\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Events
The company released the annual report of 2021: the revenue in 2021 was 1.448 billion yuan (+ 104.1%), the net profit attributable to the parent was 958 million yuan (+ 117.8%), and the net profit not attributable to the parent was 914 million yuan (+ 115.6%); The net cash flow from operating activities is 943 million yuan (+ 121.5%), EPS (basic) is 4.43 yuan / share (- 1.8pct), ROE (weighted) is 20.54% (- 4.8pct), and it is planned to distribute cash dividends of 21 yuan (including tax) to all shareholders for every 10 shares.
Brief comment
The annual performance was basically in line with expectations, and the profitability was further improved. In 2021, the gross profit margin is 93.7% (+ 1.5pct) and the net profit margin is 66.1% (+ 5.0pct). Under the scale effect, the company’s expense rate decreases, in which the management expense rate in 2021 is 11.5% (- 3.3pct) and the financial expense rate is – 3.6% (- 1.6pct). By the end of the 21st century, the company had covered about 5000 medical and beauty institutions, including 883 million yuan (+ 104.2%) in direct sales mode and 565 million yuan (+ 104.0%) in distribution mode. There were more than 10000 registered and certified cooperative doctors in quanxuan Academy.
21q4 revenue and performance maintained high growth. The year-on-year growth rate of revenue of 21q1 / Q2 / Q3 company was 227.5% / 129.9% / 75.1% respectively, and the revenue of 21q4 company was 425 million yuan, an increase of 73.5% at the same time; The net profit attributable to the parent company of 21q4 was 250 million yuan, an increase of 66.7% at the same time, and the growth rate was lower than 296.5% / 144.4% / 98.0% of 21q1 / Q2 / Q3, which was mainly due to the intermediary expenses incurred by Q4 company in the delivery payment of the acquisition of huons equity.
Hi body continues to increase, and moistening angel is in the period of rapid promotion. In 2021, the revenue of solution injection products with hi body as the core was 1.046 billion yuan (+ 133.8%), the sales volume increased by 119.3%, and the proportion of revenue increased to 72.2% (+ 9.2pct). Gel injection products, facial implant lines and cosmetics revenues were 385 million yuan (+52.8%) /530 million yuan (+187.7%) /1109.7 million yuan (+40.7%). Tongyan needle product “Rubai angel” was listed in July 2021 and has achieved performance increment. It mainly adopts the doctor injection license authorization system, with full follow-up growth potential.
R & D investment remains at a high level, and the reserves of medical and American research projects are sufficient. In 2021, the company’s R & D expense rate was 7.1%. The company continued to carry out differentiated R & D innovation and product upgrading. The products expand from biomedical materials to the field of biological drugs and chemicals. The products under research include botulinum toxin A for injection (phase III clinical stage), hyaluronic acid filler for the treatment of mental retraction (clinical trial stage), liraglutide injection (clinical trial stage), second-generation implant line products (preclinical stage), etc.
Profit forecast: it is estimated that the revenue from 2022 to 2024 will be RMB 2.12 billion, RMB 2.95 billion and RMB 3.98 billion, with an increase of 46.6%, 39.2% and 34.7% respectively; The net profit attributable to the parent company was 1.37 billion yuan, 1.89 billion yuan and 2.52 billion yuan, with an increase of 43.0%, 37.3% and 34.0% respectively. The corresponding PE was 74, 54 and 40 times respectively, maintaining the “buy” rating.
Risk tips: intensified industry competition, policy supervision risk of medical and beauty industry, product safety risk, and the risk that the promotion of new products is less than expected
