\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
Event:
Imeik Technology Development Co.Ltd(300896) released the performance forecast: the company’s net profit attributable to the parent company in 2021 was 900-1 billion, an increase of 104.66% – 127.40% over the same period of the previous year; The net profit excluding non attributable parent company was 850-950 million, an increase of 100.36% – 123.93% over the same period of last year
Key investment points:
Product + channel + scale effect drive high performance growth in 2021. The annual profit is in line with expectations, and the high performance increase comes from: 1) as a leading enterprise in China’s medical and beauty industry, the company has a clear strategic layout, the product competitiveness continues to improve, and the brand influence established by relying on product advantages continues to increase, driving the overall growth of the company’s business. 2) The company’s product matrix is further enriched, and the breadth and depth of customers covered by the company’s marketing service network are further improved, driving the company’s sales growth. 3) With the expansion of the company’s sales and production scale, the scale effect further appears and the profitability is significantly improved.
The existing differentiated products have sufficient potential, heavy new products under research are ready to come out, and the long-term fundamentals are still good. At present, the company’s explosive product “Hi body” monopolizes the neck pattern market, and the derivative product “panda needle” mainly focuses on the part around the eye. There are few direct competitive products, so it has the potential to become explosive products; The heavy new Tongyan needle has been commercialized and listed. It is the first class III compliant polyl-lactic acid product in China, replacing class I / II mechanical brand products such as “shuyancui” and “oubeiyan”; Hutox botulinum toxin cooperated by the company is currently in phase III clinical trial and is expected to be approved in 2024; Liraglutide for weight loss and slimming is currently in phase I clinical trial, or will be launched on the market in 2026.
Profit forecast and investment rating. As a pure medical American Standard for a shares, the company has a significant first mover advantage, the differentiated positioning of “Hi body” products, the heavy new product “yubai angel” has been commercialized and listed, the pipeline of products under research is rich, it has the logic of benefiting from the dividend of the industry and the improvement of market share, and its performance is expected to maintain high growth. It is estimated that the revenue in 2021 / 2022 / 2023 will be RMB 1.444 billion, 2.236 billion and 3.270 billion, with a year-on-year growth rate of 103.6% / 54.8% / 46.3%, and the net profit attributable to the parent company will be RMB 932 million, 1.424 billion and 2.022 billion, with a year-on-year growth rate of 112.0% / 52.7% / 42.0%. The corresponding dynamic PE: 106 / 69 / 49x, which is rated as “overweight”.
Risk warning: regulatory policy changes beyond expectations; The epidemic situation further worsened and impacted the terminal consumption; Medical risk accident; Medical resources, medical technology, consumption habits and other uncertainties; New product promotion is less than expected risk.
