\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
High performance growth and sustained high growth of core products
The company released the annual report of 2021, and the company's performance continued to grow at a high speed, slightly exceeding market expectations. In 2021, the company achieved an operating revenue of 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the parent company was 958 million yuan, a year-on-year increase of 117.81%; The net profit deducted from non parent company was 914 million yuan, with a year-on-year increase of 115.55%.
The rapid growth of the company's performance in 2021 is mainly due to the rapid growth of solution injection products (mainly hi body). This kind of products achieved a revenue of 1.046 billion yuan in 2021 (accounting for about 72% of revenue), with a year-on-year increase of 133.84%.
The continuous and large-scale growth of core products such as hi Ti promotes the high growth of the company's performance. With the stricter supervision of the medical beauty industry, the medical beauty product providers of the head will get more market opportunities. As the compliant products with class III medical devices, the company's core products such as hi ti will benefit from the development of medical beauty compliance, It is expected to expand market share in the regulatory development of the medical and beauty industry.
Product pipelines are increasingly abundant, laying the foundation for sustained and high growth of subsequent performance
At present, the company has 7 class III medical device compliant medical beauty products approved by the State Food and drug administration, including hi Ti, Rubai Angel (Tong Yan needle), bonida, etc. it is the company with the largest number of class III medical devices certified by the State Food and Drug Administration for non-surgical medical beauty in China. At the same time, through internal R & D and external cooperation, the company continues to develop innovative products. The company also has heavy products under research such as Botox and liraglutide weight loss pen, which have laid the foundation for the company's high revenue growth in the next 3-5 years.
Investment advice
Considering the rapid development of the medical and beauty industry and the rapid growth of the company's core products, we raised the company's profit forecast for 20222023 and added the profit forecast for 2024. In 20222023, the operating revenue increased from RMB 1.974/2.827 billion to RMB 2.265/3.174 billion, and the net profit attributable to the parent company increased from RMB 1.282/1.689 billion to RMB 1.418/1.992 billion. The profit forecast for 2024 is added. It is estimated that the operating revenue in 2024 will be RMB 4.224 billion, the net profit attributable to the parent company will be RMB 2.539 billion, and the EPS in 20222024 will be RMB 6.55/9.21/11.73, corresponding to the closing price of RMB 469.50/share on March 7, 2022, and the PE will be 72 / 51 / 40 times respectively, Maintain the "buy" rating.
Risk tips
Policy risks in the medical and beauty industry, the risk of product promotion and sales falling short of expectations, and the risk of product R & D progress falling short of expectations.
