\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 47 Hangzhou Tigermed Consulting Co.Ltd(300347) )
Events
The company released the performance express of 21 years and the main business data from January to February of 22 years
On the evening of March 10, the company released its annual performance express for 2021, which achieved: 1) operating revenue of 5.213 billion yuan, a year-on-year increase of 63.32%; 2) The net profit attributable to the parent company was 2.874 billion yuan, a year-on-year increase of 64.26%; 3) Net profit deducted from non parent company was 1.232 billion yuan, with a year-on-year increase of 73.90%. The annual performance is in line with the performance forecast.
The company released the announcement of main business data from January to February 2022. From January to February 2022, the newly signed orders increased by more than 65% year-on-year, and the operating revenue increased by more than 100% year-on-year.
Brief comment
Q4 and the annual performance slightly exceeded expectations, optimistic about the future development trend of the company
Q4 company achieved an operating revenue of 1.819 billion yuan, 103.91%; The net profit attributable to the parent company was 1.093 billion yuan, a year-on-year increase of 153.18%; Net profit deducted from non parent company was 363 million yuan, with a year-on-year increase of 72.19%. From January to February 2022, the company’s operating revenue increased by more than 100% year-on-year, and continued to maintain a high-speed growth trend.
In 2021, the company’s non recurring profit and loss was 1.643 billion yuan, mainly the company’s investment in biomedicine, medical devices and other companies related to the company’s main business and the financial assets of medical and health professional investment fund. The income from the change of fair value of financial assets recognized in accordance with the new financial instrument standards and the increase of income from equity transfer.
From January to February, the newly signed orders are full, and the company is optimistic about the long-term growth space
From January to February 2022, new orders increased by more than 65% year-on-year. The newly signed orders show a high-speed growth trend. At the same time, it is expected that the newly signed orders will still show a high-speed growth trend throughout the year, so as to ensure the long-term and healthy development of the company.
Profit forecast and investment rating
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 2.874 billion yuan, 3.749 billion yuan and 4.843 billion yuan respectively, with the corresponding growth rates of 64.2%, 30.5% and 29.2% respectively, the corresponding EPS of 3.29, 4.30 and 5.55 yuan / share, and the PE corresponding to the current stock price of 25.4, 19.5 and 15.1 times respectively.
Risk tips
The global epidemic continues and the clinical trial market is greatly affected; The growth of orders on hand is lower than expected; The number of new drug research and development is less than expected; Fierce competition in the industry; The return on investment was less than expected.
