\u3000\u3000 Qingdao Novelbeam Technology Co.Ltd(688677) (688677)
Event: the company released the performance express for 2021. In 2021, the company achieved a total revenue of 310 million yuan, a year-on-year increase of 12.5%, and a net profit attributable to the parent company of 118 million yuan, a year-on-year increase of 22.2%; In 2021, Q4 company achieved a revenue of 92 million yuan, a year-on-year increase of 20.5%, and a net profit attributable to the parent company of 26 million yuan, a year-on-year increase of 25.5%.
Comments:
Exchange rate fluctuations affect the company's profit performance. During the reporting period, the company's business was affected by the epidemic in the United States and the decline of the exchange rate between the US dollar and the RMB. Among them, the exchange rate fluctuation had a great impact on the sales revenue, resulting in the reduction of the company's annual operating revenue and operating profit by more than 15 million yuan. However, the company improved product performance and quality through continuous research and development, and still achieved high-quality growth in operating revenue, operating profit and deducting non net profit under the adverse impact of exchange rate fluctuations.
The company's performance is expected to grow rapidly in 2022. 1) In terms of the company's traditional main business fluorescent endoscope ODM business, the Stryker 1788 system will be put on the market in 2022. Due to the large sales volume of new models and the increase of fluorescent lens accessories of single equipment, it is expected to drive the rapid growth of relevant revenue of the company; 2) In terms of self-produced machine business, the 1080p white hard mirror machine of the company was approved at the end of 2021, 4K high-definition fluorescent hard mirror machine was approved in January 2022, and high-definition defogging fluorescent hard mirror machine will be approved in mid-2022. As the exclusive supplier of Stryker, the company's products have been fully tested by the market. By means of direct sales in Shandong Province and distribution outside Shandong Province, and using the unique function of surgical imaging platform, it is expected that the company's fluorescent hard mirror will be in large quantity rapidly after it is listed.
Profit forecast: from 2021 to 2023, we expect the company's operating revenue to be 3.10/4.33/542 billion yuan respectively, with a growth rate of 12.5% / 39.9% / 25.1%, the net profit attributable to the parent company to be 118 / 166 / 211 million yuan respectively, with a growth rate of 22.2% / 41.0% / 26.9%, and the corresponding PE to be 53 / 38 / 30x respectively. Considering the company's full competitive advantage in the upstream, the performance is expected to grow rapidly in 2022, so the "buy" rating is maintained.
Risk factors: China's repeated epidemic, the policy of centralized purchase of medical devices and consumables exceeding expectations, and trade friction
