\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: the company realized a revenue of 431 million yuan in 2022 Q1, with a same increase of 66.07%, a net profit attributable to the parent company of 280 million yuan, with a same increase of 64.03%, a deduction of non net profit of 266 million yuan, with a same increase of 63.52%, and EPS of 129 yuan. Driven by the sales of injection products with hi body as the core, the company's performance growth exceeded expectations.
Comments:
Hi body + moistening Angel build the core driving force of performance growth. Benefiting from the growing demand of consumers for anti-aging and skin rejuvenation, the company's solution injection products with hi body as the core maintain a high growth trend. In terms of gel business, the company's gel products represented by yubai angel have been continuously improved in terms of security. With the addition of the company's efficient and stable channel construction and perfect learning platform system, it has accelerated the penetration of yubai Angel among various types of institutions across the country and has broad growth prospects.
Brand influence brings high gross profit and profitability remains high. In 2022q1, the gross profit margin of the company increased by 1.95pct to 94.45%, mainly due to the wide recognition of the safety and effectiveness of the company's products, the enhancement of brand influence and the improvement of profitability. In terms of expense rate, the sales expense rate in 2022q1 increased by 1.84pct to 12.52%, mainly due to the increase in the salary of sales personnel and the increase in expenses related to sales promotion; In 2022q1, the management expense rate increased by 0.55pct to 5.08%. Benefiting from the scale effect, the R & D expense rate of the company decreased by 2.26pct to 6.75% at the same time; The financial expense ratio narrowed by 1.68 PCT to - 2.95% compared with the same period last year. Overall, the net profit margin attributable to the parent company remained basically stable, with a decrease of 0.81pct to 65.03%.
The projects under research are progressing smoothly, the marketing network is becoming more and more perfect, and the growth certainty is strong. In terms of R & D, the company continued to maintain high R & D investment in 2022, and the amount invested in Q1 increased by 24.40% year-on-year. The core new product "moistening angel" continued to accelerate market penetration in the first year after it was approved. In addition, the company is committed to the expansion of product line. Many products under research, such as botulinum toxin A, hyaluronidase and fat dissolving needle, are progressing smoothly, which is worth looking forward to. In terms of channels, the company's differentiated business model of "direct sales first, supplemented by distribution" has rapidly expanded the market share of products, continuously improved the marketing network, and helped the efficient and rapid promotion of new products.
Profit forecast and investment rating:
The high-profile image of the medical and beauty industry continues, the company's product matrix continues to be enriched, and the core large single products drive the rapid growth of revenue, which has a large growth space in the future. We raised the EPS forecast for 202224 to 6.83/10.01/14.32 yuan (the original value was 6.66/9.76/13.96 yuan). At present, the stock price corresponds to 71.32 times PE in 22 years. We are optimistic that the company will pay attention to R & D and innovation, continuously enrich the product line, further improve its long-term competitiveness, smoothly develop projects under research, and build a new growth curve of the company and maintain the "buy" rating in the future.
Risk factors: industry policy change risk, product R & D and registration risk, intensified market competition, product safety risk, etc.
