In 2021, a variety of "Mao" speculation is popular, Aimeike is known as "women's Moutai", highly sought after by the capital market, the stock price broke through the 1000 yuan mark, forming the first high-priced A-share camp with Guizhou Moutai and Stone Technology, with a maximum of 1330 yuan / share (no reinstatement). However, the problem of excessive valuation eventually receded with the hype of various Mao, all kinds of Mao became a chicken feather, "women's Maotai" was not spared, and the stock price was quietly cut.
Now that Aimeike has completed the disclosure of the 2021 annual report, it is equivalent to giving investors another opportunity to evaluate its valuation. In 2021 during the reporting period, benefiting from the growing demand of consumers for anti-aging and skin rejuvenation in recent years, Aimeike achieved operating income of 1.448 billion yuan, an increase of 104.13% year-on-year, of which the core products, the operating income of solution injection products was 1.046 billion yuan, an increase of 133.84% year-on-year, and the operating income of gel injection products was 385 million yuan, an increase of 52.80% year-on-year. The net profit attributable to the shareholders of the listed company was 958 million yuan, an increase of 117.81% year-on-year, and the net profit after deducting non-recurring profit and loss items was 914 million yuan, an increase of 115.55% year-on-year.
In terms of gross profit margin, Aimeike is still envious of many listed companies, worthy of the "Moutai among women", in 2021, the value of the column directory is as high as 93.70%, an increase of 1.89 percentage points over the previous year, directly creating a new high since the company was listed, so the gross profit margin is indeed comparable to the huge profits of Guizhou Moutai.
Based on the basic earnings per share, Aimeike's 2021 annual report reached 4.43 yuan per share, and the company's current price-earnings ratio is about 107 times, which is about 77 times higher than the average of the beauty care industry. It can be said that although the stock price has been greatly withdrawn from the peak and the performance has doubled, based on the past speculation, today's Aimeike still does not have the advantage of valuation in the stock price.
In terms of dividend expansion, Aimec intends to distribute a cash dividend of 21 yuan (including tax) to all shareholders for every 10 shares, with a total cash dividend of 454 million yuan (including tax), accounting for 47.44% of the net profit of the current period, and the closing price of 469.50 yuan / share on the disclosure date of the annual report, with a dividend yield of less than 0.45%, is also difficult to say that it is attractive to long-term funds. During the year, the company will not use the capital reserve fund to increase the share capital, and will not send bonus shares. Compared with the company's 10-to-8 shares in the first year of listing (2020), the company's 10-to-8 shares were paid 35.0 yuan (including tax), although the performance growth of aimek's second annual report after listing was more sharp, it was more "stingy" in dividends and share expansion.
Overall, Aimeike's 2021 annual report, the overall realization of revenue and net profit are doubled year-on-year growth, from the numerical point of view, the performance is good, but with reference to the general forecast value of the previous institutional rating - it is expected that the net profit attributable to the shareholders of the listed company in 2021 will be 9-1 billion yuan, and finally the 2021 annual report of Aimek can only be said to be in line with market expectations, and the dividend expansion is disappointing.