\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: 22q1 revenue + 66% year on year, net profit attributable to parent company + 64% year on year
In 2022q1, the growth rate of income increased by more than 60%, making another good performance under the pressure of the epidemic. Income / net profit attributable to parent company / deduction of net profit not attributable to parent company: RMB 430 / 280 / 270 million, year-on-year + 66% / + 64% / + 64%. Originally expected revenue and profit growth of 60% – 65%, this time revenue growth of 66%, net profit growth of 64%, close to the upper limit.
The gross profit margin is 94.5%, the net profit margin is 65.0%, and the profitability is high and stable. The gross profit rate of panda products increased by 225% and 94.5% quarter by quarter, accounting for 1-92% of Q1 and 1-94.5% of Q1 respectively; 2) Net interest rate: 64.1%, 69.3%, 72.6%, 58.6%, 65.0%; Deduct non net interest rate: 62.5%, 66.3%, 66.4%, 57.4%, 61.7%. 3) Sales expense ratio: 10.7%, 9.1%, 9.9%, 13.2% and 12.5%. The net interest rate fluctuated slightly, mainly due to the expansion of sales team and the increase of marketing and promotion after the launch of new products, and the profit basically remained high.
Hi, the body performance is bright, and the single product drives to the star product matrix
In terms of products, the product matrix is rich, driven by large single products → transformed into a comprehensive drive of the product matrix.
1) hi body: the basic disc of neck tattoo needle is stable, the proportion of high margin panda needle is increased, and it is optimistic about the growth space of the market around the frame. It is estimated that 22q1 hi body series accounts for about 70% +, and the income of panda needles with higher unit price increases. We believe that there is still a large penetration space at the channel end of panda needle, with high price and high profit level. It is expected that the revenue and profit contribution will be further improved.
2) moistening Angel: a new generation of star products, doctor training and market promotion are carried out in an orderly manner. As the first approved skin filler containing L-lactic acid ethylene glycol copolymer microspheres in China and the world, angel needle products adopt the doctor injection license authorization system, and the market feedback has been good since it was launched in August 21.
3) bonida: driven by the concept of regeneration, the old products are revitalized and effective. Bonida has been listed for 10 years. With the popularity of regeneration concept, its attention has increased. In addition, considering the configuration of the product matrix price system, the company raised its retail guide price from 12800 yuan / piece to 1.68 yuan / piece in June 21, which is expected to achieve double increases in volume and price.
4) huihuo: it is expected to enjoy Shuiguang dividend and be optimistic about its development potential. In the future, the company will still have 8 projects under research, covering the field from biomedical materials to biological drugs and chemicals. Products under development include lidocaine tetracaine cream, botulinum toxin type A, second-generation facial implant line, liraglutide injection, etc. R & D will continue to help enrich the product matrix.
The impact of the short-term epidemic is obvious, and we are optimistic about the logic of rebound after the medical and American epidemic
In 2021, the sales in East China accounted for about 44%, and the estimated income in Shanghai accounted for about 10% – 15%. In addition, the epidemic was scattered in various places, and the impact of the epidemic was obvious in April. We believe that Yimei track has good performance toughness and is optimistic about the rapid repair after the epidemic Imeik Technology Development Co.Ltd(300896) as an upstream company with strong channel ability, Yimei is expected to rebound first, mainly because 1) Yimei has high viscosity; 2) After unsealing, Yimei hospital prepared goods in advance, and Yimei suppliers rebounded quickly and with strong certainty; 3) Medical beauty belongs to the consumption upgrading track, facing medium and high consumption groups, and its consumption power is relatively guaranteed.
Profit forecast and valuation
The company is in the link with the most bargaining power in the fast-growing medical and American industry. It has great potential and wide space in terms of profitability, product differentiation and scarcity, and project reserves. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.53 billion yuan, 2.22 billion yuan and 3.02 billion yuan respectively, with growth rates of 60%, 45% and 36% respectively, corresponding to 69, 47 and 35 times of PE, maintaining the overweight rating.
Risk tips
The epidemic affects the consumption environment; The risk of intensified market competition, the risk that the business qualification and product registration approval documents cannot be renewed on time, the risk that the product structure is relatively single, etc.
