\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Announcement of the company: Imeik Technology Development Co.Ltd(300896) 2022q1 operating revenue is 431 million yuan / + 66.07%; The net profit attributable to the parent company is 280 million yuan / + 64.03%; Operating cash flow: 240 million yuan / + 55.22%; EPS1. 29 yuan / + 63.29%.
The expansion of sales staff promoted the sales expense rate to rise slightly, and the profitability remained high. The gross profit margin / net profit margin of 22q1 sales were 94.45% / 65.03% respectively, up from + 1.95pcts / + 1.09pcts in the same period of the previous year and + 0.38pct/6.44pcts in the same period of the previous year. 22q1 sales expense rate is 12.53% / + 1.72pcts. It is speculated that it is mainly due to the increase in personnel costs caused by the company's active expansion of the sales team. The management rate is 5.10% / + 0.47pct, the R & D rate is 6.73% / - 2.15pcts month on month, and the financial rate is - 3.02% (the same period last year - 4.63%).
In the context of epidemic prevention and control or short-term impact on a small number of areas. Since Q1, the epidemic has spread across the country, and Shenzhen, Shanghai and other first tier cities have taken epidemic prevention and control measures to varying degrees, which has objectively affected the offline consumption scene. Under this background, the company's 22q1 revenue volume has increased month on month, which is excellent (21q4 operating revenue of 425 million). We speculate that the company's business in Shanghai was affected to some extent in March (according to the annual report of 21 years, East China accounted for 45% of the company's revenue), while the product promotion in other regions was relatively smooth and increased significantly. We believe that the fluctuation of the epidemic situation is still a short-term factor. With the gradual improvement of epidemic control, the demand is still after the recovery of offline consumption scenes. Therefore, the purchase rhythm of downstream institutions in a small number of epidemic areas may be delayed, but the total amount will be replenished in the future.
Throughout the year, high body + white angel is still the driving force for high sales growth. Hi body neck tattoo needle has occupied the minds of consumers in the market segment. It is expected that the huihuo bubble needle and panda needle will further increase in the terminal channels, driving the continuous growth of hi body products; At the same time, the company's sales team has expanded this year, which can better help the new products of yubai Angel radiate in the terminal channel. In terms of the whole year, we expect that hi Ti + moistening angel is expected to continue to drive the company's growth under the background of deepening the existing institutional cooperation and covering more terminal channels. Under the background of stricter supervision, the accelerated clearance of parallel and fake goods will further promote the company's competitive licensed and genuine products to seize more market share.
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 company 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 589.39 yuan.
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.
