\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event comments
The company issued the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 1.448 billion yuan, a year-on-year increase of 104.13%; The net profit attributable to the parent company was 958 million yuan, a year-on-year increase of 117.81%. In the first quarter of 2022, the company achieved a total operating revenue of 431 million yuan, a year-on-year increase of 66.07%; The net profit attributable to the parent company was 280 million yuan, a year-on-year increase of 64.03%.
Core view
The company’s performance in 2021-1q2022 was in line with expectations, and the high growth of core products strongly supported the performance. In terms of revenue end products, in 2021, the company’s solution / gel injection products achieved an operating revenue of RMB 1.046385million respectively, an increase of 133.84%/52.80% over the same period of the previous year. The solution injection products represented by hi Ti are in a period of rapid growth, and the volume of products continues to drive the growth of revenue. The contribution of annual revenue in 2021 is as high as 72.25%. On the expenditure side, the gross profit margin / net profit margin of the company remained high and stable in 2021, 93.70% / 66.12% respectively, a significant increase of 1.89pct/5.02pct compared with the same period last year. Due to the increase of salesperson’s salary and sales promotion expenses during the year, the sales expense rate increased slightly by 0.81pct to 10.81% compared with last year, while the management expense rate was significantly diluted and decreased by 1.66pct to 4.47%. Quarter by quarter, the cost side of the company was significantly optimized, and the gross profit margin of 1q2022 increased by 2.0pct to 94.50% compared with the same period last year; At the same time, the investment of various expenses increased year-on-year, and the three fee rate of 1q2022 increased by 4.07pct to 14.65% year-on-year. Therefore, the net interest rate attributable to the parent company of 1q2022 decreased slightly by 0.81pct to 65.03% compared with the same period last year.
The differentiated product layout is further deepened, and the mode of “focusing on R & D + quasi positioning + deep operation” is expected to continue to consolidate the leading position in the industry. In 2021, Rubai angel, a skin filler based on poly-L-lactic acid, was approved the registration certificate of class III medical device products in June. Good market feedback was obtained when it was commercialized and listed in the second half of the year. It is expected to continue to drive the increase of category unit price in the medium and long term. At the same time, the R & D and reserve of new products have been promoted in an orderly manner, and many projects have entered the clinical trial stage, including botulinum toxin type A for injection (phase III) and liraglutide injection (phase I has been completed). Lidocaine tetracaine cream obtained clinical approval in October, and preclinical projects such as deoxycholic acid injection and hyaluronidase are expected to submit clinical trial applications in 20222023. In terms of sales operation, the company’s marketing system was further optimized during the reporting period. The marketing team expanded from 160 at the end of 2020 to 236 at the end of 2021, effectively ensuring the in-depth service of high-quality customers. After years of intensive cultivation in the main business of medical beauty, the company continues to strengthen the comprehensive influence of the brand through in-depth operation, and deeply empowers core groups such as industry doctors by means of doctor injection license authorization system (combining doctor training and authorization system), quanxuan Academy online learning platform and offline academic conferences, so as to effectively help the promotion and penetration of new products such as yubai angel.
Profit forecast and investment rating: we continue to be optimistic about the medium and long-term high growth certainty of the company’s track and the company’s outstanding advantages in R & D, certification and product sales as a leader in subdivided fields. It is estimated that the company’s revenue from 2022 to 2024 will be about 2.270/33.72/4.719 billion yuan respectively, and the net profit attributable to the parent company will be about 1.380/21.06/2.923 billion yuan, corresponding to 74x / 49x / 35x PE. Maintain a “recommended” rating.
Risk tips
The epidemic situation repeatedly disturbs the terminal demand; The competition of medical and American products intensifies; The progress of R & D is less than expected.
