\u3000\u3000 Eyebright Medical Technology(Beijing) Co.Ltd(688050) (688050)
Performance review
On February 23, 2022, the company issued a 21 year performance express. It is estimated that the net profit attributable to the parent company will reach 171 million yuan (+ 77%) in 2021. It is estimated that the non net profit deducted in 2021 will be 150 million yuan (+ 67%).
Quarterly, Q4 is expected to realize a net profit attributable to the parent company of 30 million yuan (+ 11%); The non net profit deducted was 25 million yuan (+ 13%).
Business analysis
The sales of intraocular lens and corneal shaping lens of the company have achieved rapid growth. In the past 21 years, the company achieved a revenue of 433 million yuan (+ 59%): among them, (1) "pronomin" and other series of intraocular lenses are the core driving force of the company's performance growth, which has maintained steady growth since its listing, the number of end customers of the company has continued to grow, with a year-on-year increase of 36% in revenue and 40% in sales in the past 21 years,; (2) The market of corneal shaping lens has expanded rapidly. Since its listing, the company's "Punuo pupil" corneal shaping lens has continued to produce large quantities with its superior product performance. In 21 years, the revenue has increased by 160% year-on-year, and the sales volume has increased by 111% year-on-year. The revenue growth is higher than the sales growth, mainly due to the gradual increase of its average sales unit price with the decrease of the proportion of test pieces.
CAITONG series products have obtained nmpa registration certificates of several models. The color pupil products of Tianyan pharmaceutical under the company have been registered with nmpa of several models. Tianyan has the international leading fully automated production equipment and adopts the full molding manufacturing process. At present, it has the production capacity of 40 million color pupils per year. After the completion of phase II expansion, it will reach the production capacity of more than 100 million color pupils per year.
The company has made continuous breakthroughs in the field of myopia prevention and control, and defocus lens is expected to become a new growth point. Defocus lens is an important supplement to OK lens. The company held a new product launch in October 2021. This year, the company's newly developed Puro pupil microlens gradual defocus lens is expected to be delivered gradually. This product is expected to become a new growth point in the field of myopia prevention and control after Puro pupil corneal shaping lens, hard corneal shaping lens and matching care products.
Profit adjustment and investment suggestions
Considering that the company's intraocular lens and corneal shaping lens are expected to continue to contribute to the performance increment, considering the gradual increase of the company's intraocular lens into new provinces, and considering the contribution to the performance increment of the gradual listing and sales of new products this year, we will increase the net profit for 21 years by 10%, and it is expected that the net profit attributable to the parent company from 2021 to 2023 will be 170 million yuan, 238 million yuan and 330 million yuan respectively, with a year-on-year increase of 76%, 40% and 38%。 Maintain the "overweight" rating.
Risk tips
Procurement risk of intraocular lens belt; Market promotion is not as expected; Product R & D was approved less than expected.
