\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Key investment points
Event: in 2021, the company achieved an annual operating revenue of 1447872 million yuan, a year-on-year increase of 104.13%; The total profit was 11.23 million yuan, a year-on-year increase of 18.83 million yuan; The net profit was 957333300 yuan, a year-on-year increase of 120.89%; The net profit attributable to the parent company was 957798500 yuan, a year-on-year increase of 117.81%.
Comments:
The performance of the company doubled in 2021, which is in line with the previous forecast. On a quarterly basis, in Q4 of 2021, the company's total operating revenue reached 425 million yuan, a new high in quarterly revenue, with a year-on-year growth rate of 73.48%, basically the same as Q3; The net profit attributable to the parent company was 249 million yuan, a year-on-year increase of 66.69%. In terms of products, the revenue of solution injection products was 1046142900 yuan, an increase of 133.84% over the same period of last year; Gel injection products achieved a revenue of 385 million 332 thousand and 300 yuan, an increase of 52.80% over the same period last year. Benefiting from the growing demand of consumers for anti-aging and skin rejuvenation in recent years, solution injection products with hi body as the core have increased more.
Industry dividend + product advantage + policy supervision, and multiple factors drive the company's performance growth. (1) With the social development, economic growth and the maturity of medical technology, the consumption ability and willingness of residents have improved, the acceptance and recognition of medical beauty have increased, and the medical beauty industry with both consumption and medical attributes has developed rapidly. (2) The company's differentiated layout products, with a variety of hyaluronic acid, embedding line and other products to meet the needs of different consumers. In 2021, the company launched the "white angel" children's face needle. Among them, as the only class III medical device approved by nmpa for targeted treatment of neck wrinkles in China, hi body maintained its exclusive advantage in 2021, and the hot sales led to the rapid growth of the company's performance. In addition, the company's "white angel" children's face needle is rich in hyaluronic acid, which has the advantages of immediate filling and no need of re dissolution, and is far superior to the children's face needle products on the market in technology; Under the doctor's injection license authorization system and perfect marketing network, "moistening angel" has penetrated rapidly throughout the country. (3) In 2021, the state issued the work plan for special rectification against illegal medical and beauty services, the law enforcement guide for medical and beauty advertising and other relevant documents to strengthen supervision. In the long run, cracking down on black medical beauty will help standardize the operation of medical beauty institutions, and the providers of head medical beauty products will get more market opportunities, and the market share is expected to be further improved.
The company has integrated and strengthened its R & D system and made substantial progress in research projects. In 2021, the company continued to ensure the investment in R & D and innovation. In 2021, the company's R & D investment accounted for 7.07% of the operating revenue, and the amount of R & D investment increased by 65.54% year-on-year. In addition to Tongyan needle, botulinum toxin A for removing dynamic wrinkles has entered clinical phase III, liraglutide injection for chronic weight management has completed clinical phase I, and lidocaine tetracaine cream for local anesthesia of intact skin before adult superficial skin surgery has obtained clinical approval. In addition, the company's products include modified sodium hyaluronate gel for treating mental retraction, polyvinyl alcohol gel microspheres, second generation facial implant lines for soft tissue advancement, and hyaluronidase for hypodermic injection of hyaluronic acid.
Investment suggestion: the company focuses on medical and beauty products, is the leader of hyaluronic acid injection in China, and enjoys the dividend of medical and beauty industry. The company's medical beauty product pipeline is gradually enriched and improved, and the new Tongyan needle has significant innovation advantages, which is expected to become a new generation of star products; In the future, it will enter the weight management market with high growth. We expect the company's earnings per share in 2022 / 2023 to be 6.68 yuan / 9.66 yuan respectively, and the current share price corresponding to PE is 70 times / 49 times respectively, maintaining the "recommended" rating of the company.
Risk warning: epidemic risk; Market competition intensifies risks; New product development and registration risks; The market acceptance of new products is lower than expected; Risk of renewal of business qualification, etc.
