\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: the company released the first quarterly report of 2022
Performance overview: Imeik Technology Development Co.Ltd(300896) 2022 the performance in the first quarter grew steadily, with a revenue of 431 million yuan (+ 66%) and a net profit attributable to the parent company of 280 million yuan (+ 64%). The expense rate increased slightly, including sales expense rate of 12.5% (+ 1.8pct), management expense rate of 5.1% (+ 0.6pct) and R & D expense rate of 6.7% (- 2.3pct).
The sales expense rate and management expense rate increased.
Increase in sales expense rate: mainly affected by new products and sales strategies. The company's new product, Rubai angel, was approved to be listed in 2021. At present, the terminal is still in the stage of market education and promotion, so it needs to increase investment. In addition, we believe that the company's promotion strategy this year will not only maintain its advantageous position in East China and South China, but also actively expand high-quality medical and American markets in North China and southwest China. The increase of management expense rate: we speculate that it is caused by salary adjustment.
With frequent industrial policies, the medical and beauty industry will usher in high-quality development. As one of the fastest growing medical and beauty markets in the world, China strengthens the supervision of the medical and beauty industry in order to promote the healthy, sustainable and standardized development of the medical and beauty industry. Only by further strengthening supervision can qualified, quality and guaranteed upstream businesses, medical beauty institutions and medical beauty platforms stand out. We believe that Imeik Technology Development Co.Ltd(300896) as a leader in the industry, it is expected to further improve its competitive advantage in the specification.
As a leader in the medical and beauty industry, the company has a clear strategic layout and rich product pipelines. There are two dimensions of adaptation, i.e. Ruyi and Baoji, and Ruyi and Baoji have two dimensions.
Hi Ti: we speculate that the sales of Q1 is about 300 million yuan (+ 65%), of which the sales of 1ml panda needle is about 100 million yuan. We expect that the revenue of solution products including hi body will reach 1.58 billion yuan (+ 51%) in 2022.
Angel needle: collagen regeneration products are mainly aimed at product combination or product upgrading of high-end customers. At present, they are in the stage of market education. We speculate that the revenue recognized in Q1 is about 4-5kw yuan, and the annual revenue is expected to be 300 million yuan.
Profit forecast: we expect the company's revenue from 2022 to 2023 to be 2.310/3.412 billion yuan respectively, with a year-on-year increase of 59.5% / 47.7%; The net profit attributable to the parent company was 1.516/2.197 billion yuan respectively (the net profit attributable to the parent company in the original forecast year 22 / 23 was 1.515/2.197 billion yuan), with a year-on-year increase of 58.3% / 44.9%; According to the situation of comparable companies, we maintain the company's 1.5xpeg, corresponding to a reasonable market value of 13.25 billion, corresponding to the target price of 612.20 yuan / share (the original target price was 611.29 yuan), and maintain the rating of "better than the market".
Risk tip: the sales caused by the impact of the epidemic are less than expected, the impact of industrial policies, and the research and development are less than expected.
