\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
The company released the performance forecast for 2021. It is estimated that the net profit attributable to the parent company will be RMB 900-1 billion in 21 years, with a same increase of 104.66% – 127.40%, and the net profit attributable to the parent company after deducting non profits will be RMB 850-950 million, with a same increase of 100.36% – 123.93%; In 21q4, the net profit attributable to the parent company was RMB 191-291 million, an increase of 28.19% – 95.3% at the same time, and the net profit attributable to the parent company after deducting non net profit was RMB 180-280 million, an increase of 25.01% – 94.49% at the same time. The company’s non recurring profit and loss in 21 years is 50 million yuan and 21q4 is 11.165 million yuan. Quarterly, except that Q3 has an impact of 24.25 million yuan on the profit and loss of changes in the fair value of trading financial assets, other quarters are within the stable range of 10 million yuan.
At the revenue end, it is estimated that the operating revenue will double in 21 years. It is speculated that: 1) hi body series is expected to continue to grow in large quantities, in which hi body neck pattern is expected to maintain rapid growth by virtue of product strength and differentiation, and hi body panda needle has a high degree of differentiation for periocular parts; 2) Bonida has gradually precipitated its product strength into brand assets in the past ten years. We expect a high increase in sales in 21 years; 3) The new products are expected to gradually increase in volume within the next few days, and the doctor authorization system is accelerated. The company has a clear strategic layout, relies on strong product competitiveness, continuously enhances brand influence, continuously improves the coverage and depth of marketing service network, and drives the overall growth of the company’s business. On the profit side, the net interest rate of 21q4 is expected to decline month on month. It is speculated that it will be affected by the payment of intermediary fees for the equity delivery of the acquisition of hoons in October. Overall, in the past 21 years, the sales and production scale of the company has expanded rapidly, the scale effect has further appeared, and the profitability has been significantly improved.
Look to the future:
Short term 2022: 1) the demand of hyaluronic acid subdivision track is stable due to product characteristics, and the neck pattern and bear cat needle in hi body series are expected to maintain differentiation advantages; 2) In the first year of regeneration, the 21-year doctor authorization system of yubai Angel laid the market foundation, the terminal feedback was excellent, and the performance of 21q4 in 22 years is expected to exceed expectations.
Long term high growth: all research and development stages have product reserves. Injections of botulinum toxin type A, Liraglutide Injection, lidocaine tetracaine cream are all in clinical stage. Other products such as modified sodium hyaluronate gel, hyaluronidase for injection, and second generation facial implant line are also studied. Take technological innovation as the guide and continuously expand the product and category matrix. Investment suggestion: the company’s business has gradually expanded from the core business of hyaluronic acid to long-term regeneration, botulinum toxin, weight management, etc. it pays attention to the issuance of Hong Kong stocks, continuously improves the product matrix, continuously expands the category margin, and has product reserves in all R & D stages. We believe that the rapid growth of Imeik Technology Development Co.Ltd(300896) is a long-term dimension, and is expected to become a large leading company in China’s medical and American market in the future. It is estimated that the net profit of 21-23 years will be 9.4/14.3/1.9 billion yuan, maintaining the “buy” rating.
Risk warning: product R & D registration is not as expected; Intensified market competition; Product quality and safety problems; The advance notice is only the preliminary accounting data. Please refer to the annual report
