\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Events
On April 26, the company released the first quarterly report of 2022, realizing a revenue of 430 million yuan (+ 66%), a net profit attributable to the parent company of 280 million yuan (+ 64%), and deducting a net profit not attributable to the parent company of 266 million yuan (+ 64%)
Comments
Under the pressure of the epidemic, the performance increased more than expected, and the star products maintained a high growth rate. The company has built a differentiated product matrix, with increasing product competitiveness and brand influence, and steadily increasing market share and penetration. Among them, hi body series shows strong product power and channel recognition, and still maintains a high-speed growth trend; After the launch of the new product yubai Angel last year, it has made rapid and large-scale contributions to its performance. With the stricter supervision of the industry and the advantages of compliant products, it is expected that the company's products will continue to increase in volume in the future, driving the continuous improvement of performance.
The profitability has been continuously improved, and the leading advantages have emerged. The gross profit margin of the company in the first quarter was 94.45%, up 1.95pct year-on-year; The net interest rate was 65.03%, a year-on-year increase of 1.09pct. Among them, the sales expense ratio was 12.52%, an increase of 1.84pct year-on-year; The management fee rate was 5.08%, up 0.55pct year-on-year; The R & D expense rate was 6.75%, a year-on-year decrease of 2.25 PCT. With the gradual maturity of the new product market, it is expected that the sales expense rate of the company will be further reduced and the overall profitability of the company will be continuously strengthened.
Moistening the white angel quickly and massively, and the rich product matrix brings continuous growth vitality. The company was approved in June 2021. After going public in July, it seized the market of collagen regeneration and filling products. The company increases the investment in sales expenses, realizes the strong combination of the product power of yubai Angel needle and high-quality doctor resources, and helps yubai angel to quickly penetrate across the country and between different types of institutions. We are optimistic that the products will continue to be in high volume in 2022. In addition, Shuiguang products, as well as meat poison, buried wire and other products in the clinical stage, will continue to enrich the company's product matrix and add new impetus to performance growth.
Profit adjustment and investment suggestions
We are optimistic about the company's core products hi body and new products Ru Bai angel. It is expected that the company will realize a net profit of 1.43 billion yuan, 1.96 billion yuan and 2.55 billion yuan in 22-24 years, with a year-on-year increase of 49%, 37% and 30%. Maintain the "overweight" rating.
Risk tips
There is uncertainty in the development of the epidemic; Product R & D progress is less than expected; Risk of net interest rate decline due to intensified market competition of hyaluronic acid products; Market promotion is less than expected risk, etc.
