\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company released its annual report for 2021, and achieved a revenue of 1.448 billion yuan in 2021, yoy + 104.13%; Net profit attributable to parent company: 958 million yuan, yoy + 117.81%; The net profit attributable to the parent company after deducting non profits was 914 million yuan, yoy + 115.55%. Among them, the operating revenue of 2021q4 is 425 million yuan, yoy + 73.48%; The net profit attributable to the parent company was 249 million yuan, yoy + 66.69%; The net profit attributable to the parent company after deducting non profits was 244 million yuan, yoy + 69.77%. The non recurring profit and loss of the company in 21 years was 433775 million yuan, and that in 21q4 was 4.5423 million yuan by quarter. Except that the profit and loss of Q3 due to changes in fair value of investment enterprises was about 24 million yuan, other quarters were within a stable range.
Revenue side: quarter by quarter, the year-on-year growth rate of revenue from 2021q1 to 2021q4 was + 227.52% / + 129.92% / + 75.09% / + 73.48%, maintaining rapid growth. By category, the revenue of solution injection products (mainly hi body) in 2021 was 1.046 billion yuan, accounting for 72.3% of the overall revenue, with a year-on-year increase of 9.2pct; Gel injection products revenue 385 million yuan, accounting for 26.6% of the total revenue; The revenue of facial implant line and cosmetics was 05 million yuan and 11 million yuan respectively, with a year-on-year increase of 188% and 40.7% respectively, accounting for 0.4% and 0.8% respectively.
Profit side: in 2021, the net interest rate attributable to the parent company was 66.15%, with a year-on-year increase of 4.15pct; The net interest rate attributable to the parent company after deducting non profits was 63.16%, with a year-on-year increase of 3.35pct. Quarterly, the net profit attributable to the parent company in 2021q1-q4 was RMB 171 / 255 / 283 / 249 million respectively, with a year-on-year increase of + 296.5% / + 144.38% / + 98.01% / + 66.69% respectively, maintaining a rapid growth, and the net profit attributable to the parent company was 65.84% / 68.09% / 72.74% / 58.59% respectively, with a year-on-year decrease of 2.39 PCT in 2021q4. In 2021, the net interest rate attributable to the parent company after deduction was 63.16%, with a year-on-year increase of 3.35pct, of which the net interest rate attributable to the parent company after deduction in 2021q4 was 57.52%, with a year-on-year decrease of 1.26pct.
Look to the future:
In the short term, the driving force in 2022 mainly comes from: 1) the demand of hyaluronic acid subdivision track is stable with the product characteristics, and it is expected that the neck lines of hi body series will grow steadily and the panda needle will be in high volume; 2) 2022 is expected to be the first year of regeneration. The 21-year doctor authorization system of yubai angel is expected to lay a market foundation. The terminal feedback is excellent. The performance of 21q4 in 22 years is expected to exceed expectations.
Long term, high growth: all research and development stages have product reserves. Injections of botulinum toxin type A, Liraglutide Injection, lidocaine tetracaine cream and modified sodium hyaluronate gel are all in clinical stage. Other products include injection hyaluronidase, second generation facial implant line and deoxycholic acid injection. With consumer demand insight throughout the product design cycle and technological innovation as the guide, constantly expand the product and category matrix.
Investment suggestion: the company’s business has gradually expanded from the core business of hyaluronic acid to long-term regeneration, botulinum toxin, weight management, etc. the product matrix has been continuously improved, the category margin has been continuously extended, and there are product reserves in all R & D stages. We believe that Imeik Technology Development Co.Ltd(300896) rapid growth can be maintained for 2-3 years or even longer, It is expected to become a large leading company in China’s medical and American market in the future.
Profit forecast: in 2022, the company’s products will have strong driving force. Hi Ti series is expected to grow steadily and Yu Bai angel is expected to increase in volume. Therefore, the net profit forecast for the previous 22 / 23 years is raised from RMB 1.43/1.91 billion to RMB 1.45/20.8/2.88 billion, which corresponds to pe70 / 49 / 35x and maintains the “buy in” rating.
Risk warning: product R & D registration is not as expected; Intensified market competition; Product quality and safety issues
