seen to be a bit of a volume. The whole is neutral, marketing is the position, you don't occupy the opponent, anyway, it also drives revenue, the industry is normal. Moreover, looking at the data of the Bureau of Statistics, the market was actually under pressure last year, and the reverse layout marketing coupled with its own brand characteristics should have a better effect than when the wind was down.
6. When it comes to R&D in cost, R&D doubled more than twice last year, but I think the most important thing in this point is not the number. Last year, Fuerjia engaged in a marketing and R&D company in Shanghai, which can be regarded as standing on a piece of land with the "Jing'an Women's Prison", and it is more convenient to recruit people, find a team, and find a school to cooperate, and it is basically fully integrated with the front line.
7. Another point is that the factory, and the logic of settling in Shanghai is almost the same, the production capacity is in their own hands, and the marginal cost will go down, according to the current trend of cosmetics, the production capacity will be used anyway, no loss.
8. There is a netizen's statement that it is very good that now domestic cosmetics companies are actually fighting with international brands, and the layout of some brands belongs to the frontal battlefield, and the scene is lively and beautiful, while Fuerjia is fighting in the cave, accumulating strength, long-term preparation, how to judge whether to win or lose, in fact, history has the answer.
9. It's far away, dividends are 10 to 10, the return is in line with expectations, and it is more important to do business. By the way, a quarterly report was issued, and the performance of Erjia has always been a bright card, and according to experience, it can almost be launched in the future, and CICC estimates that the revenue has risen by almost 300 million, and we are now calculating it ourselves.
10. In summary, after all, he was born in medicine, and his standards and awareness are stronger than those in the same industry, and he can spend his efforts to make channels, and do a good job in Douyin and Xiaohongshu, which can actually be regarded as an enlightenment. After the listing, it fell more, the institution speculated too much, and the stock price has basically bottomed out and stabilized recently, and there is no value return without wrongdoing, and the price-earnings ratio is now low in the industry, and it is a consumer goods company with a clear opportunity.
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