\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company disclosed that in the first quarter report of 2022, the revenue was 430 million yuan, yoy + 66%; The net profit attributable to the parent company is 280 million yuan, yoy + 64%; Deduct 270 million yuan of non parent net profit, yoy + 64%, and the overall performance is in line with expectations.
Revenue side: strong and high growth of core pipeline
By product, we expect:
Q1 solution (mainly hi body + panda needle) is expected to earn 300 million +, accounting for about 70%, with a growth rate of 60% +: among them, panda needle is expected to earn 100 million +, with a growth rate of about 130%, and the proportion of income in hi body is expected to increase to 35%;
The estimated revenue of Q1 gel is RMB 100million-130million, accounting for 25% of the total revenue, with a growth rate of 50% plus. Among them, the shipment volume of Rubai Angel Q1 is estimated to be 20000 pieces (no year-on-year comparison. It was listed in Q3 last year), and the revenue is expected to account for 10% of the total revenue; In addition, Bonita Q1 is expected to increase by 50% +. Quarter by quarter: the revenue of 21q4 / 22q1 increased by 73.5% / 66% respectively, and the strong growth was little affected by Q1 epidemic..
Profit side: gross to net profit ratio increased month on month
Product structure / scale effect drives profitability. Q1 gross profit margin is 94.45% (same as + 1.95pct, ring + 0.4pct), which is the highest gross profit margin in recent quarters, and the net profit margin is 65.03% (same as + 1.1pct, ring + 6pct); Q1 sales expense is 12.5% (the same as + 1.8pct, ring-0.7pct), management expense rate is 5.1% (+ 0.5pct, ring-0.3pct), R & D expense rate is 6.7% (the same as -2.1pct, ring-2.8pct), and the overall expense control is strict as before.
Investment suggestion: buy rating
As the leader of scarce injections, the company has maintained a high growth of star products hi body, and the new products moisten the white angel. Hi body - Panda needle - Tongyan - meat poison - slimming build a growth curve one after another. The logic of future growth and profit is clear. Shuiguang needle is upgraded to three types of equipment, which is beneficial to the company's huihuo bubble needle, and the barriers are strengthened under strong supervision. At the same time, we predict that the performance from 2022 to 2024 will be RMB 1.5372297/3.252 billion, yoy60% / 49% / 42%, corresponding to pe69 / 46 / 32 times from 2022 to 2024, giving a "buy" rating.
Risk tip: the market space is less than expected, the product approval results and progress are less than expected, and the industry competition is intensified
