\u3000\u30003 Innovation Medical Management Co.Ltd(002173) 00217)
Event: the company expects to achieve an operating revenue of RMB 2.806 billion in 2021, with a year-on-year increase of 17.05%, and a net profit attributable to the parent company of RMB 177 million, with a year-on-year increase of 43.92%. Q4 achieved a revenue of 717 million yuan, a year-on-year increase of 16.56%, and the net profit attributable to the parent company was 96 million yuan, a year-on-year increase of 4032%.
In 2022q1, the company is expected to realize a net profit attributable to the parent company of 50 ~ 65 million yuan, with a year-on-year increase of 99.40 ~ 159.22%, and a net profit attributable to the parent company of 47 ~ 62 million yuan after deduction, with a year-on-year increase of 108.71 ~ 175.32%.
Comments:
The catalytic performance of photovoltaic equipment orders has greatly improved the profitability. The main reason for the rapid year-on-year growth of the company’s performance is that the sales revenue and profitability of polysilicon reduction furnace and electric heater for cold hydrogenation increased significantly year-on-year. On February 8, 2022, the company disclosed that its wholly-owned subsidiaries Dongfang Ruiji and Zhenjiang Dongfang won the bid for the project of Inner Mongolia Daquan new energy with an annual output of 100000 tons of high-purity silicon based materials and 1000 tons of semiconductor silicon based materials, with a bid winning amount of 395 million yuan. The company’s orders for photovoltaic related equipment continue to reflect its position in the industry. We believe that the company will still benefit from the high prospect of photovoltaic investment in 2022.
The traditional business has risen steadily and actively explore new energy vehicle customers. The air conditioning industry has recovered growth, and the company has achieved stable sales of civil electric heaters; As a leading manufacturer of domestic PTC electric heaters in China, it has actively entered the PTC electric heater track of new energy vehicles, and achieved a significant increase in the sales revenue of electric heaters for new energy vehicles in 2021. At present, Byd Company Limited(002594) , FAW, SAIC, BAIC and JAC are all customers of the company.
The communication optical cable industry recovered, and the loss of battery steel business narrowed significantly. In the past 21 years, the purchase quantity of mobile optical fiber and cable has increased by 20% year-on-year. The steel and aluminum materials for communication optical cable have been repaired in line with the price, and the volume and price have risen simultaneously. As a leading enterprise in the industry, the market share of Jiangsu Jiutian, a subsidiary, has increased significantly, and the profitability is expected to be gradually improved. The company is a manufacturer with scarce technology of pre nickel sectord battery steel materials in China. The technology is in the stage of active promotion and optimization. It has launched the construction plan of the second high-speed and high-precision pre nickel plating production line. After being put into operation, the monthly output can reach 4000 tons. There is huge domestic substitution space, which is expected to become the growth point of the company’s future performance.
Profit forecast and investment rating: we expect the company’s operating revenue to be RMB 2.81/38.7/4.83 billion from 21 to 23, with a year-on-year increase of + 17.3 / + 37.5 / + 24.8% respectively; The net profit attributable to the parent company was 1.77/2.97/3.82 yuan, a year-on-year increase of + 193.3/67.7/28.4%, corresponding to 39.4/23.5/18.3 times of PE. Maintain the “buy” rating.
Risk factors: the introduction of shovel type PTC electric heater is not as expected, the business expansion of PTC electric heater of new energy vehicles is not as expected, the policy changes such as subsidies for new energy vehicles affect the growth of the industry, the policy changes of photovoltaic industry, and the centralized purchase price of 5g communication optical fiber and cable continues to decline.
