\u3000\u3000 Apt Medical Inc(688617) (688617)
Performance review
On February 24, 2022, the company released the performance express of 2021. In 2021, the company realized an income of 829 million yuan, a year-on-year increase of + 73%; The net profit attributable to the parent company was 207 million yuan, a year-on-year increase of + 86%; The net profit deducted from non parent company was 166 million yuan, a year-on-year increase of + 70%;
In terms of quarters, Q4 company achieved a revenue of 235 million yuan in 2021, a year-on-year increase of + 50%, a net profit attributable to the parent company of 45 million yuan, a year-on-year increase of + 14%, and a net profit not attributable to the parent company of 21 million yuan, a year-on-year decrease of - 36%.
Business analysis
The annual revenue increased rapidly, and the volume of coronary artery product line increased rapidly. In 2021, the company's sales scale continued to expand, and each product line increased in varying degrees compared with the same period of last year. Among them, Chinese coronary products increased by 110% compared with the same period of last year, Chinese peripheral products increased by 81% compared with the same period of last year, and the market share of channel products continued to increase. The company continued to strengthen lean production management, continuously released production capacity, reduced cost and increased efficiency in production and manufacturing due to scale effect, strengthened cost and expense control, and steadily increased profitability.
R & D investment and market development have been strengthened, and the profit growth rate in a single quarter is under pressure. The profit growth rate of single Q4 company is lower than that of revenue, which is expected to be mainly due to the increase of sales and R & D investment. In the first year of the listing of the three electrophysiological mapping system, the company continued to deepen market development, strengthen channel management and product admission, further increase R & D investment in new products and technologies, and continuously optimize product performance. The investment in sales and R & D expenses will help consolidate the company's core competitiveness and provide support for long-term performance growth.
The future growth prospect of electrophysiological business is optimistic, and the volume of 3D electrophysiological consumables can be expected. At present, the market share of domestic electrophysiological devices is still low. With the continuous improvement of R & D strength of domestic enterprises and the support of national policies, domestic enterprises are expected to gradually expand their market share, and the company, as a domestic leading enterprise, is expected to take the lead in benefiting. As a scarce domestic equipment, the installed capacity of three-dimensional cardiac electrophysiological mapping system htviewer is expected to drive the company to accelerate the volume of electrophysiological consumables.
Profit adjustment and investment suggestions
We believe that the company has the leading product technology in the field of electrophysiology and vascular intervention, and is expected to maintain the leading position in China and gradually seize the market share of foreign-funded enterprises in the future. It is estimated that the company's net profit attributable to the parent company from 2021 to 2023 will be 207, 293 and 407 million yuan, with a year-on-year increase of 87%, 42% and 39%, EPS of 310, 439 and 6.11 yuan / share respectively, and the current price corresponding to PE is 66, 47 and 33 times, maintaining the rating of "overweight".
Risk tips
The risk of medical insurance fee control policy, the risk that the promotion of research projects does not meet the expectations, the risk that the construction progress of raised investment capacity does not meet the expectations, and the risk of exchange rate fluctuation.
