\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event:
Imeik Technology Development Co.Ltd(300896) released the annual report of 2021: the company achieved an operating revenue of 1.448 billion yuan in 2021, with a year-on-year increase of 104.1%; The net profit attributable to the parent company was 958 million yuan, a year-on-year increase of 117.8%; The net profit deducted from non parent company was 914 million yuan, with a year-on-year increase of 115.5%. The revenue met the expectation and the profit slightly exceeded the expectation.
Key investment points:
High performance growth driven by sustained and strong growth of hi body. In terms of products, 1) the volume and price of solution injection products increased at the same time, realizing a revenue of 1.046 billion yuan, a year-on-year increase of 133.8%, mainly due to the gradual large-scale volume of panda needles with high pricing, and the overall revenue share of solution products increased from 63.1% in 2020 to 72.3%; 2) gel injection products (bonida, Ai Fu Lai, Yi Mei Jia Yi, Ai Mei Fei, Shen Bai angel) achieved a revenue of 385 million yuan, up 52.8% over the same period last year, mainly benefiting from the rapid growth of bonida and the contribution of white angel to the market.
The gross profit margin and rate were optimized, and the net profit margin was slightly higher than expected. 1) Gross profit margin: the company's product gross profit structure optimization + scale effect appeared, and the annual gross profit margin increased by 1.9pcts to 93.7% year-on-year; 2) Expense side: the sales expense ratio increased slightly by 0.8pcts year-on-year, mainly due to the increase of sales staff salary and new product marketing and promotion expenses; Under the scale effect, the management efficiency was improved, and the management expense rate decreased by 1.6pcts year-on-year; 3) Profit side: the net profit margin attributable to the parent company was 66.2%, with a year-on-year increase of 4.2pcts, and the profitability was significantly improved.
Yubai Angel accelerates the penetration, is developing heavy new products, and the long-term fundamentals are still good. Yubai angel has been commercially listed in the second half of 2021. The company adopts the doctor injection license authorization system (combining the doctor training and authorization system), and uses its efficient and stable channels and perfect learning platform system to help yubai Angel quickly penetrate across the country and between different types of institutions. Hutox botulinum toxin cooperated by the company is currently in phase III clinical trial and is expected to be approved in 2024; The phase I clinical trial of liraglutide has been completed; In addition, deoxycholic acid injection, lidocaine tetracaine cream and hyaluronidase are expected to enter the clinical trial stage from 2022 to 2023.
Profit forecast and investment rating. As the A-share pure medical American Standard, the company has significant first mover advantages, the differentiated positioning of "Hi body" products, the heavy new product "yubai angel" has been commercially listed, the pipeline of products under research is rich, and it has the logic of benefiting from the dividend of the industry and the increase of market share. Its performance is expected to maintain high growth. It is estimated that the revenue in 2022, 2023 and 2024 will be RMB 2312, 3.238 and 4.331 billion, with a year-on-year growth rate of 59.7% / 40.1% / 33.8%, and the net profit attributable to the parent company will be RMB 1466, 2.065 and 2.758 billion, with a year-on-year growth rate of 53.1% / 40.8% / 33.6%. The corresponding dynamic PE: 69 / 49 / 37x, which is rated as "overweight".
Risk warning: regulatory policy changes beyond expectations; The epidemic situation worsened further, impacting terminal consumption; Medical risk accidents; Medical resources, medical technology, consumption habits and other uncertainties; New product promotion is less than expected risk.
