\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company released the first quarter report of 2022, with high performance and growth in line with expectations. In 22q1, the company achieved a revenue of 431 million / + 66.07% yoy. Hi ti's exclusive advantage in the neck pattern market maintained the basic revenue. After the listing of yubai angel, the company continued to increase its volume and continuously consolidated the company's leading position in the skin filler market. The net profit attributable to the parent was 280 million / + 64.03% YoY, and the net profit attributable to the parent after deduction was 266 million / + 63.52% YoY, which was in line with the expectation.
The gross profit margin of 22q1 reached a new high, and the net profit margin remained at a high level. 1) Gross profit margin: the gross profit margin of 22q1 was 94.45%, increased by 1.95 PCTs year-on-year in 21q1 and 0.38 PCTs month on month in 21q4. The profitability reached a new high. The company launched a high-end renewable new product "moistening angel" in 21 years. It is expected that with the product promotion, the sales volume will be gradually realized, and the adjustment of product structure will drive the gross profit margin to increase. 2) Expense ratio: the sales expense ratio of 22q1 is 12.52% / + 1.83pcts, which is mainly due to the increase of labor cost for the expansion of sales team. In order to ensure the demand for terminal channel expansion and new product promotion, it is expected that the company's marketing network layout will continue to be improved in the future, the marketing team will continue to expand, the depth and breadth of customer coverage will be strengthened, and the education and training of doctors will be paid more attention, and the sales expense investment will still be increased; The management expense rate is 5.08% / + 0.55pcts, which is mainly due to the increase of managers and their salaries; The R & D rate is 6.75% / -2.26 PCTs, and the R & D cost is 29 million. We will promote product R & D and clinical trials. In the future, we are expected to continue to increase R & D investment, so as to strengthen the company's technology leading advantage in the industry and enrich the existing product line. 3) Net interest rate: the net interest rate attributable to the parent company was 65.03%, with a year-on-year ratio of 21q1-0.81pcts and a month on month ratio of 21q4 + 6.44pcts.
During the large-scale research, the research pipeline is rich and covers many fields. (1) Hi body continues its monopoly advantage and does not change its main position in revenue: as the only class III mechanical product for neck pattern approved by nmpa, hi body has high market demand and good competition pattern. It has almost formed an exclusive situation in the consumer market and made a high contribution in 2021. The amount of panda needles is obvious, and the hi body series can meet the needs of multiple effects. Based on the advantages of high market recognition, periodic treatment, high re purchase and uniqueness, its market penetration is expected to increase with the expansion of terminal coverage. (2) Rapid and large-scale production of yubai Angel: in the field of card regeneration of yubai angel, starting from the product, b-end reduces the risk + C-end improves the effect experience. After 21 years of listing, it has quickly become a strong performance contribution point of the company. The doctor injection license authorization system and efficient and stable channel construction help the rapid penetration of products across the country, and the sales volume continues. (3) Promote product growth under the compliance trend of Shuiguang needle: the State Food and Drug Administration will include Shuiguang needle in the registration certificate management of class III medical devices, promote the market clearing of non compliant products in the medium and long term, and be optimistic about the market performance of huihuo bubble needle of class III medical devices; (4) Abundant reserves of products under research: the company has a echelon layout of products under research. Clinical trials such as botulinum toxin A for injection and liraglutide injection have been carried out in an orderly manner. The second generation implant line has entered the stage of registration and inspection, and a variety of injection and smear products are under research, in order to expand the layout in many fields.
Investment suggestion: in the future, we will increase the allocation of sales team and academic education. It is expected that hi sports series will continue to consolidate its competitive advantage, grow in large quantities, and have abundant pipelines under research, inject strong growth momentum into the rapid development of the company, jointly consolidate the leading position of medical beauty, consider the impact of the epidemic on the operation of terminal stores in Shanghai, Shenzhen and other places, disturb the beauty of medical beauty in the short term, and be optimistic about the restorative consumption demand in the long term, The net profit attributable to the parent company in 22-24 years was adjusted to be 1.452 billion / 2.083 billion / 2.780 billion, and the corresponding PE was 73x / 51x / 38x, maintaining the "buy" rating.
Risk tips: risks related to medical and American policies, risks of intensified competition of medical and American products, risks of less than expected implementation of new products, and risks of share reduction.
