\u3000\u3000 Qingdao Haier Biomedical Co.Ltd(688139) (688139)
Event: the company issued the 2021 annual performance express, and the performance was in line with expectations. The company is expected to achieve a revenue of 2.13 billion yuan in 2021, with a year-on-year increase of 51.6%; The net profit attributable to the parent company was 820 million yuan, a year-on-year increase of 114.8%; Net profit deducted from non parent company was 420 million yuan, with a year-on-year increase of 32.97%. The large amount of non recurring items are mainly the equity transfer price obtained by the company from the sale of its subsidiary mesa in 21q1. Q4 single quarter, the company is expected to achieve revenue of 610 million yuan, an increase of 44%; Deduct the net profit not attributable to the parent company of RMB 100 million, with a year-on-year increase of 11.5%. During the reporting period, the driving factors for the high growth of the company’s revenue include the continuous deepening of the Internet of things strategy and the continuous innovation and iteration of technology and product solutions. At the same time, the company accelerated the expansion of channel network and expanded its competitive advantage in the global market, realizing the double high growth of Internet of things solution business and traditional business.
There are many disturbing factors affecting the growth rate of the company’s deduction of non net profit in the reporting period. We expect the actual growth rate of the company’s endogenous business to be significantly higher than that at the statement end. The main basis includes: (1) according to the company’s 20-year annual report, it is estimated that there may be part of the investment income from mesa recognized in accordance with the equity method in 20q4, forming a “high base”; (2) According to the company’s announcement, the company expects to withdraw about 40 million yuan of equity incentive expenses in 21 years, and 18.4544 million yuan has been withdrawn in 21q3. Therefore, it is expected that there will be about 20 million yuan of equity incentive expenses in 21q4. Therefore, it can be reasonably inferred that the growth rate of the company’s endogenous business in the whole year of 21 / 21q4 is expected to be significantly higher than 33% / 12%, and the calculation of the specific growth rate still needs to wait for the disclosure of the detailed data in the subsequent annual report.
The recovery of Internet of things business, continuous expansion of categories and new products entering the harvest period are expected to drive the company’s endogenous performance to continue the high growth trend in the future. At present, the market overestimates the company’s epidemic benefit attribute to a certain extent, and ignores the impact on the company’s Internet of things business under the background of covid-19 vaccination as the focus of health work in 21 years. The gradual recovery of subsequent Internet of things business will provide a solid foundation for the company’s high growth. In addition, focusing on the goal of building a comprehensive biosafety solution, the company is continuously increasing its R & D investment in new products and solutions. According to the company’s announcement, the company has independently developed programmed cooler, new series carbon dioxide incubator, new series centrifuge, autoclave and other products around the sample safety segmentation scenarios such as sample pretreatment, biological culture and cell preparation. Among them, the centrifuge has passed the acceptance of the “100 cities and 100 parks” project of the Ministry of science and technology. Relying on the competitiveness of comprehensive schemes, new products and schemes are launched in Ruijin Hospital, Beijing Zhifei Lvzhu, China University of science and technology and other users. In the follow-up, the company will continue to expand around the existing scenes, and carry out the layout of R & D pipelines in biological culture, biological centrifugal preparation, sample automation and other new industries.
Investment suggestion: buy – a investment rating. We expect that the revenue growth rate of the company from 2021 to 2023 will be 51.6%, 37.8% and 36.2% respectively, and the net profit growth rate will be 114.8%, – 20.5% and 38.5% respectively, with outstanding growth; Give an investment rating of buy-a. The six-month target price is 82.07 yuan, equivalent to 40 times the dynamic P / E ratio in 2022.
Risk warning: the company’s subsequent orders are not as expected; The volume of new products is less than expected.
