\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 96 Imeik Technology Development Co.Ltd(300896) )
Event: Announcement on May 23: Imeik Technology Development Co.Ltd(300896) signed a dealer agreement with South Korean huons BP on May 20, 2022 to introduce the botulinum toxin products of huons BP by means of R & D and registration, Imeik Technology Development Co.Ltd(300896) holds huons bp25 42% equity, became the only legal and exclusive importer and distributor of botulinum toxin in China, and signed the distribution agreement of the original 100u botulinum toxin products with huons to terminate.
Specific details: (1) agent products: 900kda (50U, 100u and 200u) botulinum toxin products of hutox brand under hoons BP; (2) Registration license: Imeik Technology Development Co.Ltd(300896) agent products are unique and exclusive. The company shall not research, develop, manufacture, import, distribute and sell competitive products related to botulinum toxin, Imeik Technology Development Co.Ltd(300896) need to obtain the import and sales license of botulinum toxin products, carry out clinical test in China and obtain registration; (3) Agency price: both parties agree that the products provided by hoons BP to Imeik Technology Development Co.Ltd(300896) are the lowest price in the world, and Imeik Technology Development Co.Ltd(300896) shall be paid by telegraphic transfer within 30 days after the invoice is confirmed, and 50% before the delivery to the “delivery point”; (4) Agency term: 10 years from the date of obtaining the approval of nmpa registration certificate, and it will be automatically renewed for 10 years after expiration. The signing of this distributor agreement has no material impact on the operating performance of Imeik Technology Development Co.Ltd(300896) 2022.
Huons products have entered the mainland for a long time, and the market influence is taking shape. Huansglobal is a first-class manufacturer of medical and American medicine and equipment in South Korea, with products such as hyaluronic acid injection, botulinum toxin, Shuiguang injection instrument and hemp paste. The products of huons have been shining brightly in China. For example, the subsidiary product alivi ranked third in the market sales of hyaluronic acid in China in 18-19 years. At the same time, demassa, a water light injection instrument, has been recognized by a large number in the water light market and has become a hot B marketing selling point of terminal institutions. The tob influence of huons in Chinese Mainland has taken shape, which will help the subsequent hutox and other products to stand out from the encirclement and promote awareness. The net profit margin of the botulinum toxin business of huansglobal in the first full fiscal year of 2020 is 23%. It is expected that the net profit margin of the botulinum toxin business will rise to 40% in the future. After the third plant is completed as scheduled in 2024, the production capacity of huonsbio for botulinum toxin products will reach 8.8 million bottles / year from 3.6 million bottles / year, and there is room for further expansion and upgrading of production capacity.
Botulinum toxin gold track, currently only four players, the track is not crowded. Botulinum toxin market is a high threshold high-quality medical beauty “just need” track. The purpose of wrinkle removal, face reduction and leg reduction can be achieved through injection. Botulinum toxin is the core single product in the overseas medical beauty market. According to Sullivan data, the CAGR of China’s botulinum toxin market in 20-25 years is 23.9%, and the market has increased to 11.4 billion in 25 years. It is expected that the market will maintain a high prosperity in the future. In terms of competition pattern, at present, only four products (Hengli, baotuoshi, letibao and Jishi) in China have obtained the registration certificates of three types of medical devices, and subsequent new entrants still have a good opportunity to share a certain market share.
Investment suggestion: in the future, we will increase the allocation of sales team and academic education. It is expected that hi sports series will continue to consolidate its competitive advantage, grow in large quantities, and have abundant pipelines under research, inject strong growth momentum into the rapid development of the company, jointly consolidate the leading position of medical beauty, consider the impact of the epidemic on the operation of terminal stores in Shanghai and other places, disturb the beauty of medical beauty in the short term, and be optimistic about the restorative consumption demand in the long term, It is estimated that the net profit attributable to the parent company in 22-24 years will be 1.452 billion / 2.083 billion / 2.780 billion, and the corresponding PE will be 74x / 52X / 39x, maintaining the “buy” rating.
Risk tips: the economic downturn affects consumer demand, the epidemic affects the rhythm of terminal consumption, the competition of medical and American products intensifies the risk, and the implementation of new products is less than expected.
