\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: in 2021, the company realized an operating revenue of 1.448 billion yuan, a year-on-year increase of + 104.13%, and a net profit attributable to the parent company of 958 million yuan, a year-on-year increase of + 117.81%. Among them, Q4 achieved a revenue of 425 million yuan, a year-on-year increase of + 73.48%, and a net profit attributable to the parent company of 249 million yuan, a year-on-year increase of + 66.69%.
The product matrix is increasingly rich, and the hi body continues to increase. The company’s revenue of injection and body products is expected to be RMB 13.4 billion, with a significant year-on-year increase of about 4.6% compared with that of panda and body products in 2021, of which the revenue of injection and body products is expected to be RMB 1.4 billion, accounting for about 1.4% year-on-year; Gel injection products revenue 385 million yuan, up +52.80%, new products, white angel boy’s needle began commercialization in the second half of 21 years, firmly grasp the development opportunities of regenerative medicine. The volume of facial implant line gradually increased, and the revenue increased by 187.68% year-on-year to RMB 05 million; Cosmetics are still in the cultivation and development stage, with a revenue of 11 million yuan, a year-on-year increase of + 40.73%.
During the period, the rate decreased and the gross profit and net profit increased. In 2021, the company’s gross profit margin was 93.70%, with a year-on-year increase of + 1.89 PCTs. In 2021, the company’s new product promotion and sales expenses increased significantly, and the sales expense ratio was + 0.81 PCTs to 10.81% year-on-year. Benefiting from the scale effect advantage under high revenue, the management expense ratio / R & D expense ratio was 4.47% / 7.07% respectively, with a year-on-year increase of -1.66 PCTs / – 1.65 PCTs, and the net profit margin was + 5.02 PCTs to 66.12% year-on-year. The profitability continued to improve.
Deep research, development and innovation, strict supervision and help high-quality development. The company has always carried out product R & D throughout the whole life cycle. It has the largest number of class III medical device products in China, has a clear strategic layout, acquired part of the equity of huansbio in South Korea, arranged the botulinum toxin gold track, and gradually expanded the overseas market. Since 2021, medical and American regulatory policies have been intensively introduced to accelerate the market clearing. The company has significant advantages in product, brand and channel construction, and is expected to achieve high-quality development under strict supervision.
Investment suggestion: it is estimated that the company’s EPS from 2022 to 2024 will be 6.67/9.67/13.18 yuan respectively, and the corresponding latest PE will be 71 / 49 / 36 times respectively, maintaining the “overweight” rating.
Risk warning: industry competition intensifies; The promotion of new products is less than expected; Changes in the regulatory environment of the industry.
