\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The performance of the first quarter continued to increase, and the gross profit of a single quarter reached a new high. In the first quarter of 2022, the company realized a revenue of 431 million yuan (YoY + 66.07%), a net profit attributable to the parent company of 280 million yuan (YoY + 64.03%), deducting a net profit attributable to the parent company of 266 million yuan (YoY + 63.52%), including 14.56 million non recurring profits and losses (including 12.54 million yuan of investment income). With the increase in the proportion of medium and high-end products, the gross profit margin in the first quarter increased by 1.95 PCTs to 94.45% and the sales expense rate increased by 1.83 PCTs to 12.52%, mainly due to the increase in labor costs such as new product promotion and sales personnel; The rate of administrative expenses increased by 0.55 PCT to 5.08%; The R & D expense ratio decreased by 2.26 PCTs to 6.75%, driving the net interest rate to increase by 1.10 PCTs to 65.03%. Considering that the revenue and profit of the first quarter and the whole year of 2021 account for 18%, and the impact of the epidemic in some cities from April to may, we expect the company’s revenue to exceed 2.3 billion yuan and the net profit attributable to the parent company to exceed 1.4 billion yuan in 2022.
The ability to collect payment was enhanced, and the growth of cash flow was stable. 1) Operating capacity: the net operating cash flow at the end of the period increased by 86 million yuan to 240 million yuan, mainly due to the increase in sales and collection. 2) Turnover capacity: the ending inventory was 35 million yuan, an increase of 1.04% over the beginning of the year, and the inventory turnover rate decreased by 0.04 times to 0.68 times year-on-year; The accounts receivable at the end of the period was 81 million yuan, an increase of 12.34% over the beginning of the year, and the turnover rate of accounts receivable decreased by 2.68 times to 5.61 times year-on-year; The ending accounts payable was 16 million yuan, an increase of 91.98% over the beginning of the year, mainly due to the increase of procurement business. 3) The R & D investment in the same industry is expected to increase by 240000 yuan, leading the R & D team in the same industry.
Hyaluronic acid + recycled products grow step by step, constantly breaking through the ceiling of single products. The core product “Hi body” series continues to be sold in large quantities. The neck line 1.5ml and eye circumference 1.0ml products benefit from the continuous improvement of high recognition, and the market share is expected to contribute more than 75% of the annual revenue. The “panda needle” eye circumference products further enhance the pricing ability and profitability of the company in the medium and high-end product market, and the annual revenue is expected to account for more than 30%. With the Shuiguang needle included in the category III device supervision in the classification catalogue of medical devices, the compliance of terminal institutions is further improved. As a compliant Shuiguang product, the sales of huihuo bubble needle is expected to be further released in 2022. According to the statistics of the new oxygen platform and the actual terminal coverage rate, we speculate that by the end of the first quarter, the angel needle has covered 300 + institutions, and nearly 500 licensed doctors have been audited. The license authorization mode drives the rapid penetration of terminal channel promotion, and the annual sales are expected to increase by 300%. The company has abundant product reserves in the future. The second-generation implant line has been registered. The local anesthetic lidocaine cream and botulinum toxin A for injection have entered the clinical trial stage and are expected to be listed successively from 2023 to 24, which can effectively improve the company’s global market competitiveness and continue to support the rapid growth of performance.
Profit forecast and investment suggestions: with the offline epidemic and industry standardized supervision, terminal institutions and non-compliance injection manufacturers accelerated clearing, and the market concentration was further improved. As a leading manufacturer of Chinese medical and American injections, the company is moving towards diversification and globalization. The growth of core series is expected, and the prospect of heavy new regenerated injections is broad. The company has strong qualifications and R & D barriers, rich research projects, and supports the high growth of long-term performance. Based on the performance of the first quarter of 2022, we maintain the forecast that the company will achieve revenue of RMB 2.319/34.34/4.949 billion, net profit attributable to the parent company of RMB 1.430/20.85/2.959 billion, target market value of RMB 153.2 billion, corresponding to 73 times PE in 2023, and maintain the “buy” rating.
Risk warning: the epidemic situation affects the offline recovery progress; The landing of new products and technologies is not as expected; Deterioration of market competition pattern; H-share listing and overseas acquisition progress risk, etc.
