\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The industry has broad prospects for development, with double barriers of qualification and brand accumulation Imeik Technology Development Co.Ltd(300896) after listing, the market pays more attention. The market has reached a consensus on the characteristics of high certainty and high growth of Yimei track and the dominant position of the company as the leader of the industry. With the stricter supervision and more companies layout the medical and American industry, the market has differentiated the growth driving force and future development prospect of Imeik Technology Development Co.Ltd(300896) in this paper. This paper mainly makes an in-depth analysis and Exploration on some controversial views in the market.
Some investors believe that Imeik Technology Development Co.Ltd(300896) the dominant position in the industry only comes from its rich reserves of certified products, while we believe that the certification ability is necessary for the upstream manufacturers in the United States and China to build product technical barriers, and the logic behind it is the foresight of product layout and the support of R & D ability.
Forward looking product layout + R & D capability support to jointly build a moat of strong certified strength: 1) qualification barriers are conducive to occupy the blank market, grasp the first mover advantage and promote brand precipitation. 2) Accurately predict the market demand, and a number of pioneering products have entered the blue ocean market Imeik Technology Development Co.Ltd(300896) have a keen insight into the gap between the supply of existing medical and American products and market demand, and invest in R & D guided by solving market pain points. 3) R & D strength supports patent technology reserves, drives product development and expands advantages.
Some investors believe that Imeik Technology Development Co.Ltd(300896) only relies on the logic of hi body's large single product and worries about its weak subsequent growth. We believe that hi body, as a star product, is the profit growth engine, but the company also has the perfect layout of other product matrices to meet the needs of consumers with different positioning. Strong single products + rich product matrix + reserves of products under research are expected to form a "multi-point flowering" pattern: 1) actively maintain the pace of promoting new products, steadily enrich the product matrix and make strategic layout in each market segment. 2) Differentiated + collaborative product pipeline layout, accelerate the launch of joint treatment, and form a differentiated product matrix. 3) There are abundant reserves of products under research, which will store energy for exploring the potential market in the future. Botulinum toxin and surface hemp paste in the pipeline are expected to amplify Imeik Technology Development Co.Ltd(300896) market advantages.
Some investors believe that the tightening of regulatory policies has questioned the certainty of the demand side, while we believe that the tightening of regulation is conducive to the development of market compliance, accelerate the clearance of non-conforming products, and benefit high-quality leading enterprises. Their products are expected to replace parallel goods and fake goods, so as to obtain a higher market share. With the advent of the era of medical beauty and strong supervision, leading enterprises usher in a golden period of development: 1) the regulatory development of the whole medical beauty industry chain, boost consumer confidence, release demand, standardize the development of the industry, and promote compliance and high-quality enterprises to become bigger and stronger. 2) Under the high pressure of supervision, the clearing of parallel market is accelerated, and the price advantage and rising product power of domestic products are expected to push forward the squeeze of parallel market share.
Some investors believe that it is difficult for recycled products to become popular in terms of overseas experience, so they question the market acceptance and future growth space of Rubai angel. However, we believe that the low acceptance of recycled products in the past is due to the early launch of children's face needle products overseas, and there is room for improvement in therapeutic effect and operability. Previously, there was no listing of compliant products in China, so the market could not be fully opened, And Imeik Technology Development Co.Ltd(300896) 's moistening angel, due to its own composition and technical advantages, breaks through the limitations and problems of the traditional children's face needle one by one, and is expected to become a new profit growth pole of the regenerative anti-aging track.
Yubai angel is heavily listed and opens the medical beauty 2.0 era of "endogenous repair + filling": 1) high end anti-aging demand promotes the development of regenerative market, and product iteration meets higher demand. Technological innovation has optimized the high-quality supply of products and greatly improved doctors' operability and consumption experience. 2) Relying on the advantages of composition + technology, yubai angel has the advantage of differentiation compared with the main competitive products in the current market. 3) By setting up a doctor injection license application system, yubai Angel builds consumer trust in the mode of "good product + good doctor" and promotes the steady and large-scale production of products.
Investment suggestion: buy - a investment rating. The company actively grasps the market trend, continues to invest heavily in R & D to improve product power, and proactively grasps the opportunity to layout the product line. New products are expected to open up new profit space under the background of stricter supervision. It is estimated that the revenue growth rate from 2022 to 2024 will be 64.4% / 52.0% / 42.6% respectively, and the net profit attributable to the parent will be 14.9/22.7/3.32 billion respectively, with the corresponding growth rate of 55.4% / 52.2% / 46.5% respectively. The growth is outstanding, and the target price will be RMB 589.39.
Risk tips: 1) macroeconomic risk, market demand is less than expected; 2) The industry competition intensifies, and the promotion of new products is less than expected; 3) The review progress of products under development is less than expected; 4) Medical safety accident risk, etc.
