\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
Event: it is announced that the net profit attributable to the parent company in 2021 is expected to be 900 ~ 1 billion yuan, with a year-on-year increase of 104.66% – 127.40%; The non net profit attributable to the parent deduction is expected to be 850 ~ 950 million yuan, with a year-on-year increase of 100.36% ~ 123.93%. It is estimated that the net profit attributable to the parent company in a single quarter of 21q4 will be RMB 191-291 million, with a year-on-year increase of 28.18% – 95.30%. The high performance growth is in line with market expectations.
The main reasons for high performance growth are: 1. As a leading enterprise in China’s medical and beauty industry, the company has a clear strategic layout, continuously improved product competitiveness, and continuously enhanced the brand influence established based on product advantages, driving the overall growth of the company’s business. 2. 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 is further apparent, and the profitability is significantly improved.
Looking forward to 22 years, Tongyan needle products are expected to continue in large quantities. Hi body product line will maintain high barriers and growth capacity, and other product lines are ready to go. As a leader in China’s medical and beauty industry, the company relies on a rich product matrix to drive the overall growth of business, and the brand power and channel power will continue to deepen. It is estimated that the net profit from 2021 to 2023 will be 926 / 14.14 / 2.05 billion yuan, corresponding to 106.8 / 69.94 / 48.23 times of PE in 2021-23 respectively. It maintains the buy rating and is optimistic for a long time.
New products such as yubai Angel continue to mature, and the product matrix is further enriched to drive growth. In terms of products, “yubai angel” was approved in June 21 and went on sale in July 21, with good consumer feedback. The launch of yubai Angel expanded the coverage of the company’s injection products from HA injection to collagen injection. It belongs to a new injection category, has the advantages of differentiated products, further enriches the company’s product matrix, and has excellent performance in the 21-year promotion period, It is expected to contribute continuously in the future; “Hi body” product line continues to expand, benefiting from the continuous penetration of neck tattoo treatment and the rapid growth of “panda needle”, and “Hi body” products still maintain high growth. The company’s future product matrix layout is comprehensive, which is expected to further support the high growth in the next three to five years. The company has been deeply engaged in hyaluronic acid and medical soft tissue repair materials for many years. In the future, it is expected to enjoy the high competitive barrier brought by R & D strength + industry growth bonus + product iteration and renewal demand for a long time.
Risk tip: the epidemic repeatedly affects consumption, and the research and development of new products does not meet expectations.
