\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The growth rate of revenue and profit exceeded 60%, and the growth of each product line was excellent. In the first quarter of 2022, the company achieved a revenue of 431 million yuan, a year-on-year increase of + 66.07%, a net profit attributable to the parent company of 280 million yuan, a year-on-year increase of + 64.03%, and a net interest rate of 65%. Under the situation that the epidemic situation in many places affects the demand for medical and American terminals, the company's overall performance is still stable. Among them, the company's main product series "Hi body" series is expected to increase by 60%. Last year, the new product "moistening angel" continued to increase in volume, and it is expected to achieve about 45 million revenue, accounting for more than 10%.
The gross profit margin increased and the operating cash flow was in good condition. In 2022, the company's Q1 gross profit margin was 94.45%, with a year-on-year increase of + 1.95pct. It is expected to benefit from the increase in the proportion of products with high gross profit margin; The sales expense rate was 12.52%, with a year-on-year increase of + 1.83pct, which is expected to be caused by the company's strengthening of sales channels and increasing sales personnel. The management expense rate was 5.08%, slightly increased by 0.55pct compared with the same period, mainly due to the increase of labor costs of management personnel. The company's inventory turnover days in Q1 in 2022 were 132 days, with a slight increase of 7 days. In Q1 in 2022, the company realized a net operating cash flow of 240 million yuan, a year-on-year increase of + 55%, and the overall cash flow was in good condition.
Risk warning: new product promotion and projects under research are not as expected; Repeated outbreaks; Deterioration of market competition
Investment suggestion: Although the short-term epidemic repeatedly has a certain impact on the business of offline medical and American institutions, the consumption demand of medical and American institutions is still strong in the medium and long term, and the short-term suppressed demand will be gradually released after the epidemic. Moreover, as the leader of China's light medical and American injection products, the company will maintain strong business toughness by improving product awareness and channel operation ability. In the product line, "Hi body" series continues to benefit from the improvement of market popularity and reputation, and "moistening angel", as an advantageous competitive category in the field of renewable materials, is expected to accelerate the volume. We maintain the company's forecast of net profit attributable to the parent company from 2022 to 2024 as 1.482 billion yuan / 2.073 billion yuan / 2.778 billion yuan, and the corresponding PE of the current stock price is 71x / 51x / 38x respectively, maintaining the "buy" rating.
