\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Performance summary: it was announced that in 2022q1, the revenue was 430 million, a year-on-year increase of 66%, the net profit was 280 million, a year-on-year increase of 64%, and the gross profit margin increased by 2 percentage points to 94.5%. Performance exceeded expectations.
Although the overall consumption in the first quarter was affected by the epidemic, the company has strong response ability and achieved rapid growth in performance. It is expected that hi body and panda needle will still be the strongest driving force for performance. Since the listing of yubai angel, it has been widely recognized and maintained good promotion efforts. It is expected to continue to increase institutional coverage and continuously improve product popularity in the future. 1q gross profit margin increased by 2 percentage points year-on-year, which we believe is mainly affected by changes in product structure.
In terms of expenses, the comprehensive expense rate during the reporting period increased by 1.81 percentage points year-on-year to 21.4%. Among them, due to the increased promotion efforts, the sales expense rate increased by 1.84 percentage points year-on-year, the management expense rate increased slightly by 0.55 percentage points to 5.08%, the R & D expense rate decreased by 2.26 percentage points to 6.75%, and the financial expense rate increased by 1.68 percentage points to – 2.95%.
We expect that the medical and American consumption of offline institutions may be delayed due to the epidemic, but the overall momentum of the company is good, with rich reserves of product categories and projects under research. After the epidemic turns better, the performance is expected to maintain high growth. From the perspective of the industry, since 2021, the industry supervision has become stricter. We believe that it will play a positive role in the standardization of the industry and the reduction of parallel goods and fakes, and it will also be beneficial to the leading companies in the industry.
It is estimated that from 2022 to 2023, the net profit will be 1.46 billion and 2.19 billion respectively, with a year-on-year increase of 52% and 40% respectively. The EPS will be 6.73 yuan and 10.1 yuan respectively. The current share price corresponding to PE is 72 times and 48 times respectively, maintaining the investment proposal of “interval operation”.
Risk tip: the promotion of new products is less than expected, and the industry supervision is more than expected
