At the beginning of 2021, Aimeike's share price once exceeded 1,300 yuan shares, an increase of more than 10 times according to the issue price.
Note,It has risen more than 10 times in half a year!
After that, Aimeike's stock price entered a long ** range. Entering 2023, Aimeike's decline during the year once exceeded 50%. StillOn December 28, Aimeike suddenly rose by 1312%, and the volume is three times that of the previous trading day.
Obviously, after the stock price fell sharply, there was a big rush of money into Aimeike. So the question is, do you want to ** "medical beauty mao"?
To answer this question, we must first understand why it fell before
Aimeike is a medical device company specializing in the research and development of biomedical soft tissue repair materials, and is the first company in China to obtain the medical device registration certificate for related products.
There are two key words here:
First, the field of medical cosmetology for injection;Second, Class III medical devices.
It is mainly a product of Aimeike.
In 2016, the company's sodium hyaluronate composite solution for injection, also known as Hi Body, was approved for marketing, becoming the first and only filler approved for neck wrinkles in China.
In June 2021, the cross-linked sodium hyaluronate gel product of L-lactic acid-ethylene glycol copolymer microspheres, namely Wet White Angel, was approved for marketing. Although it is not the only one in China, it benefits from the large market demand and the previous market is blank, coupled with the excellent characteristics of the product, so that it has won the favor of the market once it is listed.
From 2019 to 2022, Aimeike's operating income will increase from 55.8 billion yuan increased to 193.9 billion yuan, with a compound annual growth rate of 52%;Net profit increased from $300 million to 126.4 billion yuan, with a compound annual growth rate of 62%. Moreover, the gross profit margin is 95% and the net profit margin is 65%, far ahead of Moutai!
Because of this, Aimeike has been strongly sought after by the capital marketIn just half a month, it has risen by more than 10 times, and the price-earnings ratio once exceeded 300 times.
But the problem is that with such a high valuation, once there are unfavorable factors in the industry or company, the company is very likely to encounter the risk of "killing valuation".
And so it is.
In the third quarter of this year, Aimeike's operating income was 7100 million yuan, a year-on-year increase of 17%;Net profit 45.5 billion yuan, a year-on-year increase of 13%. Obviously, compared with the high growth rate in the past, it has declined significantly, and it is a month-on-month decline.
On the one hand, there is an incentive for the company itself to "kill valuation";On the other hand, the decline in the company's performance growth rate has caused the market to worry about the company's prospects, and the market divergence has intensified.
Therefore, with the collapse of the huddle and the large increase in the medical device sector, the impact of Aimeike is reasonable!
So, after a sharp fall, is it worth it?
We still have to start with the company's performance itself and products.
In terms of performance, Aimeike's gross profit margin has been above 95% for three consecutive quarters, and the net profit margin is the same, indicating that the company's profitability is as stable as ever. In terms of products, in addition to Hi Body and White Angel, in June 2023, Aimeike's "botulinum toxin type A for injection" has completed phase III clinical trials and is currently in the registration and application stage. In the future, the second-generation facial thread embedding, liraglutide injection for chronic weight management, etc., are also blockbuster products aimed at the market segment.
The most important thing is that the track in which Aimeike is located is a track with strong supervision, and the listing of any product must be approved by the State Food and Drug Administration, which is not only difficult to develop, but also has a very long license cycle. Therefore,The core logic of Aimeike is actually R&D-driven, relying on first-mover advantage to build a competitive advantage, and then relying on the entry barriers of medical devices to build a moat.
From this point of view, Aimeike's competitive advantage has not changed.
As of now,Aimeike's price-to-earnings ratio is less than 40 times, the risk has been released, and the market's expectations have also dropped from the past ultra-high growth expectations to medium-high growth. Therefore, in view of the broad prospects of the medical aesthetic market, especially the injectable medical aesthetic market, the opportunity is still very large.
It also needs to be added that how much money Aimeike earns corresponds to how much operating cash flow, and no capital expenditure is required, so in terms of dividends, Aimeike is also comparable to Moutai.