\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
The company disclosed the performance forecast for 2021, and predicted that the net profit attributable to the parent company in 2021 would be RMB 900-1 million (+ 104.66% – 127.40%), deducting the net profit not attributable to the parent company of RMB 850-950 million (+ 100.36% – 123.93%); Single Q4: net profit attributable to parent company of 191-291 million (+ 28.19% – 95.30%), net profit not attributable to parent company of 180-280 million (+ 25% – 94.45%); The performance is in line with our previous expectations.
Revenue profit analysis:
Revenue side: the large volume of star single products promotes the high growth. We predict that the annual revenue volume will be about 1.45 billion (higher than the consensus expectation of 1.42 billion). The star products hi body including panda needle, bonida and moistening Angel continue to drive the high growth of revenue, including:
1) the revenue of hi Ti Q1 / Q2 / Q3 / Q4 is 180 / 2.7 / 2.7-2.8 / 270-280 million, with a year-on-year increase of + 300% / 200% / 120% / 45% respectively, of which the sales of panda needles are expected to increase to 25% – 30% in Q4; We predict that the year-on-year growth rate of hi body will exceed 50% in 2022.
2) Rubai Angel H2 is listed, with an estimated sales of more than 20000 bottles and an estimated revenue of 60-70 million. The number of authorized doctors exceeds the expected target, reaching 400-500; We predict that the contribution of moistening angel is expected to exceed 300 million in 2022, with a year-on-year growth rate of 400%.
3) bonida exceeded 100% year-on-year. Profit side: split Q1 / Q2 / Q3 / Q4, the profit margins were about 65% / 68% / 72% / 67% respectively, and the net interest rate of single Q4 decreased month on month. The main reason is that Q4 focuses on the confirmation of employee expenses and expenses for the acquisition of huansbio, and the profit margin shows an upward trend throughout the year.
Investment suggestion: buy rating
We expect that the company is expected to achieve H-share listing in 2022, with a performance forecast of 957 / 1495 / 2258 million in 21-23 years, a year-on-year increase of + 118% / 56% / 51%, corresponding to pe66 / 44 times in 2022 / 2023.
Risk tip: the market space is less than expected, the product approval results and progress are less than expected, and the industry competition is intensified
