\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company issued an annual report, with annual revenue of 1.45 billion yuan (+ 104%) and net profit attributable to the parent company of 960 million yuan (+ 118%)
The company released its annual report for 2021: in 2021, the company achieved a revenue of 1.448 billion yuan (+ 104.13%), a net profit attributable to the parent company of 958 million yuan (+ 117.81%), and its performance continued to grow rapidly. We believe that the company’s product competitiveness and brand influence continue to improve, and its core competitiveness is outstanding. We maintain 20222023 and add the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 1.547/2.196/2.882 billion, corresponding to EPS of RMB 7.15/10.15/13.32, and the current share price corresponding to PE of 65.6/46.3/35.2 times, maintaining the “buy” rating.
The solution products represented by hi Ti increased by + 133.84% year-on-year, and the profitability continued to increase
The company’s revenue in 2021q4 was 425 million yuan, which continued to increase month on month compared with 2021q3. In the first four quarters, the company’s revenue side was + 227.5% / + 129.9% / + 75.1% / + 73.5% year on year respectively; On the profit side, the company realized a net profit attributable to the parent company of 249 million yuan in 2021q4, and the net profit attributable to the parent company in the first four quarters was + 296.5% / + 144.4% / + 98.0% / + 66.7% year-on-year respectively. On the product side, in 2021, the company’s solution injection products achieved a revenue of 1.046 billion yuan (mainly hi Ti, with a year-on-year increase of + 133.84%), and we expect the proportion of panda needles to continue to increase; The gel products achieved a revenue of 385 million yuan (up to +52.8%). We expect the growth rate of the company to increase year by year, and the contribution of the white angel has increased. The facial implant line and cosmetics increased by 187.68% and 40.73% compared with the same period. In terms of profitability, the gross profit margin of the company in 2021 was 93.7% (compared with 2020 + 1.9pct), and the first four quarters were 92.5%/93.8%/94.0%/94.1% respectively, and the company continued to improve. On the expense side, the expense rate of the company during 2021 was 18.8% (year-on-year – 4.1pct), which was significantly optimized. In addition, the company increased R & D investment, and the annual R & D expense was 102 million yuan (year-on-year + 65.5%, R & D expense rate was 7.1%).
The company is a leader in the medical and beauty industry. It continues to invest in R & D, strengthen its core competitiveness and continuously strengthen its sales channels
The company is the leader of domestic medical beauty, with rich product matrix and continuous enhancement of brand influence. R & D side: the company has continued to invest in R & D. by the end of 2021, the company has 45 patents, including 25 invention patents. Rich projects under research such as the second generation implant line and botulinum toxin are expected to contribute increment in the future. Sales side: the company has 236 sales and marketing personnel, covering 31 provinces, cities and autonomous regions in China and about 5000 medical and beauty institutions. Product side: star product hi body is expected to continue high growth in 2022; With the market promotion of renewable products, Rubai angel will further increase its volume in 2022, and in the long run, the market space is broad and sustainable high growth can be expected.
Risk tip: the epidemic repeatedly affects the terminal demand, the market competition intensifies, and the promotion of the company’s new products is less than expected
