\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event:
Imeik Technology Development Co.Ltd(300896) disclosed that the first quarterly report of 2022: the company realized an operating revenue of 431 million yuan in 2022q1, with a year-on-year increase of 66.07%; The net profit attributable to the parent company was 280 million yuan, a year-on-year increase of 64.03%; The net profit deducted from non parent company was 266 million yuan, with a year-on-year increase of 63.52%, and the performance was generally in line with expectations.
Key investment points:
Hi body + moistening Angel drives high revenue growth, and structural optimization drives the increase of gross profit margin. Q1 revenue is in line with expectations, and the high growth comes from: 1) hi body is still the basic performance, and the growth is expected to continue to be strong; 2) It is expected that yubai angel will gradually contribute to the increase of revenue. The structural highlight is that the gross profit margin in Q1 increased 2pcts to 94.5% year-on-year, which is expected to be mainly due to the increased contribution of high priced products (such as yubai angel, panda needle, etc.), driving the optimization of product gross profit structure, followed by quarterly fluctuations (the gross profit margin in 2021q1 is at the low point of all quarters of the year).
High growth and high profits continued to be realized, and the expense rate increased slightly, resulting in a slight decline in net interest rate. The net profit attributable to the parent company is slightly higher than expected, but in fact, it is mainly due to the book fluctuation of investment income of investment enterprises; The net profit deducted from non parent company is in line with expectations, and the high growth and high profit of Q1 continue to be realized. During Q1, the overall expense ratio increased by 1.9pcts to 21.9% year-on-year, and the sales expense ratio remained low at 12.5%; The net interest rate attributable to the parent decreased by 0.8pct to 65.0% year-on-year, and the net interest rate deducting non attributable to the parent decreased by 1PCT to 61.6% year-on-year.
Profit forecast and investment rating. As the A-share pure medical American Standard, the company has significant first mover advantages, the differentiated positioning of “Hi body” products, the heavy new product “yubai angel” has been commercially listed, the pipeline of products under research is rich, and it has the logic of benefiting from the dividend of the industry and the increase of market share. Its performance is expected to maintain high growth. Considering that the demand for medical beauty will be deferred rather than disappear, and the demand for medical beauty may rebound after the epidemic is effectively controlled, maintaining the previous performance forecast. It is estimated that the revenue in 2022 / 2023 / 2024 will be 2.312, 3.238 and 4.331 billion yuan, with a year-on-year growth rate of 59.7% / 40.1% / 33.8%, and the net profit attributable to the parent company will be 1.467, 2.066 and 2.759 billion yuan, with a year-on-year growth rate of 53.2% / 40.8% / 33.6%. The corresponding dynamic PE: 72 / 51 / 38x, which is rated as “overweight”.
Risk warning: regulatory policy changes beyond expectations; The epidemic situation worsened further, impacting terminal consumption; Medical risk accidents; Medical resources, medical technology, consumption habits and other uncertainties; New product promotion is less than expected risk.
