\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Imeik Technology Development Co.Ltd(300896) is located in the upstream of the medical beauty industry chain, specializing in the R & D, production and sales of biomedical soft tissue repair materials. It has seven class III medical device products approved by the State Food and drug administration, including five series of skin fillers based on sodium hyaluronate, one skin filler based on poly-L-lactic acid, one facial implant line product, and several products under research. The company has product & R & D & Qualification & Channel barriers, deep and wide moat, excellent profitability and broad growth space.
Key investment points:
Industry: the trend of "light medical beauty" is in place, and the space of domestic medical beauty consumables is broad. Chinese medical beauty market
With rapid development, the market scale is expected to reach 653.5 billion yuan in 2030, and the CAGR from 2020 to 2030 is 15.5%. Non surgical light medical beauty is favored, and with the continuous emergence of new projects, it has gradually become the mainstream of medical beauty consumption. In the medical and American industrial chain, the upstream raw material production, consumables and equipment manufacturers have high barriers, bringing high added value and strong profitability. It is the most valuable link in the industrial chain. With the development of light medical beauty and high vision focusing on injection projects, as well as the acceleration of domestic substitution and compliance substitution process, there is a broad space for domestic medical beauty consumables industry.
R & D Barrier & Channel: wide, and product moat is qualified. ① Product barriers:
Product differentiation & pipeline richness to build a combined treatment solution. The company has a layout in the fields of HA, implant line, regeneration and body shaping. It is a medical and American consumables enterprise with the richest product matrix. ② R & D barriers: strengthen research and development to ensure product reserves. The R & D investment of the company is at the forefront of the industry, and 45 patents have been registered, including 25 invention patents. At present, there are mainly 8 products under research. ③ Qualification barrier: competition for R & D innovation + demand foresight + approval experience.
China's medical device approval is strict. The company has seven class III medical device products approved by the State Food and drug administration. The total number of registration certificates held by the company is leading, many of which are the first and diversified. ④ Channel barrier: under the direct selling mode, it is deeply bound with b-end medical and American institutions to obtain the first mover advantage. The company adheres to the sales model of "direct sales first, supplemented by distribution", and the direct sales revenue accounts for about 60% - 70%. The company has a stable grasp of high-quality customer resources and timely grasp the market demand.
Space: the industry has a high view, superimposed with the launch of new products, and the road ahead is full of flowers.
Existing product space: ① hyaluronic acid products. China's hyaluronic acid based filling products are in the growth stage. It is expected to reach 15.7 billion yuan in 2025, 26.3% CAGR in 20202025, 44.3 billion yuan in 2030 and 23.1% CAGR in 20252030. At present, China has approved the listing of more than 30 hyaluronic acid products, Imeik Technology Development Co.Ltd(300896) focusing on products such as hi body, everay, bonida and Yimei one plus one. In 2020, the sales volume of the company's hyaluronic acid products accounted for 27.2%, ranking first, accounting for 14.3%, ranking third, and ranking first among domestic brands. In the future, with the high cost performance to win the growth of sales volume, the iterative upgrading of product quality and efficiency will open up room for price upward, and the scale of revenue is expected to further increase. ② White angel. China's PLLC based skin filler product market is still in its infancy. It is estimated that it will be RMB 1.586 billion in 2025, 75.9% CAGR in 20202025, RMB 4.012 billion in 2030 and 20.4% CAGR in 20252030. There are only two approved products in China, namely Imeik Technology Development Co.Ltd(300896) moistening angel and Changchun shengboma aiweilan Tongyan needle. Moistening angel has competitive advantages in injection re dissolution, immediate effect of injection, pain relief of injection and channel control. It is expected to become another popular product after hi body in the future. ③ Facial implant line. China's facial implant line product market is in its infancy. It is estimated that it will be 187 million yuan in 2025, 141.0% CAGR in 20202025, 1.307 billion yuan in 2030 and 47.7% CAGR in 20252030 5%。 At present, there are only three products approved for facial implant line in China. The company's implant line products were approved in May 2019. At the same time, the company accelerates the R & D and production of second-generation implant line products by introducing the patented technology of Korean companies, which is expected to obtain a broad market space in the future.
Main layout product space: ① botulinum toxin products. The botulinum toxin market in China is expected to reach 11.4 billion yuan in 2025, with a CAGR of 23.9% in 20202025, 29.6 billion yuan in 2030 and 21.1% in 20252030. At present, four botulinum toxin products have been approved for listing in the Chinese market. The company's botulinum toxin products are in the stage of phase III clinical trial. Compared with the market demand and space second only to hyaluronic acid, China's botulinum toxin still belongs to the blue ocean market. If Imeik Technology Development Co.Ltd(300896) is successfully approved, it will enjoy rich market dividends. ② Weight loss products. China's weight management product market is expected to reach 9.6 billion yuan in 2025, 38.2% CAGR in 20202025, 26 billion yuan in 2030 and 22.1% CAGR in 20252030. There is only one liraglutide product on the market in China, but the price is high. There are 11 products under development, including 8 innovative drugs and 3 generic drugs. Imeik Technology Development Co.Ltd(300896) is still in the phase I clinical trial stage, and the research and development progress is slightly late. However, the final income generating ability depends not only on the first mover advantage, but also on the channel and promotion ability. ③ Fat dissolving products. Fat dissolving needle is in the initial stage in China, and no product has been approved. The market scale is expected to be 805 million yuan in 2025, 144.7% CAGR in 20232025, 3.927 billion yuan in 2030 and 37.3% CAGR in 20252030 Imeik Technology Development Co.Ltd(300896) is a fat dissolving needle product. Deoxycholic acid injection is in the pre clinical research stage. At present, there is only one fat dissolving needle product in the clinical trial stage in China.
Profit forecast and investment suggestions: it is estimated that from 2022 to 2024, the operating revenue of the company will be RMB 2.118/33.95/4.903 billion respectively, with a year-on-year increase of 46% / 60% / 44%, and the net profit attributable to the parent company will be RMB 1.414/22.60/3.288 billion respectively, with a year-on-year increase of 48% / 60% / 45%. The PE valuation corresponding to the closing price on May 17, 2022 is 74 / 47 / 32 times. In the short term, the epidemic will have a negative impact on the company's operation, but it is expected to maintain a high performance growth rate under the condition of large-scale growth of core products; In the long run, the high outlook of the medical beauty industry will continue. Domestic substitution and stricter supervision will be conducive to the development of compliant medical beauty leaders. The company's main products are still in the stage of large-scale growth, and the reserve products will be gradually launched. It is expected that there is still several times of growth space. Comprehensively considering the company's own strength and industry development trend, it will be covered for the first time and given a "buy" rating.
Risk factors: the risk of tightening epidemic situation, the risk of industrial policy change, the risk of product R & D and registration, the risk of intensified market competition and the risk of product quality.
