\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Events
On March 7, the company released its annual report for 2021, which realized a revenue of 1.448 billion yuan (+ 104%), a net profit attributable to the parent company of 958 million yuan (+ 118%), and a net profit not attributable to the parent company of 914 million yuan (+ 116%).
In a single quarter, 2021q4 achieved a revenue of 425 million yuan (+ 73%), a net profit attributable to the parent company of 249 million yuan (+ 67%), and a net profit not attributable to the parent company of 244 million yuan (+ 70%).
Comments
Strict supervision, favorable compliance, leading enterprises, hi body and other star products maintained high growth. With the gradual tightening of supervision on the medical and beauty industry in recent years, the company, as an upstream leading enterprise, has shown strong advantages based on the product power and channel ability of its compliant products. The company's product line has achieved overall growth. Among them, the operating revenue of solution injection products was 1.046 billion yuan (+ 133.84%); Gelatin injection products achieved operating income of 385 million yuan (+52.80%); The operating income of facial implant line products was 5.3 million yuan (+ 187.68%); Cosmetics products achieved an operating revenue of 11 million yuan (+ 40.73%).
With the rapid and large-scale production of moistening Angel needle, the rich product matrix is expected to bring sustained growth vitality. Following the approval of "moistening the white angel" of Tongyan needle in June 2021, the company quickly went on the market in July to seize the market of collagen regeneration and filling products. Through the establishment of the doctor injection license application system, the company realizes the strong combination of the product power of yubai Angel needle and high-quality doctor resources. The efficient and stable channel construction and perfect learning platform system bring first mover advantages to the promotion of new products and help yubai angel to quickly penetrate across the country and between different types of institutions, We are optimistic that the products will continue to increase rapidly in 2022.
"Marketing + R & D" work together, and the brand influence is increasing. On the one hand, the company strengthened the construction of the Chinese market. By the end of 2021, the company had 236 sales and marketing personnel, covering 31 provinces, cities and autonomous regions in China and about 5000 medical and beauty institutions in China. On the other hand, the company continues to integrate and optimize the R & D mechanism. The R & D personnel of the company account for 23.08% of the total number of the company. The company has accumulated 45 patents, including 25 invention patents. With the continuous integration and reinforcement of the R & D system and the optimization and upgrading of the marketing system, the comprehensive influence of the company's brand will be further improved.
Profit adjustment and investment suggestions
We are optimistic that the company's core products hi body and new products moisten white angel will continue to increase in volume, raising 22-23 profit expectations by 4% and 11%; It is estimated that the net profit attributable to the parent company will be 1.43 billion yuan, 1.96 billion yuan and 2.55 billion yuan in 22-24 years, with a year-on-year increase of 49%, 37% and 30%. Maintain the "overweight" rating.
Risk tips
Product R & D progress is less than expected; Risk of net interest rate decline due to intensified market competition of hyaluronic acid products; Market promotion is less than expected risk, etc.
