\u3000\u3 Guocheng Mining Co.Ltd(000688) 389 Shenzhen Lifotronic Technology Co.Ltd(688389) )
Event: on February 25, 2022, the company issued the announcement of 2021 annual performance express, and the company achieved an operating revenue of 778 million yuan, a year-on-year increase of 40.50%; The net profit attributable to the parent company was 190 million yuan, a year-on-year increase of 31.99%; Deduct non net profit of 163 million yuan, with a year-on-year increase of 31.96%.
Among them, in the fourth quarter of 2021, the company achieved an operating revenue of 234 million yuan, a year-on-year increase of 45.81%; The net profit attributable to the parent company was 68 million yuan, a year-on-year increase of 32.76%; Deduct non net profit of RMB 62 million, with a year-on-year increase of 37.96%.
"Self research + acquisition" improves the product line, optimizes the marketing organization structure and improves professional ability
The company's annual revenue increased by 40.50% year-on-year, of which the fourth quarter increased by 45.81% year-on-year. The main reasons for the rapid growth of revenue are as follows: (1) the independent R & D projects of the company's two product lines have made great breakthroughs, and 100 products have been registered and certified outside China; At the same time, the adoption of acquisition and merger in the field of relevant product lines has expanded the depth and breadth of the company's two product lines, and effectively improved the competitiveness of the company's two product lines in the medical device market outside China. (2) The company has optimized and changed the marketing organization structure, significantly improved the professional ability of Chinese and international marketing systems, significantly improved the development and management, market promotion and coverage of the two product lines in the sales channel outside China, effectively enhanced the company's competitiveness in the medical device market outside China and driven the growth of operating revenue.
The large-scale high-speed electrochemiluminescence analyzer was approved to comprehensively enhance the company's industrial competitiveness
On January 28, Shenzhen Lifotronic Technology Co.Ltd(688389) subsidiary Pumen Chuang biological successfully obtained the medical device registration certificate of large and high-speed electrochemiluminescence detection equipment - Automatic chemiluminescence immunoanalyzer ecl9000 series products. Ecl9000 series products adopt advanced tripyridine ruthenium direct Electrochemiluminescence Method, and the single module detection speed reaches 300 tests / hour, reaching the international leading level of similar products; In the next step of product planning, it will be cascaded with 2000 test / hour high-speed biochemical analyzer to form a large biochemical immune cascade pipeline. The acquisition of medical device registration certificate of ecl9000 series products of large-scale and high-speed automatic chemiluminescence immunoanalyzer will comprehensively improve the industry competitiveness of the company's electrochemiluminescence products, accelerate import substitution, and lay a solid foundation for the growth of international and Chinese sales revenue.
Profit forecast and investment rating: Based on the analysis of the company's core business segment, we expect the operating revenue from 2021 to 2023 to be 778 million / 1040 million / 1355 million respectively, with a year-on-year growth rate of 40.50% / 33.68% / 30.28% respectively; The net profit attributable to the parent company was 190 million / 262 million / 357 million respectively, an increase of 31.88% / 38.09% / 36.10% respectively; EPS is 0.45/0.62/0.85 respectively, corresponding to 29 times PE in 2022 according to the closing price on February 25, 2022. Maintain the "buy" rating.
Risk warning: the risk of competition intensifies, the risk of non renewal of major customer cooperation agreements, the risk of new product development failure, and the long-term and recurrent risks of New Coronavirus pneumonia.
