\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Key investment points
The company disclosed in the annual report of 2021 that the company's revenue in 2021 was 1.448 billion yuan (+ 104.13%), the net profit attributable to the parent was 958 million yuan (+ 117.81%), and the net profit not attributable to the parent was 914 million yuan (+ 115.55%). In Q4 alone, the income is 425 million yuan (+ 73.48%), the net profit attributable to the parent is 249 million yuan (+ 66.69%), and the net profit not attributable to the parent is 244 million yuan (+ 69.77%).
Revenue splitting: solution drives high growth.
In 2021, the company's injection products (representing product hi body) / gel injection products (representing the angel of Grandpa's products) earned 10.46/3.85 billion yuan respectively, with a growth rate of 134%/53%. In addition, the company's cosmetics revenue was 11 million 100 thousand yuan (+40.7%), and the facial buried value line was 5 million 300 thousand yuan (+188%).
Profit split:
Gross profit margin: structural optimization, rising steadily quarter by quarter. The gross profit margin of the company in 2021 was 93.7%, with a year-on-year increase of about 1.53pcts; It is divided into Q1 / Q2 / Q3 / Q4, and the gross profit margin is 92.50% / 93.77% / 94.02% / 94.07% respectively, showing a steady upward trend as a whole.
Net interest rate: Q4 is obviously upward in the whole year due to the fluctuation of expenses. In 2021, the profit margin attributable to the parent company was 66.15%, with a year-on-year increase of about 4pcts. Among them, Q1 / Q2 / Q3 / Q4 were split, and the profit margins were 66% / 68% / 73% / 59% respectively. The net interest rate of single Q4 decreased month on month, mainly due to Q4's centralized confirmation of employee expenses and the acquisition of huons bio. Cost side: efficiency has been improved. In 2021, the sales expense ratio was 10.81% (+ 0.44pcts), the management expense ratio was 11.54% (- 3.31pcts), and the R & D expense ratio was 7.07% (- 1.64pcts). During the reporting period, the company's management efficiency improved significantly, and the sales and R & D investment remained relatively stable.
Business highlights:
1. Products: Star products promote high growth, enrich the layout of products under research and lay a driving force for sustainable growth. ① The continuous volume of star single product hi body (including panda needle) doubled the growth of solution injection products with hi body as the core. In terms of gel products, the company was approved by H2 on the market. It is the first domestic product and the world's first skin filling agent containing L-lactic acid glycol copolymer microspheres. Since its listing, it has been rapidly penetrated across the country and between different types of organizations. ③ During the reporting period, the company has 7 types of class III medical device products, with the largest number in the same industry in China. In addition, the company's products under development also include Botox, second-generation implant line, liraglutide, lidocaine tetracaine cream, hyaluronidase, etc.
2. Channel: direct sales account for 61%, 236 sales cover about 5000 medical and beauty institutions. The company's marketing system has been continuously optimized. As of the end of the reporting period, the company has 236 sales and marketing personnel, covering about 5000 medical and beauty institutions in China. There are more than 10000 registered and certified cooperative doctors in quanxuan Academy. The company organized 150 offline academic conferences at all levels throughout the year.
3. R & D: the R & D system has been strengthened, and the projects under research have made remarkable progress. In 2021, the R & D investment of the company accounted for 7.07% of the operating revenue, and the R & D personnel accounted for 23.08% of the total number of the company. The company has accumulated 45 patents, including 25 invention patents. During the reporting period, Rubai angel was approved for listing, and lidocaine tetracaine cream obtained clinical approval.
3. International layout: H-share + acquisition of South Korean huons equity has taken a new step in internationalization. During the reporting period, the company launched the issue of H shares, moving towards the international capital market with a global goal; During the reporting period, the company invested in huansbio, South Korea to develop meat drugs, and will pay close attention to overseas high-quality medical and American assets in the future.
Investment suggestion: buy rating
As the leader of scarce injections, the company maintains a high growth of star products hi body, and the new products are expected to be in large quantities. Hi body - Panda needle - Tongyan - meat poison - slimming build a growth curve one after another. The logic of future growth and profit is clear, and the barriers are strengthened under strong supervision. We predict that the performance in 20222024 will be RMB 1.5372297/3.252 billion, corresponding to pe66 / 44 / 31 times in 20222024, and give a "buy" rating.
Risk tip: the market space is less than expected, the product approval results and progress are less than expected, and the industry competition is intensified
