\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company's revenue in the first quarter was + 66.1% year-on-year, and the net profit attributable to the parent company was + 64.0% year-on-year, continuing high growth
The company released its first quarterly report: in 2022q1, it achieved a revenue of 431 million yuan (+ 66.1%), and a net profit attributable to the parent company of 280 million yuan (+ 64.0%), continuing a bright growth. We believe that the company's product competitiveness and brand influence continue to strengthen, and its core competitiveness is outstanding. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.547/2.196/2.882 billion, corresponding to EPS of RMB 7.15/10.15/13.32, and the current share price corresponding to PE of 68.1/48.0/36.5 times, maintaining the "buy" rating.
In 2022q1, star products maintained rapid growth, and the gross profit margin reached 94.5%, a new high
In terms of products, we expect that the star products hi body series (neck tattoo products, hi body panda needle, etc.) will maintain high growth, and the new products will contribute some increment. In terms of profitability, the company's gross profit margin in 2022q1 reached 94.5%, with a year-on-year increase of 2021q1 + 2.0pct and a month on month increase of 2021q4 + 0.4pct. It is expected that the company's profitability will be further improved mainly driven by some high gross profit categories. In terms of expenses, the company's expense rate during 2022q1 was 21.4% (year-on-year + 1.8pct), of which the sales expense rate was 12.5% (+ 1.8pct). We expect that it is related to the company's increasing channel development, new product publicity and the size of the sales team; In addition, the management / R & D / financial expense rates were 5.1% (+ 0.5pct) / 6.7% (- 2.3pct) / - 2.9% (+ 1.7pct) respectively. To sum up, the net interest rate of the company in 2022q1 reached 65.0% (+ 1.1pct), which remained at a high level as a whole.
Rich product matrix, new product R & D, consolidate core competitiveness and lay a growth foundation for channel construction
The company is the leader of medical beauty in China, with rich and upgraded product matrix and continuously enhanced brand influence. Product side: with the recent adjustment of the classification catalogue of medical devices, the industry has become more strict in the supervision of Shuiguang products, and the company's compliance products such as hi body 2.5 and sun live bubble needle will benefit. The overall growth of hi body series is expected to continue to be rapid in 2022; After the launch of the new product, the terminal feedback is good. With the increase of market promotion, it will gradually increase the volume. In the long run, the market of renewable products is broad. R & D side: the company has increased R & D investment and continuously enriched the product matrix. It has widely distributed sub circuits such as botulinum toxin, liraglutide (chronic weight management), deoxycholic acid injection ("fat dissolving needle") and continued to build differentiated competitiveness. Channel side: the company will continue to expand its sales team and strengthen the construction of sales channels in 2022, which will lay a solid foundation for long-term growth.
Risk tip: the epidemic repeatedly affects terminal demand, market competition intensifies, and the promotion of the company's new products is less than expected.
