\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
The company released the first quarterly report of 2022, and achieved a revenue of 431 million yuan in Q1 of 2022, yoy + 66.07%; The net profit attributable to the parent company was 280 million yuan, yoy + 64.03%, and the net interest rate attributable to the parent company was 65.03%, with a decrease of 0.81 PCT; The net profit attributable to the parent company after deduction was 266 million yuan, yoy + 63.52%, and the net profit attributable to the parent company after deduction was 61.65%, down 0.96 PCT at the same time. The non recurring profit and loss in 2022q1 is 14.56 million yuan, mainly the profit and loss from changes in fair value such as trading financial assets.
Cost side: in 2022q1, the gross profit margin reached 94.45%, with an increase of 1.95pct. We expect the company's product structure to continue to optimize and high-end products to continue to contribute momentum.
Expense side: during 2022q1, the expense rate was 21.4%, with an increase of 1.8pct, of which the sales expense rate was 12.52%, with an increase of 1.83pct; The R & D expense rate was 6.75%, with a decrease of 2.26 PCT; The management fee rate was 5.08%, with an increase of 0.55pct; Financial expense rate -2.95%
Cash flow: in 2022q1, the net cash flow from operating activities of the company was 240 million yuan, an increase of 55.2%, and the net cash flow from investment activities was - 211 million yuan; As of 2022q1, the monetary capital was 3.287 billion yuan. Operating capacity: the number of inventory turnover days in 2022q1 is 132.2 days, an increase of 7.15 days year-on-year; The turnover days of accounts receivable were 16.05 days, with a year-on-year increase of 5.19 days; The turnover days of accounts payable were 47 days, a year-on-year decrease of 0.15 days.
Investment suggestion: Although the current round of epidemic has an impact, we believe that the demand for medical beauty is spontaneous and will be deferred, but it will not disappear. In addition, the recent policy addition requires Shuiguang needle to be approved according to three types of equipment, and the requirements for component registration are improved. The company has a scarce stock of compliant Shuiguang products, which is expected to benefit and accelerate the market share. In the long run, the company's business has gradually expanded from core injection to light medical beauty, the product matrix has been continuously improved, and the category margin has continued to expand. There are product reserves in each R & D stage, which is expected to smooth the income curve and provide growth power. We believe that Imeik Technology Development Co.Ltd(300896) rapid growth can be maintained for 2-3 years or even longer, and is expected to become a large leading company in China's medical beauty market in the future. It is estimated that the net profit in 202224 will be RMB 1.45/20.8/2.88 billion, maintaining the "buy" rating.
Risk warning: product R & D registration is not as expected; Intensified market competition; Product quality and safety issues
