\u3000\u3000 Qingdao Novelbeam Technology Co.Ltd(688677) (688677)
Core conclusion
Event: the company announced that in 2021, the company achieved an operating revenue of 310 million yuan, a year-on-year increase of 12.53%, and a net profit attributable to the parent company of 118 million yuan, a year-on-year increase of 22.23%; Among them, Q4 achieved an operating revenue of 91.61 million yuan, a year-on-year increase of 20.03%, and a net profit attributable to the parent company of 26.05 million yuan, a year-on-year increase of 24.42%. The company's performance met market expectations.
Factors affecting performance in 2021: (1) the company continued to invest in R & D, promote technological progress, improve product performance and quality, and the products were recognized by customers, with outstanding main business and high-quality growth; (2) In 2021, the non recurring profit and loss increased compared with the same period of last year, mainly due to the year-on-year increase in the income from government subsidies and financial management of raised funds; (3) Affected by the epidemic in the United States and the decline of the exchange rate between the US dollar and the RMB, the exchange rate fluctuation has a great impact on the sales revenue, resulting in a decrease of more than 15 million yuan in the annual operating revenue and operating profit. On the whole, the company's main business continues to maintain two types of business: medical endoscopic instruments and optical products. The main business is prominent, realizing the growth of operating revenue and deducting non net profit, and the profitability is remarkable.
At present, the company has obtained the registration of 1080p and 4K fluorescent ultra clear camera system. The 1080p endoscope camera system of the company is mainly designed for grass-roots hospitals, which is in line with the guiding direction of the national hierarchical diagnosis and treatment policy. After the approval of 4K camera system, it indicates that the company's 4K fluorescent complete system will be put on sale soon, positioned as a high-end third-class hospital, has higher cost performance compared with foreign-funded products, and will gradually improve the penetration rate of fluorescent system in high-grade hospitals. 1080p and 4K complete machine systems are expected to bring business increment in 2022. At that time, the sales proportion of the company's own brand complete machine products in China will gradually increase and gradually reduce its dependence on the single sales of Stryker.
Maintain the "buy" rating. The company is a leading enterprise of domestic fluorescent endoscopes. It is expected that the EPS will be 1.35/2.01/2.84 yuan in 21-23 years, maintaining the "buy" rating.
Risk warning: competition intensifies risk, R & D is less than expected risk, and epidemic development is uncertain risk