\u3000\u3000 Imeik Technology Development Co.Ltd(300896) (300896)
Events
On January 20, 2022, the company announced that it expected to realize a net profit of 900-1 billion yuan in 2021, with a year-on-year increase of 104.66% – 127.40%; It is estimated that the company will realize a net profit of RMB 850-950 million, with a year-on-year increase of 100.36% – 123.93%.
In a single quarter, it is estimated that the median Q4 net profit in 2021 will be 241 million yuan (+ 62%), and the median Q4 deduction non net profit will be 230 million yuan (+ 60%).
Comments
Strict supervision benefits leading enterprises in compliance, and hi body series products maintain high growth. With the gradual tightening of supervision on the medical and beauty industry in recent years, the company, as a leading enterprise in the upstream of compliance, has shown strong advantages. Among them, the star product hi body products achieved year-on-year high growth in 2021, maintaining the leading position in the neck print market. At the same time, the company increased sales investment, further expanded the coverage of institutions and market penetration, and increased the proportion of panda needle and other hi body products in the subdivided hyaluronic acid market, which is expected to bring new growth; For high-level consumers, bonida has improved the recognition of long-term bone filling effect, and also achieved rapid growth in 2021.
With the rapid and large-scale production of moistening Angel needle, the rich product matrix is expected to bring sustained growth vitality. Following the approval of recycled injection material “moistening angel” in June 2021, the company quickly went on the market in July to seize the market of collagen regeneration and filling products. Through the establishment of a doctor injection license application system, the company has achieved a strong combination of the product power of yubai Angel needle and high-quality doctor resources. By the end of December, nearly hundreds of high-level doctors have been authorized, and the follow-up is expected to continue to increase rapidly in 2022. In addition, Shuiguang products such as huihuo bubble needle, as well as products such as meat poison and thread embedding in the clinical stage will also continue to enrich the company’s product matrix and add new impetus to performance growth.
Profit adjustment and investment suggestions
We are optimistic that the company’s core products hi body and new products moisten white angel will continue to increase in volume, raising the profit expectation of 21-23 by 5%, 6% and 7%; It is estimated that the net profit attributable to the parent company will be 950 million yuan, 1.38 billion yuan and 1.76 billion yuan in 21-23 years, with a year-on-year increase of 114%, 46% and 27%. Maintain the “overweight” rating.
Risk tips
Product R & D progress is less than expected; Risk of net interest rate decline due to intensified market competition of hyaluronic acid products; Market promotion is less than expected risk, etc.
