\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Key investment points
Event: the company released its annual report for 2021, and achieved an annual operating revenue of 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the parent company was 958 million yuan, a year-on-year increase of 117.81%; The net profit deducted from non parent company was 914 million yuan, with a year-on-year increase of 115.55%. The performance slightly exceeded our expectations.
Hi body series products continued to grow at a high rate, and the company's product line achieved overall growth in 2021: 1) the revenue of solution injection products (HI body and Yimei) was 1.046 billion yuan, a year-on-year increase of 133.84%, accounting for 72% of the revenue; With the rich categories of hi body series products, the improvement of neck tattoo treatment penetration, brand strengthening and re purchase, we believe that hi body series products are expected to continue to grow at a high rate. 2) gel injection products (Ru Bai, Bao Ni Da, Yi Mei 1 plus 1, Ai Fu Lai and Ai Mei Fei) realized income of 385 million yuan, an increase of 52.80% over the same period, accounting for 27% of revenue.
3) the income of facial implant line was 5.3 million yuan, with a year-on-year increase of 188%, accounting for 0.4% of the revenue; 4) Cosmetics revenue was 11.1 million yuan, a year-on-year increase of 41%, accounting for 0.8% of revenue. Due to the significant growth in the demand for anti-aging and skin rejuvenation, the growth of solution injection products with hi body as the core is greater, and we believe that the sustainability of this trend will be conducive to the extension of the life cycle of hi body products and continue to contribute to the growth of performance. Rubai angel was approved to be listed in June 2021. In the early stage of product listing, it still needs the preliminary work such as doctor training and authorization. It is in the stage of steady promotion in the second half of 2021. We believe that it is expected to accelerate the large-scale growth in 2022.
The profitability remained high, and the abundant product lines under research helped the company's long-term steady growth: the company's sales and production scale continued to expand rapidly, and the scale effect further appeared. In 2021, the management expense rate of 4.47% (- 1.66pp) and the R & D expense rate of 7.07% (- 1.65pp) continued to decrease, the sales expense rate of 10.81% (+ 0.81pp) increased slightly, and the company's gross profit margin The net profit margin of sales was 93.70% and 66.12% respectively, and the level of profit margin increased again. Considering that the marketing activities in 2021 will be reduced due to the epidemic situation and the promotion activities of moistening angels may be increased in 2022, we estimate that the sales expenses will be further increased in 2022; Due to the promotion of R & D of a number of products under research, we expect the R & D expenses to increase accordingly; But overall, the company's profitability is still expected to remain high. The company's cooperation with South Korea HuonsBio botulinum toxin type A, new adaptation hyaluronic acid gel, Liraglutide Injection, the second generation of facial implant lines, hyaluronidase, deoxycholic acid drugs (dissolving needle) and other products in the smooth progress, the rich product line will continue to strengthen the company's leading position in the United States, and the future is expected to promote sustained high growth in company performance.
Profit forecast and investment rating: considering the continuous high growth of hi body and the large amount of white angel, we maintain the estimated net profit attributable to the parent company of 1.5362223 billion yuan from 2022 to 2023, and the estimated net profit attributable to the parent company of 3.030 billion yuan in 2024, which corresponds to the current market value, and the PE of 20222024 is 66x / 46x / 34x respectively. Maintain the "buy" rating.
Risk warning: the market promotion of new products may not be as expected; R & D progress may be less than expected.
