\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
The company released the performance forecast, and it is expected to realize the net profit attributable to the parent company of RMB 900 million-1 billion in the whole year
The company released the performance forecast for 2021: in 2021, the company is expected to realize the net profit attributable to the parent company of RMB 900 million-1 billion (a year-on-year increase of 104.66% – 127.40%), deduct the non net profit of RMB 850 million-950 million (a year-on-year increase of 100.36% – 123.93%), and the performance continues to grow high. We believe that the strategic layout of the company is clear, the product competitiveness and brand influence are continuously improved, and the core competitiveness is outstanding. We keep the profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 956 / 15.47 / 2.196 billion, corresponding to EPS of RMB 4.42 / 7.15 / 10.15, and the corresponding PE of the current stock price is 103.5 / 63.9 / 45.0 times, maintaining the “buy” rating.
The annual performance in 2021 is expected to increase by 104.7% – 127.4% year-on-year, and the brand influence will continue to increase
For the whole year of 2021, the company expects to realize a net profit attributable to the parent company of RMB 900 million-1 billion (year-on-year + 104.66% ~ 127.40%); Single quarter: the company expects to realize a net profit attributable to the parent company of RMB 191-291 million (year-on-year + 28.0% ~ 94.9%) in 2021q4, and the performance continues to grow at a high speed. Product side: we expect the company’s core product hi body to maintain a high growth rate (in which the proportion of panda needles continues to increase); Bonida Gaozeng; The new product moistening white angel continued to contribute to the increment in the fourth quarter. Specifically: (1) the enhancement of the company’s brand influence drives the growth of the company’s overall revenue; (2) The company’s sales network and customer expansion drive sales growth; (3) The scale effect brought by the expansion of production and sales scale and the improvement of profitability.
The company is a leader in the medical and beauty industry, with rich product matrix, outstanding core product competitiveness and high growth of new products
The company is a domestic medical beauty leader, with high efficiency in R & D and transformation and outstanding ability in promoting new products, and has formed a rich product matrix; The company’s product technology, safety and effectiveness have been recognized by medical and American institutions and consumers, and the brand influence has continued to increase; At present, the overall supervision of the medical and beauty industry is becoming stricter. As the leader of compliant products, the market share of the company is expected to continue to increase. Product side: star product hi body is expected to continue high growth in 2022; With the market promotion of renewable products, Rubai angel will continue to produce large quantities in 2022, and the market space is broad and high growth can be expected in the long run. In terms of product research, the company promotes product upgrading and new product R & D through independent R & D, cooperation and investment, and arranges high potential tracks such as botulinum toxin and weight management, which is expected to contribute to the relay increment.
Risk tip: the epidemic repeatedly affects terminal demand, market competition intensifies, and the promotion of the company’s new products is less than expected.
