\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company released its performance in 2021, and the profit was in line with expectations. In 2021, the company realized revenue of 1.448 billion yuan / yoy + 104.13%, net profit attributable to parent company of 958 million yuan / yoy + 117.81%, net profit attributable to parent company of 914 million yuan / yoy + 115.55% after deduction, which is in line with market expectations, and net cash flow from operating activities of 943 million yuan / yoy + 121.48%; In a single quarter, 2021q4 achieved a revenue of 425 million / yoy + 73.48%, a net profit attributable to the parent of 249 million / yoy + 66.69%, and a net profit attributable to the parent of 244 million / yoy + 69.77% after deduction.
The gross profit margin remained at a high level, and the net profit margin increased steadily. In 2021, the gross profit margin is 93.70% / + 1.89 PCTs (the proportion of high gross profit product income increases), and the net profit attributable to the parent company is 66.15% / + 4.15 PCTs (the scale effect is significant, and the expense rate during the dilution period); In a single quarter, the gross profit rate of 2021q4 is 94.07% / + 1.75pcts, the net profit rate attributable to the parent company is 58.59% / -2.39pcts, and Q4 is the bonus season. The cost of incentive mechanism for salespeople is higher than that in other seasons. The sales cost rate of single Q4 is 13.21%, lowering the net profit rate. The dilution of expenses during the period brought about by the scale effect continued to be realized: (1) the number of sales personnel increased from 160 at the end of 2020 to 236 at the end of 2021, covering about 5000 medical and American terminal institutions, and there were more than 10000 cooperative doctors in quanxuan Academy. The sales labor cost increased by 100% to 108 million, accounting for 7.46% / – 0.15pcts of revenue. The marginal epidemic situation improved in 2021, and the company organized 150 academic conferences, The proportion of conference fees in revenue increased to 0.90% / + 0.81pcts, and the overall sales expense ratio was 10.81% / + 0.81pcts. It is expected that with the listing of new products, the company will improve the number and quality of sales personnel, and hold academic conferences to promote sales growth; (2) The expansion of business scale dilutes the impact of the increase in the remuneration of managers. In 2021, the management expense rate was 4.47% / – 1.66% PCTs, of which the labor cost accounted for 2.86% / – 0.18pcts; (3) The R & D field continued to invest. The R & D team expanded to 117 / + 26, accounting for 23.1% of the total number of employees. The R & D labor cost increased by 96.8% to 51 million, accounting for 3.52% / -0.13pcts. The team expanded to match multiple reserve projects under research.
Hi body high growth performance is not bad. It is expected that Tongyan needle will be in large quantity quickly and reserve a variety of products under research. (1) The solution injection products represented by hi body achieved a revenue of 1.046 billion / yoy + 133.8% in 2021, and its revenue contribution increased to 72.25%. Hi body is the only class III medical device product in the market that has been approved by nmpa for neck lines. The market demand is high and the competition pattern is good. In the future, Imeik Technology Development Co.Ltd(300896) product strength and brand strength will continue to be realized. Panda needles are differentiated in black eye filling, and it is planned to promote the growth of hi body series by expanding the number of institutions covered. (2) After being listed in July of 21, Rubai angel has made revenue contribution. By setting up the doctor injection license authorization system, starting from the product, b-end reduces the risk + C-end improves the effect experience. It is planned to expand the sales team in 2022 to improve the breadth and depth of terminal coverage of customers. It is expected that the products will grow rapidly and in large quantities. (3) It is expected that the clinical trial of lidocaine tetracaine cream will be completed in 20222023, botulinum toxin A for injection is in phase III clinical trial, liraglutide injection is in phase I clinical trial, and the second-generation implant line, deoxycholic acid injection and other products are under research. The company continues to expand in many fields and has built and improved the product matrix to lead the development of the industry.
Investment suggestion: in the future, we will increase the allocation of sales team and academic education. It is expected that hi sports series will continue to consolidate its competitive advantage, grow in large quantities, and consolidate the leading position of medical beauty with new product reserves. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 1.51 billion / 2.1 billion / 2.8 billion, with a corresponding PE of 67x / 48x / 36x, maintaining the “buy” rating.
Risk tips: risks related to medical and American policies, risks of intensified competition of medical and American products, risks of less than expected implementation of new products, and risks of share reduction.
