\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 85 Amoy Diagnostics Co.Ltd(300685) )
Events
On February 28, the company announced its performance express for 2021. In 2021, the company achieved a revenue of 917 million yuan, a year-on-year increase of 26%, and the net profit attributable to the parent was 231 million yuan, a year-on-year increase of 28%, deducting 208 million yuan of non attributable net profit, a year-on-year increase of 41%;
Q4 achieved a revenue of RMB 271 million in a single quarter, with a year-on-year increase of 11%. The net profit attributable to the parent was RMB 55 million, with a year-on-year increase of 1%. Deducting the net profit not attributable to the parent was RMB 46 million, with a year-on-year increase of 2%.
Comments
The annual performance grew steadily, reflecting strong business resilience under the epidemic. The annual revenue and profit of the company have achieved steady growth. With the recovery of diagnosis and treatment flow in the hospital, the overall performance of the company has been repaired rapidly. In a single quarter, the outbreak in China had an impact on sales in the fourth quarter, but it still showed strong business elasticity. The company's annual net profit margin was 23.79%, maintaining a good development momentum as a whole.
The inclusion of pcr-11 gene products in Japan's medical insurance is expected to accelerate the large-scale production. The company's "amoydxpanlungcancerpcrpanel" (i.e. pcr-11 gene) product was approved in Japan in June 21. It is another important product after the approval of lung cancer ros1 in 2017. In January 22, pcr-11 gene products were incorporated into Japan's medical insurance, which is expected to accelerate the volume of overseas markets in the future. In addition, BRCA gene testing products obtained the accompanying diagnosis certificate of pamipali, adding new impetus to growth.
The company has established strategic cooperative relations with many enterprises, with extensive layout and strong growth. In the fourth quarter of the year, the company reached a strategic cooperation with Bohao biology to jointly cooperate on cancer precision medicine and translational medicine research; Sign a strategic cooperation agreement with Janssen China, and the two sides will jointly promote the construction of R & D and big data platform. In addition, we have reached strategic cooperation with Pierre Faber in the Chinese market. The combination of strong and strong is expected to boost the continuous high growth of performance.
Profit adjustment and investment suggestions
We are optimistic about the company's future testing reagents and services at home and abroad. Due to the disturbance of the epidemic in the fourth quarter, we lowered the company's profit forecast for 21-23 by 9% / 7% / 5%. It is estimated that the net profit attributable to the parent company in 21-23 years will be 231 / 309 / 412 million yuan, with a year-on-year increase of 28% / 34% / 33%, EPS will be 1.04/1.39/1.86 yuan / share respectively, and the current price corresponding to PE will be 54 / 41 / 31 times. Maintain the "overweight" rating.
Risk tips
Risk of changes in industrial policies; New product development and registration risks; Overseas expansion is less than expected risk; The risk of intensified industry competition; Exchange rate risk, etc.
