\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: the company announced its performance in 2021. The operating revenue was 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the parent company was 957 million yuan, a year-on-year increase of 120.89%; The net profit deducted from non parent company was 958 million yuan, with a year-on-year increase of 117.81%.
Driven by high body and children’s beauty needle, multi product lines are growing in an all-round way. The company’s product line will achieve overall growth in 2021. Among them, the revenue of solution injection products was 1.046 billion yuan, a year-on-year increase of + 133.84%; Gel injection products achieved a revenue of 385 million yuan, up +52.80%. 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 significantly. In addition, Rubai angel, a skin filler based on polyl lactic acid, was approved by the State Food and Drug Administration for listing in June 2021, which quickly penetrated the market and contributed to the sales increment.
Profitability has been improved again, and the cost side has been well controlled. In 2021, the gross profit margin increased to 93.7%, with a year-on-year increase of + 1.89 PCT, mainly due to the continuous increase in the proportion of income of high gross profit products such as white angel and hi body panda needle. Thanks to the excellent management ability, the expense rate decreased to 18.8% in 2021, with a year-on-year increase of -4.06pct; The net interest rate increased significantly to 66.1%, with a year-on-year increase of + 5.02pct.
Mature channel construction and accelerate the development of diversified business. 1) The new product, Rubai Angel Tongyan needle, which was launched in the second half of the year, adopted the doctor injection license authorization system and made rapid penetration by virtue of its product strength and certificate advantages. By the beginning of the year, the number of trained doctors had reached 500. 2) By the end of 2021, the company has 236 sales personnel, covering more than 5000 medical and American institutions in 31 provinces and cities across the country. The channel network construction is mature, and the high-quality channel capacity drives the continuous and large-scale production of products. 3) In June 2021, it acquired 25% equity of huons and arranged botulinum toxin A, which helped the development of diversified businesses on the one hand; On the other hand, it is conducive to introducing overseas cutting-edge technologies, enabling the company’s R & D, and gradually expanding the overseas market.
Profit forecast and investment suggestion: as the leader of China’s medical beauty injection, the company will accelerate the diversified layout and globalization process, and the high-quality channel ability will drive the rapid penetration of new products. The star products hi body and renewable new products Rubai angel are expected to further increase in volume in 2022. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.354 billion yuan, 1.953 billion yuan and 2.726 billion yuan respectively, and the corresponding PE will be 76x, 52X and 38x. It will be rated as “overweight” for the first time.
Risk tip: new product promotion is not as good as prefetching; Regulatory policies exceed expectations; Market competition intensifies.
