\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 53 Yantai Zhenghai Bio-Tech Co.Ltd(300653) )
Event: the company released its annual report for 2021. In 2021, the company achieved a total revenue of 400 million yuan, a year-on-year increase of 36.5%, and a net profit attributable to the parent company of 169 million yuan, a year-on-year increase of 42.4%. The profit growth rate is in the upper range of the performance forecast; In Q4 of 2021, the company realized a revenue of 99 million yuan, a year-on-year increase of 28.6%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 83.1%.
Comments:
The company's traditional advantageous business continues to grow rapidly. During the reporting period, the company achieved a sales revenue of 192 million yuan, a year-on-year increase of 49.0%, overcoming the disturbance of covid-19 epidemic and achieving a significant increase. The sales revenue of absorbable dural patch was 158 million yuan, with a year-on-year increase of 14.7%. Absorbable dura mater patch products have successfully won the bid in five provinces where intensive purchase has been carried out. It is the only bid winning product purchased by all provinces with volume among similar products at present. The bid winning price is at the median level among all winning brands in all provinces, and has still achieved rapid growth through price for volume. The income of bone repair materials (oral cavity) was 35.56 million yuan, with a year-on-year increase of 64%. After years of market incubation, the products began to increase rapidly.
The heavy product active biological bone is expected to be listed in mid-2022, opening the second growth curve of the company. The company's product active biological bone has completed the submission of supplementary materials on November 29, 2021. The product is a combined product of medicine and machinery, with high registration barriers. There are no similar products in China. It is expected to be officially approved in mid-2022. The company plans to focus on promoting a series of sales preparations such as market access, network connection, admission, dealer development and academic promotion in 2022, The product is expected to start rapid production in 2023. The sales peak of Medtronic infusebone, the benchmark product, is about US $1 billion, and the company's products have broad prospects after listing.
There are abundant varieties under research, and new products continue to be launched. The company's products, surgical packing sponge and self etching adhesive, have been approved for listing at the end of 2021 and 2022 respectively, which can contribute to the company's revenue in 2022. In the follow-up research projects of the company, the dental restoration material general resin has entered the stage of clinical trial preparation; The breast patch project has conducted a clinical trial seminar and is ready to enter the clinical trial stage; Uterine cavity repair membrane has entered the preparation stage of clinical trial. Through continuous R & D investment, the company has cultivated innovation in the field of regenerative medicine, and subsequent new products will continue to contribute to the growth of the company.
Profit forecast: considering that the company's active biological bone will mainly explore the market in the first year and rapidly increase in volume in the next two years. We estimate that the operating revenue of the company from 2022 to 2024 will be RMB 513 / 654 / 830 million respectively, with a growth rate of 28.1% / 27.6% / 26.9%, the net profit attributable to the parent company will be RMB 204 / 260 / 332 million respectively, with a growth rate of 21.1% / 27.2% / 27.7%, and the corresponding PE will be 41 / 32 / 25X respectively.
Risk factors: the centralized purchase policy of medical companies exceeded expectations, and the epidemic situation in China repeatedly affected normal sales.
