\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company announced its performance in 2021. In 2021, the revenue increased by 104.13% to 1.448 billion yuan, and the net profit attributable to the parent increased by 117.81% to 958 million yuan. The company continues to promote growth through an all-round and differentiated product matrix. At the same time, it continues to expand the market through direct sales and distribution mode. The company has strong competitiveness and maintains the buy rating.
Key points supporting rating
Core categories drive the company’s revenue to increase continuously. In 2021, the company achieved a 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%. In Q4, the revenue increased by 73.5% year-on-year to RMB 425 million in a single quarter, and the net profit attributable to the parent increased by 67% year-on-year to RMB 249 million. According to the category, the core category solution (mainly with hi body) and gel (including white angel) earned 10.46 and 385 million, an increase of 134% and 53% compared to the same period, accounting for 72% and 27% respectively. The revenue of cosmetics increased by 41% to 11.1 million year-on-year, and the revenue of facial catgut embedding increased by 188% to 5.3 million year-on-year. By channel, the direct sales revenue was 880 million yuan, an increase of 104% at the same time, accounting for 61%; The distribution income was 10.4 billion yuan, an increase of 5.9% over the same period.
Efficiency is improved and profitability is on the rise. In 2021, the gross profit margin is 93.7% (+ 1.5pcts), the net profit margin is 66.1% (+ 5.0pcts), and the sales / management / R & D expense ratio is 10.8% (+ 0.4pcts) / 4.5% (- 1.7pcts) / 7.1% (- 1.6pcts); In Q4, the gross profit margin is 94.1% (+ 0.7pcts), the net profit margin is 58.6% (- 1.7pcts), and the sales / management / R & D is 13.2% (+ 0.3pcts) / 5.4% (- 1.5pcts) / 9.6% (- 2.2pcts). The company increased efficiency, increased scale, diluted costs and achieved upward profitability.
The path of sustained high growth in the future is clear. In the future, we are still optimistic about the growth space of hi body. Under the stricter supervision of the medical and American market, hi body is expected to increase its market share and is expected to show a rapid growth trend in 2022; The new product, Rubai angel, is a cross-linked hyaluronic acid + PLLA ethylene glycol copolymer microsphere product, which is different from the competitive products in the market. 2021q4 has made a significant contribution, and it is expected to open a wider space in 2022. In addition, the products are rich in layout, including second generation embedding lines, modified sodium hyaluronate gel for medical polyvinyl alcohol microspheres, injection botulinum toxin type A, Liraglutide Injection and so on. With the iterative launch of products, it can continue to drive growth.
Valuation
According to the data disclosed in the annual report, the net profit attributable to the parent company from 2022 to 2024 is slightly adjusted to RMB 1.5/22/3 billion (originally predicted to be RMB 1.4932208 billion in 22-23 years respectively); PE was 67 / 47 / 35 times and maintained
Buy rating.
Main risks of rating
Product safety risk; Risk of new product R & D and listing; Policy risk; Competition increases risk.
